Ray Dalio calls it a “debt death spiral.”

It’s the phase where a country has to borrow money…

Just to service existing debt.

Once it begins… it accelerates until the currency breaks.

That’s exactly where the U.S. is heading.

Here’s why:

The government must refinance trillions in debt at higher and higher interest rates.

At the same time…

Buyers are walking away.

That’s a toxic combination.

My name is Garrett Goggin.

Porter Stansberry, author of the End of America documentary that broke the internet in 2010 recently called me:

“THE most knowledgeable gold investor in the world today.”

I don’t take that kind of praise lightly. Which is why I’m writing to you…

Because right now…

The US is entering the phase where everything changes.

Go here now to see the top four gold miners positioned for what comes next

It goes like this:

Higher interest rates increase the cost of US debt…

Which increases borrowing…

Which requires more debt issuance…

Which pushes rates higher again.

That’s the “debt death spiral” Ray Dalio warns of.

Once it starts, the only way to stabilize it is for the central bank to step in and print more fiat currency. The problem is…

We are talking about trillions more dollars being conjured from thin air. The US debt problem is now so large it threatens the entire world’s stability.

The early signs are already here…

• On April 16th, the Treasury had one of its weakest auctions on record…
• The yield on the ten-year US Treasury keeps threatening to breach 4.4%...
• And warnings from insiders like former Treasury Secretary Hank Paulson are growing louder…

These are not isolated events.

They are symptoms of systemic risk.

If history is any guide…

The currency will be the release valve – which means the money you earn and save is about to get devalued like you’ve never seen in your lifetime.

The only good news is…

The coming scenario is when gold shines brightest. Better yet…

It’s when miners surge.

Go here for details on my top four miners for the coming gold mania

To your wealth,

Garrett Goggin, CFA, CMT
Chief Analyst and Founder, Golden Portfolio

P.S. The debt spiral is beginning. The only way out is more money printing. That’s when gold moves… and miners surge. Go here to see my four top picks now before the crowd piles in

Healthcare Added 35,200 Jobs—3 Stocks Positioned to Benefit

Author: Chris Markoch. First Published: 6/15/2026.

The May jobs report told a familiar story for investors in healthcare stocks. The sector added 35,200 positions last month, led by ambulatory health services with 25,700 and hospitals with 6,000. What makes this number meaningful is the consistency behind it. Healthcare has averaged roughly 38,000 new jobs per month over the past year, a pace that signals sustained demand for services rather than a seasonal blip.

That demand translates directly into revenue for the right companies. Ambulatory services are growing because patients are being treated outside hospital walls more often. That benefits outpatient clinics, rehabilitation centers, and home care settings. Hospital hiring reflects a steadily rising inpatient census and procedure volume.

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It’s another reminder that when it comes to macroeconomic data, the real story is almost always in the details. Follow where the jobs are being created, and you find the revenue growth. These three names sit at the intersection of where that growth is actually occurring.

UnitedHealth Group: Leveraging Growth in Healthcare Utilization

More ambulatory visits and more managed care utilization equal more Optum touchpoints. That's the direct equation for UnitedHealth Group as healthcare employment and, by extension, insured patient volume, continues to expand.

UnitedHealth Group (NYSE: UNH) sits at the center of the U.S. healthcare system as both its largest private insurer and one of its largest care delivery platforms. Rising demand for healthcare services flows through the business from multiple directions.

The operational narrative at UNH right now is a turnaround, and the healthcare jobs data provides a secular tailwind. That turnaround showed up in the company’s Q1 2026 results, which marked a period of stabilization after a difficult stretch. Revenue reached $111.7 billion, up 2% year-over-year, with UnitedHealthcare generating $86.3 billion and Optum contributing the remainder.

The medical benefit ratio improved to 83.9% from 84.8% a year ago, reflecting better cost management and reserve development. It’s further evidence that the medical cost pressures that plagued the managed care sector are beginning to normalize. To support that view, management raised its full-year 2026 adjusted earnings per share (EPS) guidance to above $18.25 per share.

Optum Health, which runs value-based care practices and home health operations, including the Amedisys platform it acquired in 2025, directly benefits as the ambulatory workforce expands. More clinicians in the field means more capacity to serve more patients under value-based contracts, where utilization efficiency drives margins.

At 22x forward earnings, UNH is still trading at a slight premium to its historic average, but the valuation is improving. Several analysts have raised their consensus price targets well above the consensus price target of $407.17.

HCA Healthcare: A Direct Play on Rising Hospital Demand

When hospitals add jobs, they're adding capacity, which gets filled by patients. HCA Healthcare (NYSE: HCA), the largest hospital operator in the United States, is about as direct a connection between healthcare employment trends and revenue as it gets. HCA's network currently spans 189 hospitals and approximately 2,600 ambulatory sites, giving it direct exposure to both inpatient and ambulatory demand.

The company’s Q1 2026 earnings report confirmed the volume picture remains intact. Revenue reached $19.1 billion, up 4.3% year-over-year. Same-facility admissions grew 0.9%, and same-facility equivalent admissions, which include outpatient procedures, increased 1.3%. Revenue per equivalent admission rose 3.1%, driven by a favorable payer mix and negotiated commercial rate increases. Operating cash flow strengthened to $2 billion, a 22% jump from the prior-year quarter.

HCA Healthcare continues to invest in capacity, deploying $1.1 billion in capital expenditures during Q1 while simultaneously repurchasing $1.6 billion in shares. Yet HCA is down over 16% in 2026 and well off its all-time high from February. Analysts have a consensus price target of $506.14, which implies a gain of about 30% from its price as of this writing.

