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Gold Stocks: Fund Manager's Top 10 Holdings

Mark Johnson sees recent pullbacks in the price of gold as a golden opportunity for investors.

"Because of the currency issues, and, eventually, inflation, gold will eventually rally," the portfolio manager of the USAA Precious Metals and Minerals Fund told CNBC. (See below for his fund's top holdings.)

He stressed gold's unique possibilities among potential investments.

"Gold's primary role is defensive, more as a hedge against stock-market fluctuations downward, but at this point in time, we also feel it has an offensive role in the investor's portfolio, because of its inflation characteristics and as a currency substitute," he said.

Short of developing the talents of King Midas, how does an investor get the golden touch?

"We think the best way of doing it is through the mining stocks," he said. "This is because of the operating leverage; you don't have to put as much capital into that sector if you use the mining stocks."

Johnson's Top Holdings:

The top holdings in the portfolio Johnson manages are Agnico-Eagle Mines, Impala Platinum, Newcrest Mining, Goldcorp, IAMGOLD, Eldorado Gold, Yamana Gold, Newmont Mining, Lihir Gold, and Randgold Resources.

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