Marc Faber has been a gold bull for a long time. In January, he told
With the metal up some 20 percent from its June low, however, the editor and publisher of the Gloom, Boom & Doom Report is changing his tune.
"The sentiment on gold has recovered," Faber said on Tuesday's "Futures Now" show. "It is relatively bullish."
After all, "we had a big rally in gold already," he said. "I think we will ease back a little bit."
(Read more: Gold will face a rocky week; Here's why)
Instead of gold, Faber recommends considering another classic safe haven: Treasurys.
"I think the sentiment is incredibly bearish about Treasury bonds and Treasury notes," he said. If the market drops, "people will again fear deflation, and they will move into 10-year Treasury notes."
(Read more: Marc Faber: Look out! A 1987-style crash is coming)