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After 15 years, John Paulson is finally winning big on gold
By Caitlin McCabe and Joe Wallace
The Wall Street Journal
via MSN, Redmond, Washington
Sunday, April 27, 2025
John Paulson made a vast fortune betting against the U.S. housing market in what was dubbed "the greatest trade ever." And his next act -- a years-long wager on gold -- is finally turning out to be a another great trade.
More than a decade and a half after Paulson went big on gold, the billionaire investor has emerged as one of the winners from the record-setting surge in the price of the precious metal.
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President Trump's trade war and threats to fire the head of the Federal Reserve shook confidence in the dollar and propelled gold prices above $3,500 a troy ounce last week. Gold rose this year even as stocks and bonds floundered.
Rather than cashing out, Paulson is doubling down, tossing in $800 million to buy a big stake in a remote gold mine in a rugged region of southwestern Alaska.
"There's only one reserve that in physical form will protect you against all these things for literally millennia," said Paulson, rattling off a list of scenarios ranging from inflation to the confiscation of assets by governments. ...
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