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.