Faber said: " I am conviced the Fed will soon implement further quantitative easing," adding "and massively so".
"It will probably happen in september, October," Faber said, putting a timeline to his prediction.
Explaining his reasoning, he said: "The US economy is not robust".
Not buying into the good news brigade of commentators who believe the worst is behind us and the US economy is on the mend, he said: "We have mixed signals, but in general the economy is still weak".
Nor has the recent rise of the euro dampen his views on Europe. Faber said Europe does not have a shot at growth and is stuck in sideways movements in its economy, for years to come, as austerity and bailouts weigh on growth.
In his latest monthly market commentary the famed investor discloses a bit more about his investment philosophy.
"I feel that most investors take far too many risks – often with borrowed money – and fail to diversify sufficiently. They also have little patience, very short-term time horizons and no tolerance for losses," Faber writes.
"Their expectations about investment returns are completely unrealistic… Most investors buy a stock or make an investment with the view that within a month the return should be between 10% and 20%," he adds.
"If you can achieve an annual average real return of just 3% on all your assets (inflation adjusted), you will leave a huge fortune to your children".
I prefer diversification and no leverage," he adds explaining "I have seen time and again investors (including myself) be right about an asset class' future performance but fail to convert those views into any capital gains…"
"The prime consideration should always be capital preservation and avoiding large losses," he concludes.
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