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Bob Doll: 10% stock correction coming, gold going down

Nuveen's Bob Doll sees a 10 percent stock correction amid a pretty good but volatile year for stocks, and he expects gold and other commodities to continue to fall.

Doll, chief equity strategist at Nuveen Asset Management, also sees the economy growing at a 3 percent pace and the 10-year Treasury yield topping out at about 3.5 percent in 2014, while the Federal Reserve continues to hold short-term rates near zero. It should become clear by the end of the year that inflation has bottomed, but it will not be a factor to help gold out of its slump in 2014.

"In our opinion, the mystery is not that gold finally came down—the mystery is that it took so long. The preoccupation with gold was originally related to a concern about the viability of the financial system, and the concern about inflation with so much money being 'thrown' at this system," he said in his forecast, issued Jan. 7. Gold lost about 28 percent last year, its worst decline in more than three decades.