A Wall Street investor who is known to be bullish on gold sector despite the fact that he was betting against subprime mortgages by using credit default swaps.
In 2007 -- 2008, billionaire hedge fund investor John Paulson made around $15 billion shorting $25 billion worth of subprime mortgages.
As the bull run in gold reached a peak in April 2022, equities that mine or trade gold began to fall in line with the commodities price.
John Paulson made $6 billion before taxes in 2010 by investing in gold equities such as Anglogold Ashanti AU. Paulson holds the stocks of 10 companies that deal with the gold sector, out of 32 stock positions, as of the second quarter 13 F filings.
These 2 gold mining stocks have fallen dramatically due to the price of gold and are offering high yields.
Barrick Gold Corp. GOLD has a record of increasing its dividends for three consecutive years, with a dividend yield of 5.71% or 80 cents per share. Barrick Gold is one of the world's largest gold producers with nine gold mines, operating mines in North America, South America, Australia and Africa.
As of Sept. 1, Barrick Gold announced an agreement with Maverix Metals Inc MMX to sell its portfolio that comprises 22 royalties on the production of minerals from mines in North America, South America, Australia and Africa. The total consideration of $60 million consists of $50 million in cash payable upon closing of the portfolio sale, subject to the exercise of any right of first refusal or buy-down right by the counterparties under certain royalties, and three contingent payments.
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Agnico Eagle Mines Limited AEM is offering a dividend yield of 4.26% or $1.60 per share annually through quarterly payments, with a strong track record of increasing its dividends for six consecutive years. Agnico Eagle Mines is a gold miner in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic Mine and produced more than 1.7 million gold ounces in 2020.
In June 2022, Agnico Eagle Mines approved a normal-course issuer bid, and 453,000 common shares were repurchased for $22.3 million. Under the stock repurchase program, the firm can purchase up to $500 million of its common shares, up to a maximum of 5% of its issued and outstanding common shares.