Cramer's 'Mad Money' Recap: Barrick a Golden Pick

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"Being a great investor is all about finding stocks with the right mix of upside and security," Jim Cramer told viewers of his "Mad Money" TV show Wednesday. Such stocks can make people a lot of money and profit from the current environment.

Barrick Gold (ABX Quote), he said, fits both criteria. It is "the best gold stock to buy right now," Cramer said.

Gold is breaking out because of the weak dollar, lower short-term rates and worries about inflation, Cramer said. The commodity has always been a good hedge against this environment.

While Newmont Mining (NEM Quote) was Cramer's proxy for gold, the company has failed to buy more gold mines, he said.

Cramer said he's also taking a break from Yamana Gold(AUY Quote), as its recent purchase of Meridian (MDG Quote) was "a long-fought acquisition," and Cramer expects it will take a while for Yamana to digest it.

Instead, Cramer prefers Barrick, which has a lot of gold reserves and is "totally prepared for higher gold prices," he said. "The price of gold will be the price they get for gold."

If people believe gold prices are going down, then they shouldn't buy Barrick, but then they also should have their head examined, Cramer said. If gold goes to $1,000 an ounce, Cramer believes Barrick will go to $50 a share.