When I see Yamana (AUY - commentary - Cramer's Take) finally rally and when I see Barrick Gold (ABX - commentary - Cramer's Take) nearing its 52-week high, I always shudder. Unlike oil stocks, which don't send the market down when they rally, any rally in gold is strictly a zero-sum game.
For two years I have been raving about Yamana as the only growth gold stock, and it still is. But if you want to be in this camp, the play is Barrick. And I'd buy the September 35 calls for virtually no premium for a terrific hedge on our getting a 50 bp cut. If you have real conviction, you should buy the 37.5s for 60 cents on the dollar.
Very exciting plays for what would otherwise be a very difficult day if the inflation hawks take over the afternoon.
At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC.
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