Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Boris Johnson will be meeting President Donald Trump to discuss a potential post-Brexit trade deal just as he tries to court EU leaders for a new withdrawal agreement.World Politicsread more
U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended...China Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
The unlikely alliance would in theory enjoy a relatively comfortable majority in the parliament's lower house but would rely on a handful of sympathetic but unaligned...Europe Politicsread more
Bank Indonesia on Thursday cut its key policy rate by 25 basis points to 5.5% to support growth amid an increasingly fragile global economy.Central Banksread more
Meanwhile, investors look ahead to Fed Chair Jerome Powell's speech at a yearly central banking symposium in Jackson Hole, Wyoming.Asia Marketsread more
The U.S Energy Information Administration (EIA) says Australia is on track to consistently export more LNG than Qatar.Oil and Gasread more
In a turbulent market, or worse still, a sputtering financial system, the precious metal becomes that much more precious in a market offering less and less in the way of yield. Gross voiced concerns about the financial system, economy and persistently low interest rates when he talked up gold in his August letter to investors.
"Not immediately, but at the margin, low/negative yielding credit is exchanged for figurative and sometimes literal gold or cash in a mattress," the Janus Capital Group fund manager said in a note Wednesday. "When it does, the system de-levers as cash at the core, or real assets like gold at the risk exterior, become the more desirable assets."
Gross joins a big and growing cadre of investors looking to mine yield in gold at a time when positive returns are becoming increasingly scarce.
Other recent investors in gold include Stanley Druckenmiller, George Soros and
DoubleLine Capital CEO Gundlach said recently that gold could go to $1,400, and he continues to hold the precious metal. Soros has reportedly been buying both gold and gold mining shares. On Wednesday, it was trading above $1,360 an ounce.
The rising chance of investors taking either negative returns or outright losses across a number of asset classes makes real assets more valuable right now, Gross said.
"I don't like bonds; I don't like most stocks; I don't like private equity, " he wrote. "Real assets such as land, gold, and tangible plant and equipment at a discount are favored asset categories."
And gold has increasingly become favorable to investors in 2016. Amid a turbulent market, some of Wall Street's top stock pickers have picked the precious metal to net returns, and gold has delivered by outpacing market benchmarks at a time when disappointing economic reports are persuading U.S. central bankers to hold off on rate hikes, pressuring yield.
Not everyone is buying Gross' dire predictions. But more investors are buying gold.
David Einhorn's Greenlight Capital saw major gains in the second quarter from its gold and gold stocks positions.
Dennis Gartman wrote last month that he doesn't think Western culture is "doomed to fail " or that a recession is even necessarily on the way — but he is, and has been, a gold investor for some time.
And some analysts say that despite gold's rally, more appreciation is on the way.
Juerg Kiener, Swiss Asia Capital's Singapore managing director and chief investment officer, predicted gold will soar past its all-time high set in 2011 of $1,900 per ounce.
Bank of America analysts last month lifted their target on gold to $1,475 after seeing investors pile into the precious metal on turbulence generated by the U.K. Brexit vote, along with other market factors.
"The world has been walking from crisis to crisis and we see risks that this may not change," they wrote.
—CNBC's Patti Domm contributed to this report.