DoubleLine Capital CEO and billionaire bond investor Jeffrey Gundlach doubled down on his recession call and said he still liked gold as 'real money' despite the precious metal's trouble staying above $2,000 an ounce.
After testing record highs and rising to $2,085 an ounce in May, gold has sold off and is now testing support at $1,960 an ounce. "It gets above $2,000 and stays there for a very short period of time. And now we are back down to $1,965. It seems like gold has been consolidating," he said."It has certainly done well over the past year — going from $1,600 up to nearly $2,000 now. I am less bullish on gold because of this triple top concept, but I still own it."When commenting on the sticky inflation, Gundlach said the Federal Reserve has"screwed up" by raising rates a year too late.
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