DoubleLine Capital CEO Jeffrey Gundlach believes gold’s explosive uptrend since November of 2022 is not yet over.
In a new CNBC interview, the billionaire “Bond King” says that investors are flocking into gold to seek refuge from market uncertainty triggered by President Trump’s tariffs.
[adinserter block="1"]Gundlach predicts that gold will eventually hit a new all-time high as the precious metal cements its role as an asset with intrinsic monetary value devoid of counterparty risk.
“The one thing that hasn’t had much volatility is gold. Gold broke out above $2,000 and went to $3,000… I think that’s telling us something. I think that’s telling us that we’re in a regime where gold is no longer a speculation for short-term traders or for survivalists as a long-term hold.
I think people are viewing gold as an asset class out of fear of the turmoil that’s going on geopolitically with the tariffs and everything else and just the amount of debt that exists – that people wonder how are we going to deal with it.
So gold is the true monetary asset.
I still think gold is headed to $4,000.”
At time of writing, gold is trading for $3,275, up over 102% from its November 2022 low of $1,616. It printed an all-time high of $3,500 last month.
While Gundlach is bullish on gold, he holds an opposite stance on the US stock market. Last month, the billionaire predicted that the S&P 500 would drop to 4,500 points to print a more sustained bottom.
As of Friday’s close, the S&P 500 is trading at 5,659.
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