Encompass Health (EHC): The Post-Acute Play on the Outpatient Shift

The 25,700 ambulatory jobs added in May aren't just showing up at urgent care clinics. A significant portion reflects the growing demand for post-acute and rehabilitation care—patients discharged from hospitals who need structured recovery before returning home. That's the core business of Encompass Health (NYSE: EHC), the largest owner and operator of inpatient rehabilitation hospitals in the United States.

The company’s Q1 2026 earnings report was among the best in its recent history. Revenue grew 9% year-over-year to $1.59 billion. Adjusted EBITDA climbed 11.2%, and adjusted EPS surged 16.8%. Management raised full-year 2026 revenue guidance to a range of $6.375 billion to $6.47 billion. The discharge-to-community rate improved 50 basis points to 84.5%, and nurse turnover hit its lowest level since 2012. That's a tangible labor cost benefit in a sector where staffing has been a persistent headwind.

The demand backdrop is structural. The U.S. population continues to age, and inpatient rehabilitation services remain undersupplied relative to demand. Plus, the shift away from skilled nursing facilities toward higher-quality rehabilitation settings creates a direct tailwind for EHC's model. The company is actively expanding, opening seven new hospitals in 2026 and adding 100 to 150 beds to existing facilities.

As of June 11, EHC is down about 4% in 2026. However, analysts give the stock a consensus Buy rating with a $143.86 price target that would be a gain of over 40%.

Microsoft's Boring Stock Story May Be Its Biggest Strength

Author: Chris Markoch. First Published: 6/22/2026.

Microsoft Corporation (NASDAQ: MSFT) is down approximately 20% over the last 12 months. Most of the news surrounding the company has been negative.

There have been layoffs, significant ongoing capital expenditures to support its artificial intelligence ambitions, cost pressures in its gaming division, and the ongoing transformation of Microsoft’s relationship with OpenAI.

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That has created a lot of noise around the company and distracts from the fact that the business is doing just fine.

Perhaps more importantly, investors are paying only about 22x earnings to own MSFT. Some investors have pushed back on that valuation because of the company’s self-reported $80.1 billion in capital expenditures in the nine months ending March 31, 2026.

But there is more nuance to that story than may first appear. And that’s where the boring but beautiful story begins.

Microsoft's AI Spending Is Backed by Strong Cash Flow

It's fair to point out that Microsoft's free cash flow (FCF) is down. Operating cash flow over the nine-month stretch mentioned above was $127.5 billion, which means CapEx alone consumed roughly 63 cents of every dollar of operating cash generated. That's compared to about 51 cents in the prior-year period.

But there’s an equally compelling counterargument that needs to be considered in an honest discussion. Microsoft is funding the buildout primarily through the cash machine it already runs, not by mortgaging the balance sheet.

In fact, long-term debt is actually shrinking. The $80 billion CapEx isn't leverage-fueled speculation; it's a company deploying its own cash to build infrastructure it expects to monetize. That should bring investors to the company’s nine-month net income, which hit $98 billion.

The takeaway is that Microsoft’s cash generation engine isn't under stress. Perhaps more importantly, the company’s AI business surpassed an annual revenue run rate of $37 billion in the last quarter. That was up 123% year over year (YOY).

Azure grew 40%, and contracted future revenue was up 99% YOY to $627 billion. That backlog tells the story behind the infrastructure spending. Management is guiding for roughly $190 billion in capital expenditures for calendar year 2026 while simultaneously reporting demand that continues to outpace capacity.

Microsoft's Dividend Growth Story Is Easy to Overlook

But something else has been happening behind the scenes over the last two decades. In fact, it’s been 23 years. That’s the number of consecutive years that Microsoft has increased its dividend payment.

Many investors will yawn at a yield of just 0.95%. However, the more important number is the average annual growth rate of over 10% over the last three years. That's resulted in an annual payout per share of $3.64. Both figures are well supported by a payout ratio of around 18% based on next year’s earnings estimates.

It may not mean much to say that Microsoft will be a Dividend Aristocrat in two years. But the company’s path to that title hasn’t come at the expense of growth. In the last 10 years, MSFT has delivered a total return of over 780%, and with a dividend yield under 1%, virtually all of those gains have come from stock price appreciation.

What makes the dividend story particularly compelling right now is the timing. Microsoft’s next annual dividend increase is likely to be announced alongside its fiscal Q4 earnings report, due in late July. Investors who buy before that announcement lock in a lower cost basis on a growing income stream. That's a straightforward value proposition that tends to get overlooked by investors who are fixated on CapEx.

MSFT's Valuation Looks Increasingly Attractive

MSFT’s 20% decline in 2026 has quietly created one of the more attractive entry points Microsoft has offered in years. At roughly 22x forward earnings, MSFT is trading approximately 24% below its 10-year average price-to-earnings (P/E) ratio of around 31x.

Investors can choose to view MSFT as a stock in distress. However, a more accurate framing may be to see it as a company being repriced because the market is impatient with infrastructure spending that hasn't yet fully shown up in free cash flow.

Microsoft’s business, however, hasn't missed a beat. Over each of the three most recent quarters, Microsoft posted 18% revenue growth. Operating margins expanded year over year in each of those same periods. Net income for the trailing 12 months recently crossed $125 billion.

Are those the numbers of a company in trouble? It doesn’t seem so. They look more like the numbers of a company transitioning from a software giant into a cloud and AI infrastructure platform. That transition is measurably ahead of schedule.

For investors who want exposure to AI without paying the speculative premiums attached to pure-play names, Microsoft offers an unusual combination. It's a business growing at 18% annually, returning capital through buybacks and a growing dividend, with a balance sheet that carries more cash than long-term debt and a contracted backlog approaching two-thirds of a trillion dollars.

The noise around the stock may be real—but it’s also masking the opportunity.