CNBC
In an interview with CNBC on Wednesday, Tice said the current market reminds him of 1999 and 2006-07, periods just before sharp market sell-offs when he says, "the VIX was very low and complacency was high."
"The Fed has been able to engineer a nice recovery in asset prices from '09 to '14," Tice said, "but trees don't grow to the sky."
The drop in stocks, Tice said, will create a period of extreme turmoil, with gold being a major beneficiary.
Tice thinks gold prices will go "far above" $3,000 an ounce in the "not too distant future," and Tice said of this call: "I've never been more confident of anything in my life."
Tice is the founder of the Prudent Bear Fund, a mutual fund that, according to Federated Investors, "Seeks to help investors benefit from a declining U.S. stock market through the convenience of an actively managed bear fund."
Being extremely bearish on stocks is not a new position for Tice, who said in 2009 that the S&P 500 would go to 400, and in October 2012 said the market, "really seems like it seemed in early '08."
This chart from Morningstar shows the performance of the fund over the last ten years, with $10,000 invested in the fund worth $5,340 today. In contrast, $10,000 invested in the S&P 500 over the same period would be worth $22,244 today.
Morningstar