The Gold Bull Market ContinuesOn a recent investor call—held in Europe before gold futures crossed the $3,000 mark Thursday—Gundlach reaffirmed his long-standing bullish stance.“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.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 RoleGundlach highlighted aggressive central bank purchases of gold, noting the trend is unlikely to reverse.“Purchases have increased at a very sharp, steep trajectory. And I don't expect this to stop.”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: GoldFixOn European Equities and the Dollar's DeclineGundlach is not surprised by the recent outperformance of European stocks as the U.S. dollar trends lower.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.He views the shift as part of a broader market rotation away from U.S. dominance.Regarding Tech Vulnerability and Fiscal PolicyGundlach addressed the changing perception of major U.S. tech stocks, particularly the “Magnificent Seven.”“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.“I'm quite in favor of that happening because it's the only way we can try to get our fiscal house in order.”Source: GoldFixRecession Risk and Fed PolicyGundlach assigns a 60% probability of a U.S. recession this year—well above Wall Street consensus.He described the bond market's reaction to Federal Reserve policy as volatile.“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.Don't miss out on the opportunity to invest in Gold & Silver. 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