Billionaire John Paulson’s Bold $5,000 Gold Price Forecast

Billionaire investor John Paulson, in a recent interview dated April 29th according to Reuters, has reaffirmed his bullish stance on gold, projecting a price near $5,000 per ounce by 2028. His thesis is anchored in a potent mix of sustained central bank accumulation and rising global trade tensions that, in his view, are eroding trust in U.S. dollar reserves.

Speaking in a recent interview, Paulson described a forecast presented to him of gold reaching the “high $4,000 range” within three years as “reasonable” and “well-informed.” He framed the metal as the most logical reserve alternative in a world grappling with financial weaponization and geopolitical fragmentation.

“As central banks and people look to put their money in a more stable source… I think gold will increase its position in the world,” Paulson said.

His comments come as a growing number of institutions upgrade their own forecasts in the wake of gold’s record move above $3,500 last week. Deutsche Bank, for example, now sees gold at $3,700 by 2026—less aggressive than Paulson, but directionally aligned.

Strategic Positioning

Paulson is not merely speculating. He has been allocating significant capital to physical gold development assets. Already the top shareholder in Perpetua Resources, an Idaho-based gold and antimony developer, Paulson recently acquired a 40% stake in Alaska’s Donlin gold project from Barrick Gold.

This positions him in two of the few large-scale North American gold projects with federal permits and political backing—both strategically aligned with domestic supply chain reindustrialization goals. Perpetua, notably, has applied for U.S. Export-Import Bank financing and previously received support during Trump’s presidency.

The Geopolitical Bid for Gold

Paulson pointed to a critical inflection point: the Western seizure of Russia’s foreign reserves following its invasion of Ukraine. That action, he said, sent a clear message to non-aligned central banks—particularly China—that their dollar reserves could become liabilities in a geopolitical conflict.

“When the war started, [Russia] kept their physical gold—that was safe—but all their cash reserves were confiscated,” Paulson explained. “That caused other central banks to wake up and say… ‘What happens if there’s a conflict with the U.S.?’”

In this context, gold is regaining credibility not just as an inflation hedge or diversification tool, but as a neutral reserve asset immune to sanctions and counterparty risk.