In case you’ve missed it, this is what Marc Faber said in a recent interview:
And as a special tip, I think I would short the Australian dollar, because talking about a housing bubble, Australia has 10 times a bigger bubble than China. In Australia you have what you said we don’t really have in China, namely the low leverage that we have in China, we have the opposite in Australia, very high household leverage. … So I think a big downfall is about to happen.
The worst case scenario would be a falling AUD in the context of a currency crisis. Our favourite hedge against this will be in gold (see our book, How to buy and invest in physical gold and silver bullion).