An interesting feature of the financial markets over the past several quarters has been the concurrent rally in equities and gold prices. Gold’s year-to-date gain of more than 50%—even after this week’s volatility—puts it on an annual pace not seen in nearly 50 years, as central banks and investors alike have piled into the metal amid elevated risks and the potential for currency debasement. More recently, we’ve also seen other precious metals—including silver and platinum—break out to the upside.¹

Historically, equities and gold have both participated in the nominal drift of the global economy, but they typically have done so in a countercyclical manner, as gold has tended to thrive in conditions less supportive of equity investment.

One notable exception was the early 1970s, a period characterized by the fiscal pressures of the Vietnam War, the end of the Bretton Woods gold peg and executive branch pressure on the Fed to ease interest rates despite inflation pressures. Together, these factors contributed to monetary disequilibrium and ultimately a decade of stagflation.

Medicare is a vital federal health insurance program available to individuals aged 65 and older, as well as certain younger individuals with specific health conditions or disabilities. Taking the time to understand Medicare’s structure and making informed choices can help secure reliable healthcare coverage well into retirement. The basics of Medicare can seem overwhelming, as it is divided into four parts—Part A (hospital insurance), Part B (medical/doctor services), Part C (Medicare Advantage, offered via private insurers), and Part D (prescription drug coverage). Original Medicare consists of Parts A and B, while Medicare Advantage (Part C) often bundles in additional benefits and may include drug coverage as well.

When choosing Medicare coverage, it’s important to compare the unique costs, services, and restrictions of each part. Part A is typically free for those with sufficient work history, while Part B and Part D require monthly premiums and can carry additional costs based on income. Some services, such as routine dental or vision care, are not covered under Original Medicare but may be available through Medicare Advantage plans. The decision between Original Medicare and Medicare Advantage should reflect personal health needs, travel habits, and budget, as each option has its benefits and limitations.

Timely enrollment is essential to avoid penalties and gaps in coverage. To help financial professionals and their clients navigate the intricacies of Medicare, First Eagle Academy partnered with the Medicare Rights Center, to create the Understanding Medicare from A to D program. Please contact your First Eagle representative to learn how we can help.