"Over the last 12 to 24 months, many sectors have had huge declines," the editor and publisher of the Gloom, Boom & Doom report told CNBC's "Fast Money" traders on Tuesday. "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.
"[The U.S. dollar] is not a desirable currency," said Faber, 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."
Gold has surged 16 percent from its December low, but it is down sharply Wednesday.
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.
"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."
