The Federal Reserve still has a ways to go in its easing, says Jeff Gundlach, CEO of money-management firm DoubleLine.

"The Fed's not going to stop," he told CNBC. Borrowing a baseball analogy, he added, "We're probably about in the eighth inning."

The Fed is buying $85 billion of Treasurys and mortgage-backed securities a month and has pushed short-term interest rates down to almost zero.

The central bank is fully responsible for the stock market's near-daily surge to record highs, Gundlach says.

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"I think everything kind of begins and ends with quantitative easing," he said. "It's really just at the centerpiece of everything, and it creates a demand for, obviously, Treasury bonds."

In terms of investment selection, the Fed's easing makes "anything with a yield on it a successful investment," Gundlach said.

He thinks that these investments "will continue to appreciate in value and lead to even more of a conundrum for investors in terms of what they're supposed to do going forward."

The final results may not be pretty, Gundlach says. "At some point, it's going to end, probably badly."

Peter Schiff, CEO of Euro Capital, doesn't think the Fed is finished easing yet either, and he thinks that will help boost gold.

"Since the Fed is going to have to print more and more money to keep this phony recovery from imploding, it's extra bullish for gold," he told Yahoo.

Editor’s Note: Put the World’s Top Financial Minds to Work for You