With U.S. stocks at year-to-date highs, Marc Faber is shedding some of his gloom and doom.
"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.