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Chairman Ben Bernanke is the one reason people are buying, and not selling, stocks today, Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.
Cramer said the markets are clearly praising Bernanke, whom he called a student of history and not a student of politics. Cramer said Bernanke is "the real deal," and is using his time on Capitol Hill today to talk about the issues that really matter, mainly job creation, and not the endless issues of the White House, such as health care and cap and trade.
Cramer said with Bernanke at the helm of the Fed, he recommends investors still keep 20% of their net worth in foreign stocks and another 10% in gold to hedge against the ailing U.S. recovery. If Bernanke were ever to leave office however, Cramer said those allocations would have to change substantially.
"Bernanke is way too good for Washington" but is just right for Wall Street, he said.
Gold Mining Play
In the "Executive Decision" segment, Cramer spoke with Sean Boyd, CEO of
, a stock which had been Cramer's favorite in the group, but which fell from grace after disappointing earnings.
Boyd explained that Agnico-Eagle has been in a mine-building phase over the last few quarters, commissioning several new mines. He said the issues the company had in its fiscal third quarter were not related to its growth and were instead just "unfortunate timings." He said the company's growth is still intact, and as the company is ramping up production, its cost have fallen to just $297 an ounce.
Boyd also highlighted the Agnico-Eagle's Arctic MeadowBank mine, which is set to come online soon. Boyd said that unlike traditional mines, those found in the Arctic require infrastructure, so the company had to build roads and its own airstrip to support the operation.
Cramer said Agnico-Eagle appears to be back on track, and he turned bullish on the stock.
Momentum for Natural Gas
Cramer spoke with Sen. Mark Udall (D., Colo.) about the prospects for natural gas as a bridge fuel towards the future.
Udall said that he is part of a bipartisan coalition of senators that is quietly building support for the cleaner-burning natural gas. He said there is momentum building in the Senate, and he's hopeful that natural gas will be included in a major energy bill but fell short in providing any specific timelines.
Both Udall and Cramer agreed that there is a growing sense that natural gas must be part of our nation's energy future.
-- Written by Scott Rutt in Washington D.C.
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At the time of publication, Cramer was not long any stock mentioned.
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