Following gold’s record high above $3,500 last week, multiple institutions have revised their forecasts upward, with Deutsche Bank predicting gold will reach $3,700 per ounce next year. However, one of the most bullish price targets comes from billionaire investor John Paulson.
Billionaire investor John Paulson stated in an interview that central bank gold purchases and global trade tensions could drive gold prices to nearly $5,000 per ounce by 2028. He also emphasized his continued investment in U.S. mining projects.
Paulson, already the largest shareholder in Idaho-based gold and antimony developer Perpetua Resources, last week acquired a 40% stake in NovaGold’s Donlin gold project in Alaska from Barrick. When asked about gold price trends, he cited a recent industry forecast suggesting prices could surpass the “high $4,000 range” within three years, commenting, “This is a well-informed prediction, and I believe it’s a reasonable target.”
Paulson noted that the West’s freezing of Russia’s foreign reserves following the Ukraine conflict has accelerated global central banks’ (particularly China’s) gold accumulation. Additionally, global trade uncertainties exacerbated by U.S. tariff policies will further support gold prices.
A long-time gold investor, Paulson explicitly stated he has no interest in venturing into other metals like copper. Perpetua, in which he holds a controlling stake, received federal mining permits in January and is currently applying for financing from the U.S. Export-Import Bank, having previously secured support from the Trump administration. The company’s gold production will financially support its concurrent antimony mining operations. Perpetua is collaborating with Sunshine Silver to build an antimony refinery, which, once approved, will meet 40% of U.S. demand.
The Donlin project has obtained federal permits, with operating costs estimated at around $1,000 per ounce—far below current gold prices. Paulson, along with Electrum, has also invested in International Tower Hill, which is developing an Alaskan mine, as well as Trilogy Metals.
