Gold investor John Paulson sees a long-term bull market and favors gold mining stocks over bullion.

John Paulson, founder of Paulson & Co., believes gold is in the early stages of a long-term bull market driven by declining faith in paper currencies and strong central bank demand. He has shifted his investment focus from physical gold to gold mining equities, especially junior exploration companies, as he sees greater potential returns there. Recently, Paulson's hedge fund agreed to an all-share deal with NOVAGOLD to acquire his 40% stake in the Donlin Gold project, one of the world's largest undeveloped gold deposits. Paulson views investing in companies like NOVAGOLD as the best way to gain exposure to gold's upside potential.