Investment guru Marc Faber recommends buying gold regularly, as central banks monetize their countries’ debt.

“I think everybody should accumulate gold over time,” he told CNBC. “I’m not saying today is the best buying point, but I recommend people buy gold every month forever.”

Gold hit a record high of $1,226 in December and has since slipped about 8 percent.

The Federal Reserve will crank up the printing press to pay for the country’s exploding debt burden, says Faber, editor of "The Gloom, Boom & Doom Report."

“(Gold's) quantity cannot increase at the same rate as you can print money, which will eventually weaken the U.S. dollar,” he said.

"I’m not saying that the dollar will go straight away down because other currencies like the euro are even worse at the present time. But eventually if you print money, the purchasing power will lose (value)."

Investors seeking stocks should look overseas rather than in the U.S., Faber says.

"If you believe in equities, I would rather buy Vietnamese shares than U.S. shares, because the economy there will grow much faster than in the U.S.," he said. "Or I would buy Indian, Chinese, Malaysian shares."

Star economist David Rosenberg agrees with Faber on U.S. stocks. The Standard & Poor’s 500 Index is trading at a price-earnings ratio of 20.64, he writes clients of Gluskin Sheff + Associates.

With a long-term trend of 16.36, that means the index is overvalued by 26 percent, Rosenberg says.