There was a gold record, bad news from Germany, and economists got it wrong. A week on the charts

The first week of October was full of extremely interesting events on financial markets and data. The 4,000 mark for gold has broken. dollars per ounce, economists were wrong with their forecasts regarding the Monetary Policy Council's decision on interest rates, and our western neighbors recorded a surprising decline in industrial orders, still stuck in the grips of the crisis.

For the first time in history, we saw gold at USD 4,000/oz. Such a rapid appreciation of the royal metal suggests that the financial world is increasingly losing confidence in the dollar and US government bonds. Gold actually returns to the system as the only reliable money.

The Monetary Policy Council, contrary to the forecasts of most economists, reduced the NBP interest rates by 25 basis points. However, this is not a complete surprise, as the quotations of market instruments indicated such a move.

Hopes for a revival in German industry have again failed to come true. In August, our western neighbors recorded a surprising decline in industrial orders, still stuck in the grip of the crisis.

The gold reserves of the People's Bank of China were increased by 40,000 in September. troy ounces. These are the smallest monthly purchases since the beginning of the current cycle of increasing gold reserves, which has been ongoing for 11 months. On a smaller scale, the record high price of the metal, approaching $4,000 per ounce, may have had an impact.

An investment in Nvidia shares 10 years ago would have given a total return of over PLN 31,000. percent at the beginning of October 2025. The star of the AI ​​revolution and the bull market associated with it is winning in the statistics regarding the most profitable stocks in the S&P500 in almost all longer time horizons – except for the last 5 and 30 years.

Recent events in the US have drawn the attention of financial markets to the importance of central bank autonomy. The norm regarding their independence became popular in the 1980s and 1990s, and in Poland it was even included in the constitution. The American Federal Reserve does not have such guarantees, and what it looks like in other countries around the world is shown by data collected by British scientists.

Five years have passed since the average offer price quoted on the primary market in Warsaw exceeded the then psychological barrier of PLN 10,000. PLN/sq m It's hard to find such rates today. And although price increases have recently slowed down to almost zero, over the past five years the increases in the amounts paid for apartments have reached 60 percent, and the rates shown in advertisements have increased by up to 80 percent.

Finally, we invite you to read the announcement of the events of the new week: Wall Street plunged into macro darkness. Investors are waiting for the resumption of financing.

prepared by COGS

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