Corporate bonds are no bargain, says renowned bond investor Jeffrey Gundlach, CEO of DoubleLine Capital.

Investment-grade corporate bonds "are at their richest level ever" versus Treasurys, he said in a webcast, according to Barron's. High-yield corporate bonds are "even more overvalued" and also "at the most overvalued level ever."

The Bloomberg U.S. corporate bond index slipped only 0.28 percent in the last year, while the Barclays Capital U.S. Treasury Index dropped 1.59 percent. The Barclays Capital U.S. Corporate High Yield Index soared 6.88 percent.

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Meanwhile, Gundlach noted Treasurys appear undervalued versus municipal bonds and that Treasurys are "tremendously" under-owned, according to MarketWatch.

The Barclays Capital Municipal Bond Index fell 1.87 percent in the last year.

Gundlach is bullish on the dollar. It's a "pretty decent currency to own in 2014," he argued, according to MarketWatch, and it won't be helpful to diversify from the greenback.

Meanwhile, technical conditions are bullish for gold, and it can reach $1,350 an ounce soon, Gundlach predicted.

That would represent an 8.6 percent increase from the February gold contract's trading of $1,242.60 on the Comex Thursday morning.

Others feel differently about gold.

Bob Doll, chief equity strategist at Nuveen Asset Management, says it will likely drop below $1,000, though not necessarily this year.

"Real interest rates are going up, the U.S. economy is improving, we’re in an environment where return to normalcy is the course of the day," he told Yahoo. "None of this is supportive of gold."

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