Jeff Gundlach sees a 60% chance of a US recession this year, sees gold hitting $4000

DoubleLine just published highlights of a March 11 presentation from Jeff Gundlach.

• US stocks entered 2025 grossly overvalued relative to history
• European stocks have shown “unusually high outperformance” in early 2025
• Commodities (except energy) like copper have shown strength in early 2025
• Gundlach predicts gold will reach $4,000
• The copper-gold ratio no longer predicts 10-year Treasury yield moves; crude oil price is a better indicator
• Treasury yield curve de-inversion suggests increasing recession odds

Quotable:

“The momentum stocks – in particular the Mag 7 – were viewed to be invulnerable and immortal in terms of nonstop outperformance. But it never works that way … Every sector is always vulnerable.”

Watch it here:

Update: I just finished the whole thing and it amazes me how middling a guy who is running so much money is. Pretty superficial stuff and frequently misinformed. Still, he had a few good years and became a celebrity. His mains fund were down 4% last year.

This article was written by Adam Button at www.forexlive.com.