Gold's Dip Is Done

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The selloff in gold has not only run its course -- if you bought the stocks on the way down, you are up, and up nicely. (As is the case with me in Action Alerts PLUS with Yamana (AUY Quote - Cramer on AUY - Stock Picks), my favorite growth gold stock, which reported a fantastic quarter.)

Now, it's interesting to recall why we got a rout in gold: the big rally in the dollar. BIG BIG BIG. Remember that? We weren't supposed to care about the power of inflation to torment paper assets. We were supposed to delink the trade deficit with the dollar. Most important, we were supposed to overlook the budget deficit, as if that had and has nothing to do with gold.

Why the heck does everyone have to overthink everything, relating gold to the dollar, to oil, to LIBOR, to yen crosses and the carry trade? The dollar's about supply and demand, just like everything else -- thin oil -- and there is a huge amount of supply, and not that much demand; who would want to own a currency that the government keeps printing?

I think gold's in a bull market. That there's more climbing ahead. That this was the pause that refreshes.

I feel very alone.

Except for the buyers of all the gold stocks who are taking shares with abandon.

At the time of publication, Cramer was long Yamana Gold.