John Paulson says gold entering early stages of long‑term bull market

Billionaire hedge‑fund manager John Paulson told CNBC’s “The Exchange” that the current rise in gold prices marks only the beginning of a long‑term bull market. He said declining confidence in paper currencies and growing demand from central banks are turning gold into a de‑facto reserve currency. Paulson, who earned billions betting against U.S. subprime mortgages before turning to gold in 2009, argued that investors should favour early‑stage gold mining stocks over bullion, citing NovaGold’s 40‑million‑ounce resource base and its recent acquisition of his 40% stake in the Donlin Gold project in Alaska.

His comments reinforce a broader narrative of sustained institutional allocation to gold as a hedge against fiat‑currency risk, and they may influence positioning among both private‑sector and sovereign investors.