When billionaire hedge fund manager John Paulson’s firm made a big bet on gold after the 2008 financial crisis, his fund picked several small- and mid-size gold miners. One of those is now vying to be the world’s most valuable bullion stock.
Toronto-based Agnico Eagle Mines Ltd. had a roughly $7.9 billion market capitalization when Paulson & Co. took a stake in the company. It’s now worth about $59 billion in New York, with its market cap more than doubling since the beginning of 2024 alone. The gains mean the stock is virtually tied with Denver-headquartered Newmont Corp. as the world’s most valuable gold-focused producer.
Agnico Eagle is Paulson & Co.’s preferred pick among large gold miners because it operates in predictable jurisdictions — such as Canada and Australia — while other miners do business in places that have seen coups and other types of political instability. The firm…
