Faber was also vocal on the U.S. presidential election and its candidates, particularly presumptive GOP nominee Donald Trump.

The real estate mogul is "courageous" for challenging the establishment, Faber said. He attributed Trump's rise in popularity to the fact that the American people are "fed up" with Congress, the elite and the establishment, and Trump challenges that.

"I'm sure a lot of people would love to kill him but he has the courage to stand up and has some common sense," he said. "Whether he will be a good president? I don't know but given the other options, I'd rather take Trump, who is not the most honest person but in my view, more honest than Miss [Hillary] Clinton."  

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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