Renowned contrarian investor and publisher of the “Gloom, Boom & Doom Report” newsletter Marc Faber was on CNBC Tuesday to discuss his outlook for U.S. stocks, the Market Vectors Junior Gold Miners ETF GDXJ 0.84% and share what he called “the trade of the century.”

The Situation

“I think, the S&P may make a new high sometime at the end of the month, but it would not be accompanied by the majority of stocks making new highs,” Faber said.

“Last year, there were about as many stocks down as there were stocks up, and in my view we’ll have a lot of volatility this year.”

The Bulls And The Bears

Faber continued, “Everybody is bullish about the U.S. dollar. The bullish consensus about stocks is still very high. The bullish consensus about U.S. bonds is extremely high and the bearish consensus about the euro is extremely high and about commodities and oil.” Secrets of the Temple:... William Greider Best Price: $1.57 Buy New $15.97 (as of 02:40 UTC - Details)

“We could have a reversal: exciting rally in oil, exciting rally in euro and setback in U.S. bonds and a little bit of rally in U.S. stocks, but not much.”

When asked about his year-end target on the S&P 500, Faber replied, “I think it will close the year lower.”

Trade Of The Century

“The only stock that I think has a great upside potential from here and in fact the GDXJ, the Junior Gold Mining Index is up 41 percent since the October lows and gold is up 14 percent since the October lows and this year 9 percent.”

“I think gold has a lot of upside potential, because I think people will wake up finally. I say finally that if they could short, sell short the central banks, that is the trade of the century. The central banks will be exposed of what fraud they commit,” Faber said.

Reprinted from Benzinga.

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