"You go into these massive cycles," he said. "The repetition of this is almost eerie. And so if you look at that chart the value in commodities is, historically, exactly where you want it to be a buy."
Gundlach noted that commodities are just as cheap relative to stocks as they were at turning points in previous cycles that began in the 1970s and 1990s. The S&P Goldman Sachs Commodity Index is up 5 percent this year, versus the S&P 500's 19 percent gain.
There is also a fundamental case for investing in commodities, Gundlach said. He pointed out that global economic activity is increasing, a tax cut could boost growth and the European Central Bank is implementing "absurd" stimulus policies in the euro zone.
Gundlach is the CEO of DoubleLine, which manages more than $100 billion from Los Angeles.