In a recent speech, President Xi Jinping outlined his vision for global governance alongside new policies aimed at attracting foreign capital.

Meanwhile, EU-China trade ties remain under strain, further complicated by mounting pressure from the US. Gold has continued its rally, reaching new all- time highs across multiple major currencies, and reinforcing its status as the best-performing major asset of 2025. Finally, Nvidiaʼs $100 billion investment in OpenAI has sparked concerns over circular financing, with implications that extend beyond the company’s valuation to the broader AI rally.

The global industrial robotics market is projected to exceed $10 billion in sales by the end of 2025, with industrial robots expected to handle 60% of new installations in the automotive and electronics sectors. Demand is being driven by the need for greater productivity with fewer resources. For corporations, achieving a strong return on investment will depend on ensuring effective implementation. According to a McKinsey survey, high capital costs and limited experience with automation remain the main barriers to adoption. Concerns that automation will replace jobs or disrupt contracts may be overstated, as it has been shown to redefine roles rather than eliminate them, leading to more efficient workplaces. Market leaders are predominantly Japanese firms, with contributions from Switzerland, Germany, Denmark, and Italy.

As it continues to battle inflationary pressures, the Bank of England has kept interest rates at 4% but announced it will slow the pace of quantitative tightening. While not offering an outright boost to the economy, the first slowdown in quantitative tightening since it began in 2022, suggests the UKʼs economic recovery remains fragile. Despite a stronger first half of the year, Britainʼs economy flatlined in July, with growth expected to slow through the second half of 2025. 

Nevertheless, the UK's "Tech Prosperity Deal" with the US—led by US giants, Blackstone, Microsoft, and Google—has secured £150 billion in investment. The initiative could provide 7,600 jobs while boosting sectors like AI, quantum computing, and nuclear power. While domestic investment remains sluggish, the newly signed agreement signals hope for renewed confidence in Britainʼs economy and industrial strategy.

Precious Metals and Commodities

Gold and silver are likely to extend their upward trend in the short to medium term, though momentum may ease as markets absorb the recent rally.

Meanwhile, copper, oil, and agricultural commodities are projected to remain flat. All precious metals and commodities, however, continue to follow a long- term upward trajectory.

Gold Feature

Gold is sometimes thought of as a slow-moving asset, lacking the excitement of volatile stock markets or the potential for explosive growth seen in emerging technology. However, this perception doesnʼt always hold true. While itʼs true that during periods of stability and low inflation, gold can indeed move at a more leisurely pace, there are times when it can outshine even a well-performing stock market. The last 2 years have proven to be such a period, demonstrating goldʼs potential for significant returns.

A case study can be made by imagining an investor purchased 100 grams of gold, priced at around $6,600 on 2 January 2024, and one unit of the S&P 500 Index, priced at around $4,700 on the same day. Fast forward to 2 October 2025, and the 100 grams of gold is now worth $12,434, a staggering 88% increase. Over the same period, the Index rose to $6,772 per unit, a respectable 44% increase, but one which nevertheless falls short of goldʼs performance. In Europe, the gold price for 100 grams jumped from CHF 5,600 to CHF 9,896, from €6,000 to €10,580 and from £5,100 to £9,212. These price movements represent a 77% increase in Swiss francs, a 76% increase in euros, and an 81% increase in British pounds.

The comparison of goldʼs returns to the S&P 500 becomes even more striking when we consider currency fluctuations over time. The price in Swiss francs, euros, and British pounds are based on the exchange rate at each respective date. 

Gains from the Index would have been 36% in Swiss francs and British pounds, and 35% in euros. This scenario illustrates that gold, far from being a boring asset, can offer exciting returns under the right conditions. The key is understanding that different assets shine in different economic environments, and gold does indeed have its moment of glory.

22 Oct 2025 | Categories: Gold, Silver, Dollar, US, Platinum, Palladium, UK

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