Cramer Interviewed Sean Boyd, CEO of Agnico-Eagle Mines

Gold is usually considered an ideal port in a financial storm, but it hasn’t worked as a hedge in this dismal market. The reason is that gold usually is a good protection when faced with inflation, but currently the market is in a deflationary cycle, noted Cramer. As a result, he is “eating crow” over his failed Agnico-Eagle Mines call; the stock dropped $22 from $68 reflecting gold’s fall from $897 to $738 an ounce. However, Cramer thinks gold will make a comeback in a few quarters, and a good choice may be Agnico-Eagle Mines. CEO Sean Boyd discussed the company’s projection of a 23% production increase along with the creation of 5 new mines between 2008 and 2010. Boyd says AEM’s dividend is modest because the gold industry is capital-intensive. Cramer says AEM might be a good investment for the patient investor who can wait a few quarters for an upturn in gold.