NEW YORK (TheStreet) -- With gold futures up 8% since July 8, is it time to take some money off the table? Here to help is TheStreet's Jim Cramer and Joe Deaux.

According to Cramer, if you're in gold as a trade, perhaps it's time to take some profits here with gold

now

near $1,330 per ounce. However, as an investment, these levels shouldn't matter all that much.

But is there still value to be found in gold stocks, specifically the miners? Cramer says yes.

However, he said he likes the junior gold miners over the large gold miners, saying older companies appear to be tapped out. Traders should sell the senior miners and buy the juniors because of this.

Although the old miners have all but depleted their gold reserves, the juniors have not, possibly making them solid takeover candidates.

Cramer compared it to the biotech industry, where big-name pharmaceutical companies acquire smaller biotech companies to fill their product pipeline. He said this may soon begin to happen with the gold miners.

But location is important. For instance, Canada has been a relatively good place for miners because it has a free market, while Velenzuela isn't good. Cramer likes Mexico, too, with its new president.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.