Super bear Marc Faber: Here are the markets I like

These are the markets that Marc Faber likes
These are the markets that Marc Faber likes

Investment guru Marc Faber, famed for his gloomy views on financial markets, took some time out from being the voice of doom on Wednesday to highlight areas of the market that he actually liked.

On CNBC Asia's "Squawk Box," the author of the Gloom, Boom and Doom report singled out the agriculture sector, Chinese and Hong Kong stocks and precious metals as places he thought investors should put their money into.

"In general I like plantation companies – I like everything to do with agriculture," said Faber, who is also widely known as Dr Doom.

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"Now agriculture prices have tumbled – corn, wheat, soy beans and so forth, but in the long run we have a global population that has more than doubled since 1960. We are now seven billion people and we will still grow. I think resources are very stretched and food will become very important," he added.

In terms of geographies, Faber reiterated his view that the U.S. stock market was the most expensive in the world, followed by European markets, and said China looked cheap in comparison.

"Hong Kong and China are very inexpensive relative to the rest of the world and are in a colossal bubble," he said.

Read MoreWhy many are still not buying China shares

Faber warned, however, that investors shouldn't expect immediate returns if they were to buy the markets right now, but said they could offer a lucrative longer term investment. He flagged Chinese insurance firms as a particular hotspot.

China's benchmark Shanghai Composite index has fallen 1.9 percent this year, while Hong Kong's Hang Seng is up just over 2 percent, compared to the S&P 500's year to date returns of 6.8 percent.

On precious metals, Faber highlighted gold, silver, platinum and palladium as solid investments at the moment.

Marc Faber
Scott Eells | Bloomberg | Getty Images

"I have argued again and again that investors should hold some assets in precious metals as an alternative to cash," he said.

"One of the functions of paper money is to be a store of value. But… with practically zero interest rates and cost of living increases of about 10 percent per annum…. paper money at zero interest rates loses its purchasing power," he added.

Gold is traditionally seen as a safe haven asset and a hedge against inflation during times of economic turmoil. It has risen around 8 percent this year to $1,308 per ounce amid heightened geopolitical tensions in the Middle East and Ukraine.

Dr. Doom sounds warning bells, again
Dr. Doom sounds warning bells, again

Doom, still, for the world

To be sure, Dr. Doom lived up to his moniker during the interview, reiterating his bearish forecast for the global economy, laying blame on central bankers. He argued that excessive monetary easing in recent years has distorted the value of assets, currencies and commodities, in a trend that will "end badly."

"I think the market in the second half of this year has a very good chance of crashing," he said.

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He did, however, admit that the timing of his forecasts hasn't always been spot on: "For the last 40 years I have said the market will crash – except after 2009 I was actually bullish for three years until 2011," he added.

He defended himself by reminding viewers that he had been correctly positive about Asian markets following the 1998 Asian crisis, and for being bullish on the euro amid the lows of the euro zone crisis.

"I was positive about Europe when everyone on CNBC said the euro would fall apart," he added.