Gold correlates with chaos and we've got chaos everywhere

"You don't trade gold" right now, "Mad Money" host says amid Thursday's Dow destruction

"A lot of panic in gold today," CNBC star Jim Cramer said Aug. 4 as the Dow Jones and other major stock indices fell off a cliff, denting gold prices somewhat as traders sold to cover equity losses. "People bailing, people selling it short, people trading it every which way but loose. And I'm telling you that's all wrong. They're all wrong. I've been a bull in gold for more than a double now. And it would be greedy to stay long after such a huge run. But unless the appreciation has made it more than 20% of the personal portfolio, a real high-quality problem to have, I think you should hold on and look to buy more on weakness to bring it up to 20%. Here's why. Gold is not a commodity. It is not like oil or copper or wheat or fertilizer, certainly not fertilizer; it's a currency. In a world where currencies are going nuts and every country on earth seems to want its currency to be lower, gold is king. You can't debase it even if you tried. You can't print it. In any central bank, if any central bank wanted to ring the register, and you can't find the stuff in easy places anymore as you can tell from the gold miners. I always hear about the correlations with gold. Some say buy it when the dollar's weak. Some say buy it when the euro's strong. Some say buy it when inflation rates or deflation stalks. You know what? They're all right. Gold's been the best-performing asset in the world the last 11 years. And during that time period, we've had every one of those conditions. Gold correlates with chaos and we've got chaos everywhere. You don't trade gold on any of these. It doesn't correlate with anything other than the craziness. You can buy bullion if you can, or coins; if not, the GLD, the gold ETF, and you hold it. That's my gold strategy in a nutshell."