The Gold Bull Market Continues
On a recent investor call—held in Europe before gold futures crossed the $3,000 mark Thursday—Gundlach reaffirmed his long-standing bullish stance.
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“Gold continues its bull market that we’ve been talking about for a couple of years, ever since it was down to $1,800,” he said.
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He expects gold to reach $4,000, though he is uncertain about the timeline. “I feel like that’s the measured move anticipated by the long consolidation at around $1,800,” he added.
On Central Bank Demand and Gold’s Role
Gundlach highlighted aggressive central bank purchases of gold, noting the trend is unlikely to reverse.
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“Purchases have increased at a very sharp, steep trajectory. And I don’t expect this to stop.”
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He sees gold’s appeal as a store of value outside the traditional financial system, which he describes as being in a “state of flux.”
Source: GoldFix
On European Equities and the Dollar’s Decline
Gundlach is not surprised by the recent outperformance of European stocks as the U.S. dollar trends lower.
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DoubleLine began investing in Europe around 2021. “It was painful for a couple of years from 2023 to 2025, but now it’s got a lot of momentum,” he said.
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He views the shift as part of a broader market rotation away from U.S. dominance.
Regarding Tech Vulnerability and Fiscal Policy
Gundlach addressed the changing perception of major U.S. tech stocks, particularly the “Magnificent Seven.”
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“They were viewed as invulnerable, but now it’s clear they are not. Every sector is always vulnerable, and we’re starting to obviously see that.”
He also supports Elon Musk-led government spending cuts.
Source: GoldFix
Recession Risk and Fed Policy
Gundlach assigns a 60% probability of a U.S. recession this year—well above Wall Street consensus.
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He described the bond market’s reaction to Federal Reserve policy as volatile.
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“It’s been a roller-coaster ride—pricing in anywhere from one to eight cuts, then back to one, and now moving toward more cuts again. This continues to gyrate.”
Bottom Line: Gundlach remains firm in his gold outlook, sees market rotations accelerating, and expects economic uncertainty to persist.
About:
Vincent Lanci is a commodity trader, Professor of MBA Finance (adj.) , and publisher of the GoldFix newsletter.
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