Gold investments can serve investors as insurance against inflation and general economic chaos, Cramer said.
Gold futures have risen about 25% year to date, and the price for the precious metal is down 8% from its peak close in early August. It rose about 17 points to $1,909.70 as of Tuesday afternoon.
While looking at the weekly chart of the continuous gold futures, Cramer noted that Boroden, who launched FibonacciQueen.com, forecasts that gold is still on a long-term uptrend as long as it stays above its September lows under $1,870.
The higher highs and higher lows is “exactly what you ant to see in a chart,” Cramer said.
Boroden sees a scenario where the price of gold could rally double digits to new highs of $2,153 if it can stay the September low, and she believes it has already placed a bottom, the host explained. She also sees two key resistance levels of $1,910 and another $1,920.
“Clear these two hurdles, along with the October high at $1,939 … [it could] be really smooth sailing,” the host said. “As long as the precious metal hangs in above the mid-1800s, call her a buyer. I think she’s going to be dead right.”
As for Barrick Gold, shares of the Toronto-based company are within $3 of their September closing high. At $27.78, the stock is up almost 50% this year.
As for GLD, the ETF is within 15 points of its closing high in early August. The ETF is up 25% year to date.
