The stock has clobbered rivals, and is one of the few gold companies to outperform the metal itself over the same period
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 US$7.9 billion market capitalization when Paulson & Co. took a stake in the company. It’s now worth about US$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.
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