John Paulson Says Gold in Early Stages of Long-Term Bull Market
Billionaire hedge fund manager John Paulson stated on CNBC that gold is in the early stages of a long-term bull market, driven by central bank reserve accumulation and growing private-sector interest as faith in paper currencies declines. Paulson, who famously bet against subprime mortgages before turning bullish on gold in 2009, noted that gold prices have roughly quadrupled since then, surpassing $5,000 before a pullback. He argued that gold is becoming the world's most apt reserve currency, replacing fiat currencies. Paulson recommended investing in gold mining stocks, particularly early-stage companies with large undeveloped reserves, over bullion itself. His comments coincided with NovaGold Resources' announcement that it would acquire Paulson Advisers' 40% stake in the Donlin Gold project in Alaska, where Paulson serves as co-chairman. He highlighted NovaGold's 40 million ounces of gold resources against a $4.2 billion market capitalization as a leveraged play on rising gold prices.
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