Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Wednesday that gold remains the best investment amid fears of instability in the European Union and prolonged global stagnation, as well as concerns over the effectiveness of central bank policies.

“Things are shaky and feeling dangerous,” Gundlach said in a telephone interview. “I am not selling gold.”

Gold hit more than two-year highs on Wednesday as some bond yields slid to record lows in the wake of Britain's vote to leave the European Union, prompting investors to buy bullion as a haven from risk. Spot gold, which is up almost 30 percent so far this year, was up 0.56 percent at $1,363 per ounce at 2:34 p.m. EDT.

Gundlach, who has been a staunch supporter of the precious metal and sees gold rising to $1400 an ounce this year, said gold bullion and gold-related stocks are attractive relative to government bonds, which have been hitting record low yields in recent days. The yield on the 10-year Treasury note hit a session high on Wednesday of 1.393 percent after its earlier record low of 1.321 percent.

"You're seeing people who hated the '2 percent' 10-year suddenly loving it at a 1.38-1.39 percent revisit of the all-time low closing yield," Gundlach said.

"If you buy 10-year Treasuries now, I would say, it is a terrible trade location. In fact, it is the worst trade location in the history of the 10-year Treasury."