Central bank gold buying and global trade tensions are likely to push bullion prices to near $5,000 an ounce by 2028, billionaire investor John Paulson said in during an interview in which he reinforced his commitment to U.S. mining projects.
John Paulson, is the latest billionaire to expand his corporate footprint in South Florida. Paulsonโs investment management firm, Paulson Capital, has secured a lease for an office in West Palm Beach at the One Flagler tower, developed by Related Cos. Paulson already owns a $110 million mansion in Palm Beach, which he purchased in 2021.
โWest Palm is rapidly becoming an important financial center,โ Paulson told Bloomberg in late April. โWe are excited about opening our office at One Flagler, an exceptional new building.โ
Despite still being under construction, 75% of One Flaglerโs 270,000 square feet of office space is pre-leased to other financial firms, such as GTCR, Highpost Capital, Diameter Capital Partners, Siris Capital, Bessemer Trust, and First Republic Bank.
Paulson joins a growing list of billionaires relocating or opening offices in South Florida, including Larry Robbins (2024), Jeff Bezos (2023), Ken Griffin (2022), Orlando Bravo (2021), Carl Icahn (2019), and Barry Sternlicht (2018). The trend of high-net-worth individuals moving to South Florida began during the pandemic and has been sustained by Floridaโs pro-business incentives and lack of state income tax.
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Billionaire John Paulson Bullish On Gold Miners.
According to the fund’s most recent 13F filing, Paulson & Co.’s largest gold miner holding is a $231.6 million stake in Perpetua Resources Corp.
(PPTA).
The fund also holds a $111 million stake in Novagold Resources Inc. (NG)
which owns 50% of the Donlin Gold project located in southwestern Alaska.
International Tower Hill Mines, Ltd. (THM), a gold miner with mines in Canada, Mexico, Finland, and Australia, is one of two penny stock holdings found in Paulson’s fund. The other is Trilogy Metals Inc. (TMQ) with mineral resource properties including the Upper Kobuk Mineral Projects in Alaska.
Seabridge Gold, Inc. (SA), Equinox Gold Corp. (EQX) and Iamgold (IAG) round out the remainder of Paulson’s gold mining holdings. Notably, the fund closed its position in AngloGold Ashanti Plc (AU) selling nearly 2 million shares in the third quarter of 2024.
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Billionaire investor John Paulson Sees Gold Near $5,000 by 2028
Already the largest shareholder in Idaho gold and antimony developer Perpetua Resources (PPTA.O), Paulson last week bought a 40% stake in NovaGold’s (NG.TO), opens new tab Donlin gold project in Alaska from Barrick (B).
Asked where he expects bullion prices to head, Paulson cited a recent estimate put to him for levels at the “high $4,000 range” within three years. “It’s a well-informed prediction. I think that’s a reasonable number,” Paulson said.
“As central banks and people look to put their money in a more stable sourceโฆ I think gold will increase its position in the world,” he added.
“When the war started, (Russia) kept their physical gold, that was safe, but all their cash – the paper reserves – were confiscated,” Paulson said.
“So that caused other central banks to wake up and say … ‘What happens if there’s a conflict with the U.S.? Could the U.S. keep our treasuries, and all our savings would disappear?'” Paulson said.
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13F Holdings
All 13F Holdings
Eight Largest Holdings
Perpetua Resources Corp. (PPTA)
Acadian Asset Management Inc. (AAMI)
Bausch Health Companies Inc. (BHC)
Agnico Eagle Mines Limited (AEM)
International Tower Hill Mines Ltd. (THM)
