Stay away from Treasurys as they’ve been rallying since 1981 – equivalent to a 19-year bull run, said Marc Faber, editor & publisher of The Gloom, Boom & Doom Report.

“I think that there isn’t much upside potential in Treasurys unless it’s for the short term. But if I look 10 years ahead, where do I want to have my money, then certainly not in USTs,” the renowned bear told CNBC on Tuesday.

Faber said the U.S. federal deficit is likely to continue ballooning under the Obama administration, which could make interest payments on government debt unbearable.

He also warned against using foreign demand for Treasurys as a litmus test.

“In 1999 and 2000, foreigners (bought) the Nasdaq and what happened afterwards was a major collapse. I would not look at foreign buying as a very intelligent leading indicator,” Faber said.

But for investors looking for the safety that U.S. debt provides, he recommends buying short-dated instruments as long-dated ones do not offer much upside potential.

Faber continues to be bullish on commodities, particularly farmland, agriculture and gold [XAU=X  1232.7     3.45  (+0.28%)       ].

“I’ll rather buy an asset class, whatever it is, that has been in a bear market for 10 or 19 years,” Faber said.