Demand from Asia is high, the glut in WTI crude is temporary and Saudi Arabia is unlikely to be able to make up for the difference in output from other countries in the Middle East and North Africa where exports decreased, he said in support for this bullish call on oil.

Gold as a store of value will continue to go up because "the monetization of debt is a big problem," Bullman added.

The precious metal is likely to hit $1,625 for this year but "it's going to go above $2,000" longer term, he predicted.

UK real estate is an area where prices will go down, according to Bullman, who expects them to fall between 20 percent and 25 percent from current levels this year and the next, because of high food and basic products inflation combined with unemployment and high debt levels.