Tough to play the G-20. You know why? Because I think the only way to make money off the conference is to bet that it won't go well, or that it will be reported as not going well. That means buy gold.

Gold has been on a tear of late. I am sure there is a propensity to believe that the run is done or has to be done soon. But meetings like the G-20's are going to be all about the U.S. telling the world: "Look, this is how it is going to be. We are not going to allow you to take our markets, have us defend you militarily, let you dump goods on us and tell us what to do." We are in a "new sheriff in town, and his name is Bernanke" mode.

That's a prescription for people who own dollars to move into the only currency that will hold its value no matter what, one that has increased in value for a decade: gold.

Coming out of the G-20, I think it will be more evident than ever that gold is not a commodity but a currency, a substitution for every currency out there that's duking it out with the dollar, not just the dollar itself.

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I have always favored the SPDR Gold Shares (GLD) as a way to play gold. But of late I have switched directions. With gold so high, and with so many miners with $400 production costs -- like Eldorado Gold (EGO) and Agnico-Eagle (AEM) -- I think it is time to overweight the miners over the actual commodity.

My new favorite -- the one we have been buying aggressively for ActionAlertsPlus, NovaGold (NG) -- is still one more play for the G-20 and its aftermath. It is a multiyear play because you are really just buying the asset of gold, not the mined gold. That's because I do not expect any production from NovaGold until 2015 at the earliest.

I know this will sound like a strange analogy, but NovaGold is like a biotech stock. It is something that you know will be huge -- it's got the largest deposit of gold in North America -- and I think it will only build in value over time, as I believe gold is going to have a very long run.

I have been telling people that until gold represents 5% of an average portfolio manager's holdings, they should continue to accumulate the precious metal. Not until then -- wherever the price is -- will we have reached the peak of gold.

Given that gold makes up less than 0.5% of the average portfolio manager's holdings, you can see why I believe we are going to see a long-term run in gold as we get to my target. That's why having a long-dated asset like NovaGold is the best way to play the trend.

The G-20 will be just another Bernanke bash session. I say take that bash session for what it is: an attempt to get the dollar down to where economic growth will be imported to our country. That means the dollar will be a terrible place to be. Whether you think it should be or not, gold will be the default currency.

I am not daunted by the $1,400 price. Meetings like the G-20 just remind you how valuable gold is.

Just another reason to buy the GLD, the coins or bullion, Agnico Eagle and El Dorado, or the Trust's new favorite, NovaGold.

At the time of publication, Cramer was long NG.

Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.

Click here to follow Cramer,s trades for his Charitable Trust.

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