"[The U.S. dollar] is not a desirable currency," Faber told CNBC, which described him as perplexed why the world has been so "enthusiastic" about the greenback. "I think the most desirable currency will be gold, silver, platinum and palladium. I still think the mining sector has embarked on a new bull market," he said.
"Over the last 12 to 24 months, many sectors have had huge declines,” he said. "And I see here, there are some opportunities."
Faber points to the gold miner ETF GDX. After falling more than 67 percent to its low on Jan. 19 of $12.40, the ETF has rebounded up to $20.58 in the last month. Faber thinks it's going higher, CNBC reported.
Gold futures are still up 15% on the year, according to FactSet, reflecting demand for safety earlier in the year as riskier assets were roiled by fears of a recession.
Some analysts attributed gold's decline Wednesday to recent comments by Federal Reserve officials, who suggested the central bank could still raise benchmark interest rates despite keeping them steady in March.
Higher rates would boost the dollar and make gold more expensive for investors who hold other currencies, pushing the price down.
Gold isn't the only space Faber finds hidden opportunity. He points to Asia where much of the economy and the market is still struggling.
"I think that in Asia, the sentiment turned very bearish at the end of last year and especially concerning China and the Chinese economy. And as a result of that, Macau gaming companies got slaughtered," Faber said. "And now they are, in my view, at a relatively attractive level. They started to move up: [Las Vegas] Sands China, Wynn China."
Wynn's stock tumbled 80 percent to its January low of $49.95. Since then the stock has made a powerful comeback to $95, but Faber believes it could still surge higher, CNBC quoted him as saying.
"I don't think it's a bargain by any means, but I believe China despite its near-term problems that could be very substantial, will in the long run be a very rewarding investment destination."
