Investors are on the Titanic: Marc Faber

Faber said the global economy's downtrend was likely to be exacerbated by the UK's vote to leave the European Union (EU), or Brexit, but he added that this wasn't necessarily bad news for the stock market.

"Brexit will give a perfect excuse to the Federal Reserve not to increase interest rates and be most likely to launch QE4," or another round of quantitative easing to purchase assets in the market," Faber said. "Then the other central banks will also join and also launch further easing measures, printing money and so the global economy could worsen and stocks actually could go up."

He believed that the opportunities being opened up might be more available to individual investors than to large funds.

"If you run a trillion dollars or USD 500 billion, it's difficult to move between Russia, Brazil and other markets, but I think there's an opportunity for individual investors," he said.

Among the market opportunities, Faber said he believed precious metal stocks were still cheap, despite recent gains.

Gold climbed to a two-year high of USD 1,358.20 an ounce on Friday after the Brexit results were released as spooked investors sought safe-havens. At 9:08 a.m. SIN/HK, spot gold was trading at USD 1,318.00 an ounce.