Marc Faber is interviewed on CNBC.

On the markets in 2009:

I don’t think it will be much worse [than 2008]. I don’t think we’ll drop another 50%. But the contrarian view would be that all the monetary and fiscal injections by governments fail and that they run out of ammunition and that markets trend lower.

On gold:

I don’t think that gold will rise a lot in the near future. Compared to the CRB, gold is very overvalued compared to nickel, copper, oil and so forth. So I think that near term actually, the industrial commodities which have become even more oversold than the stock markets 2 months ago could rally somewhat. I would position myself as a trader in some commodities.

Global Market Lows:

The global economy is in deep trouble. the big question is really — we are in depression. Is this depression going to be inflationary or deflationary. I think in both cases the markets will not perform particularly well.

On Crude Oil:

Most market obsevers, when oil prices were at $140 were predicting $200 oil. Now with oil at $40 are predicting oil at $30 or below. So as a contrarian I would rather say oil has some upside potential. What many observers fail to understand is that from here on it’s not only monetary policies and fiscal policies that will impact asset prices — it’s also geopolitics. I think that geopolitics could have a big impact on asset prices.

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