Jim Cramer declares that gold will reach $ 1,500

(Kitco News) – As gold prices ended another good session and reached new highs for eight months, Mad Money's Jim Cramer said he was a "believer" of gold.

"We are great believers here in gold. Now, the gold is at 1300 dollars, we think that the gold will go from 1400 to 1500 dollars. We suggest that everyone has some gold in their wallet, "Cramer said Wednesday.

The big news of the day was the Federal Reserve's maintenance of unchanged rates in a range of 2.25% to 2.50%.

Cramer said Fed Chairman Jerome Powell made the right choice by focusing on "patience" for future rate hikes.

"Do not listen to Fed observers who claim that Powell has yielded to the stock market or the president," Cramer said. "The only thing that Powell has given up is the reality … It's about the economy – who does not want a healthy economy? If Powell sticked to his serial plan of progressive rate increases, it would have been more devastating for Main Street than for Wall Street. "

Asked about the First Majestic Silver Corp. (NYSE: AG) At the Mad Money's Lightning Round on Wednesday, Cramer said he preferred gold to silver, but added that the money was likely to rise.

"Money trades with gold. I prefer gold. My recommendation is to buy [the new] Barrick, not [First Majestic Silver Corp]but the money goes higher, "he said.

The April gold futures for Comex were trading for the last time at $ 1,323.10, up 0.58%, while silver for the March in the Comex was at $ 16.04, up 0.71%.