The global economy has been weakening and could worsen ahead, but there are still a lot of market opportunities for investors, said Marc Faber, editor of the Gloom, Boom & Doom Report.
"We're all on the Titanic, but the Titanic still has maybe a few days to travel before it collapses so we might as well enjoy the journey," Faber, also known as Dr. Doom, told CNBC's "Squawk Box."
Anticipating a downtrend, Faber said he's holding physical gold in safe-deposit boxes and buried in his garden, as well as holding gold mining shares. For "ordinary" investors, he recommended holding gold exchange traded funds (ETFs), such as the Market Vectors Gold Miners ETF, or GDX.
Faber said that every investor should hold gold, calling it his preferred currency.
But that didn't mean Faber was dissing on the rest of the stock market.
Faber said the global economy's downtrend was likely to be exacerbated by the U.K.'s vote to leave the European Union (EU), or Brexit, but he added that this wasn't necessarily bad news for the stock market.
"Brexit will give a perfect excuse to the Federal Reserve not to increase interest rates and be most likely to launch QE4," or another round of quantitative easing to purchase assets in the market," Faber said. "Then the other central banks will also join and also launch further easing measures, printing money and so the global economy could worsen and stocks actually could go up."
He believed that the opportunities being opened up might be more available to individual investors than to large funds.
"If you run a trillion dollars or $500 billion, it's difficult to move between Russia, Brazil and other markets, but I think there's an opportunity for individual investors," he said.
Among the market opportunities, Faber said he believed precious metal stocks were still cheap, despite recent gains.
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