Permabear David Tice believes the S&P 500 will sink to 400 while gold prices will skyrocket to $2,500 an ounce. David Tice, Federated's chief portfolio strategist for bear markets.

What happened in the 1930s [is] we wound up having a first decline, a 50% rally, [which] was followed by seven waterfall declines.

Well, I do think that we are going to have [another] credit crisis. We think that there could likely be a funding crisis in terms of Treasuries.

We think they should also own bullion [and] gold stocks. Even though gold and gold stocks are likely to go down in the first part of this decline, we think longer term they're going to do very well.

It's possible we rally another three to four months, maybe this decline starts five months, maybe six months, seven months from now. We wish we had that crystal ball.

We really like the Norwegian krone. We like the Canadian dollar. We still like the euro relative to the dollar. It's going to be volatile. It's going to be wild. Gold, I would say, is a quasi-currency that is going to do the best