All paper currencies are "doomed" thanks to central bank policies around the world, said Marc Faber, editor of the Gloom, Boom & Doom Report.
"They are going to become worthless because of money printing. In other words, the purchasing power is going to continue to diminish as it has diminished for the last hundred years," Faber, known as Dr. Doom, said in an interview with CNBC's "Power Lunch" Friday.
And the Brexit vote last week means even more money printing in the U.K., Japan and the United States, he said.
Therefore, he expects the dollar to go down against gold, silver and platinum — which he believes are going to "vastly" outperform the U.S. stock market.
"Investors should have some exposure to precious metals," he advised. He sees value in mining companies, agricultural stocks and oil servicing companies.
Overall, however, the U.S. is a "fully priced market," Faber said. That said, he wouldn't go as far as shorting the market, because he doesn't like to do so in a money-printing environment.
Meanwhile, Art Hogan, chief market strategist at Wunderlich Securities, is expecting the second half of the year to improve.
"I think we're going to see an inflection point in earnings," he told "Power Lunch."
There is now stabilization in oil, and the dollar has balanced out, which should help some of the multinationals and exporters, he explained.
"When you look at some of the headwinds that have become tailwinds, I think we probably have a better time. Economic data seems to be proving that out."
On the other hand, Mark Luschini is expecting more of the same, which he said isn't necessarily an investment or economic disaster.
"I think what we're seeing is this 2 percent pace of growth, plus or minus, is ... about as good as it's going to get," he said.
There may be some back-end improvement in earnings, perhaps in the single digits, Luschini said. He also expects the S&P 500 returns in the last half of the year to likely match the first half, ending up with about 5 or 6 percent in total returns for the year.