Jim Cramer: Oil Stocks Getting Hit Today (XOM, GG)
Jim Cramer said the oil stocks are getting hit today, which is a divergence from previous sessions, and you have to let it play out. Stocks like Exxon Mobil (NYSE: XOM) are getting hit today, which has been a divergence from previous sessions which oil rose.
He said he is going to raise his price target on gold. He said that he thinks gold is extraordinarily poised to go up $1,550 an ounce very quickly. Cramer believes that gold could go to $2,000 an ounce in the next 18 months. Cramer said that gold's rise is demand driven, and the U.S. budget deficit picture is very ugly.
Cramer is recommending Goldcorp (NYSE: GG) because of the company's low production costs. The company has the lowest cost of gold, and has been able to find gold, where others have not had as much success finding the precious metal.
Cramer is positive on three Canadian banks, Bank of Montreal (NYSE: BMO), Scotiabank (NYSE: BNS) and TD Bank (NYSE: TD). He likes these banks because they give him access to resources, as well as emerging market growth.
