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Former co-CEO of Pimco sees "enormous risk" in financial markets due to distortions caused by central bank policies.
Forecast comes as U.S. prices are falling.
Despite predictions early this year of a selloff in U.S. Treasuries, investors have been snapping up 10-year and longer government bonds.
U.S. Treasuries just can't lose, primarily because of America's demographic shifts, says fixed-income manager Gundlach.
The past week set records in volume of withdrawals from stock funds worldwide and volume of investment in U.S. bond funds.
As Fed considered tapering this year, U.S. Treasuries lost 11 percent, turning in the worst performance among 144 debt indexes Bloomberg tracks.