From the Global Market Strategy Team: How a U.S. government shutdown hits the strategist desk Get Our Insights >
Smart insights drive stronger portfolios
We leverage proprietary research and collaborate with investment teams across New York Life Investments to offer timely answers to the questions facing investors today in key areas:
Chart of the Week: Will The Gold Rush Extend Into 2026?
WEEK OF DECEMBER 7, 2025
Gold’s latest surge has turned a classic risk-off diversifier into a fear-of-missing-out (FOMO!) trade. Prices are running ahead of traditional drivers, forcing investors to decide whether to chase the rally or rebalance. This week’s note walks through the cyclical and structural forces behind the current gold rush and what that means for positioning into 2026.
Read Macro Pulse Report: Dog Days, Data Shifts
Will the Gold Rush Extend into 2026?
Is gold becoming the next bubble or just catching up to years of structural demand? In this Market Matters episode, Julia Hermann and “Macro” Mike LoGalbo dissect the drivers behind gold’s outsized move in 2025 and the risks of chasing performance. They discuss why gold works best as a diversifier, not a growth engine, and offer a framework for sizing positions as 2026 approaches.
Is AI in a bubble?
Is AI in a bubble? This question encompasses not just concerns about price action and market concentration, but questions around AI-related capacity and resource constraints. Julia Hermann explains why AI’s transformative potential still supports long-term investment conviction, even as valuations rise and near-term market dynamics shift.
Charting the Year Ahead: Outlook for 2026
Is AI in a bubble?
2025 | Trust or Bust: The Next Era of Global Debt Sustainability
The choices governments make will shape long-term capital markets assumptions around inflation, interest rates, and potential growth; and will influence asset allocation.
A global debt sustainability framework:
Private Markets
Navigate the next phase of global private markets
Key investor questions:
- How will diverging rate cycles and policy shifts shape private market opportunities in 2025?
- Which global megatrends such as electrification, digitization, and re-globalization are creating new long-term opportunities?
- Where can investors find the strongest potential across private equity, private credit, real estate, and real assets?
Prospective investors should be aware that investments in private funds or alternative investment strategies are suitable only for qualified investors who do not require liquidity and who can bear the economic risk, including the potential for a complete loss, of their investment. Investors are encouraged to consult their tax or legal advisors before making such investments.
Video: Private Markets Outlook - Navigating a Global Market Reset
About Global Market Strategy
Our team of market strategists connects macroeconomics to asset allocation. We provide actionable insight into market-driving events, structural themes, and portfolio construction to empower investment decision-making.
Lauren Goodwin, CFA
Chief Market Strategist
Julia Hermann, CFA
Global Market Strategist
Michael LoGalbo, CFA
Global Market Strategist
Sarah Hirsch
Global Market Strategist
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