Upping his exposure to one of the hottest investments this year, billionaire investor John Paulson is teaming up with Canada’s NovaGold Resources Inc. to purchase a stake in an Alaskan gold-mining project.

On an inflation-adjusted basis, gold notched a new record price, surpassing the longstanding record set in 1980.

Canada's Barrick Gold said on Tuesday it will exit the Donlin gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources for up to $1.1 billion.