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Markets are having trust issues, DoubleLine Capital CEO Jeffrey Gundlach said Friday.
"What I think is happening … is there is a bear market in confidence in market manipulators, central bankers and politicians broadly," Gundlach told CNBC's "Power Lunch." "And I think there's a bear market in confidence in planning. That's why I've been long gold and gold miners all year."
Several central banks, including the European Central Bank and the Bank of Japan, have recently tried to jump-start their economies by implementing creative monetary policies, such as negative interest rates, but have failed to do so.
Year to date, most major European stock indexes were down at least 10 percent, while Japan's Nikkei 225 has shed 21.4 percent.
"Gold is a play in a bear market in confidence," Gundlach said.
The VanEck Vectors Gold Miners ETF has gained nearly 100 percent this year.
On Friday, financial markets were sent on a roller-coaster ride after the United Kingdom voted in favor of leaving the European Union.
U.S. stocks fell more than 3 percent across the board with the Dow Jones industrial average falling more than 600 points. European equities fell about 7 percent.
Treasurys surged, with the benchmark 10-year Treasury notes rallying to yield 1.577 percent Friday. It closed the previous trading session at 1.74 percent.
Investors had widely expected the U.K. to vote in favor of remain, and were caught off guard when the final results came through.
"I think that this vote corroborates the anti-establishment sentiment that's out there; it's probably incrementally positive for Donald Trump's wind in the sail. I think this is a capital preservation market," Gundlach also said. "People, they want change."
"In Britain, they were never really in the [EU] ever; they never adopted the euro currency," he said. "When you think about it, it's no surprise to see they were the first to give it up."