Gloom, Boom & Doom publisher Marc Faber says he's bearish on all assets in the near term — including gold.

Gold, as well as equities and other commodities, "will face some profit taking," Faber tells Fox Business Network. "[Gold] has had a huge rally — the low was $1,522 last December and we are now over $1,700 and I think we need a correction here.

"In fact, I am now bearish about practically all assets near term. I think we’re entering a correction time where there will be some disappointments, where stock markets … can easily drop 20 percent.”

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Noting that he could be wrong so is not all in cash, Faber says investors have a heavy exposure to equities, gold and other commodities.

While the Economic Cycle Research Institute already thinks the United States is in a recession, Faber notes that the “economy is a very large vessel and there are different sectors.”

“And some sectors are improving like housing in the U.S. is improving,” he says, adding that the problem with the improvement in housing is that stock have already tripled from their lows.

“And so we are ahead of ourselves,” he tells Fox Business Network.

Other experts disagree with Faber’s stance on gold and are bullish toward the metal.

For instance, Bank of America Merrill Lynch is officially forecasting gold prices to hit $2,400 an ounce, but one analyst at the bank says prices could climb even higher to around $3,000.

Richard O’Brien, CEO of Newmont Mining, the second-biggest producer of the metal by sales, says gold could rise to $2,500 an ounce in three years as investors buy the metal as a hedge against inflation.

And Deutsche Bank believes that gold might not be overvalued until it hits $2,960.

Still, famed hedge fund manager Ray Dalio, co-chief investment officer Bridgewater Associates, says everyone should have gold in his or her portfolio because it diversifies the portfolio.

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