Highlights of the week: gold and silver records, Nvidia rises, Tesla and GM race to the bottom

Gold gained ground above $4,000 an ounce for the first time and silver rose to its highest since 1980 as investors seek refuge in precious metals. Nvidia shares hit an all-time high thanks to the authorization to export chips to the UAE. Tesla and GM unveiled budget versions of their electric cars, Ferrari's financial forecast disappointed investors. Emmanuel Macron reappointed Lecorneuil as France's prime minister late Friday night. About the main events from October 6 to 10 - in our review.

This week, the spot price of gold for the first time consolidated above the $4000 per ounce mark. Since the beginning of the year, the price of the precious metal has risen by about 50%. Record growth is associated with lower rates, weakening dollar and active purchases by central banks and ETFs, noted Reuters. Investors, gripped by fear of missing out on gains, are already talking about the next $5,000 target. Goldman Sachs analysts raised their forecast: by the end of 2026 gold may rise to $4900 per ounce.

Citadel CEO Ken Griffin said faith in the dollar is weakening and the U.S. economy is in an artificial upswing. Ray Dalio of Bridgewater recommends holding up to 15% of a portfolio in gold, comparing the current situation to the 1970s. But while Dalio sees gold as insurance, Warren Buffett still sees it as a worthless asset.

Silver is also breaking records: on Thursday, October 9, it rose almost 4%, at one point surpassing $50.85 per ounce, the highest since the beginning of 1980. Since the beginning of 2025, the price of silver has risen more than 60%, outpacing gold's rally.

Late in the evening of October 10, French President Emmanuel Macron reappointed Sebastien Lecornu as Prime Minister, four days after his resignation, Bloomberg reports. By doing so, Macron gave his ally another opportunity to form a new government and get the 2026 budget approved amid a divided parliament.

Lecornu's reappointment is Macron's latest attempt to avoid snap parliamentary elections, which would likely only add to France's political chaos. The National Assembly has yet to approve the 2026 budget, and its possible dissolution under such circumstances could plunge the EU's second-largest economy into further uncertainty, the Associated Press wrote.

What else is there to read about it?

- Sébastien Lecornu resigned 27 days after his appointment. Journalist Petr Kiryan discussed how France found itself in a political deadlock, from which no political force sees a way out, in his article "Contagious" for Xi: France without a government and without a parliament.

Nvidia shares rose 3.2% to $195.3, a new record high, during trading on October 9. The rally was triggered by the news that the U.S. allowed the company to export billions of dollars worth of chips to the UAE for the construction of data centers. Under the agreement, the Emirates will be able to import up to 500,000 of Nvidia's advanced AI chips per year starting in 2025, a deal that could be extended to 2030.

Additional stimulus for investors were successes in the field of AI and strong reporting from Nvidia's partner TSMC. Company CEO Jensen Huang told CNBC that demand for advanced Blackwell chips is "growing exponentially" and heralds a "new industrial revolution." Since the beginning of the year, Nvidia's capitalization has increased by almost 45%, outperforming the S&P 500 index.

At the same time, China has stepped up controls on semiconductor imports in a bid to reduce its tech companies' reliance on U.S. chips, including Nvidia's AI processors.

Analysts at Cantor Fitzgerald raised their target price on Nvidia shares to $300 and reiterated a buy recommendation. This means that the price of securities can grow by another 55% of their current value. According to their assessment, Nvidia will become a key player in the AI infrastructure market, which may reach $3-4 trillion by 2030.

At the Investor Day on October 9, Ferrari raised its revenue and profit forecast for 2025, but it caused the company's shares to fall 14% in trading. This is the strongest drop since 2016, as a result trading in Ferrari securities on the Milan stock exchange had to be suspended. The carmaker's receipts in New York fell in price by almost 15%.

Investors were disappointed by the company's too modest forecast. According to the updated forecast, in 2025 Ferrari expects revenue of at least €7.1 billion and earnings per share of at least €8.8, and by 2030 - about €9 billion and €11.5, respectively. Analysts found these targets conservative: the projected profit growth until 2030 corresponds to only 6% per year, while Ferrari previously expected 10%.

In addition, the company on Thursday announced plans to halve its production of electric cars by 2030: it now believes they will account for just 20 percent of its model lineup, rather than the 40 percent it had previously planned.

Nevertheless, analysts keep a positive view on Ferrari securities: 59 out of 66 advise to buy them, MarketWatch shows. The consensus forecast assumes growth of securities by 14% from the current value.

According to HSBC research, 59% of entrepreneurs plan to move some assets abroad, and 57% are considering a change of country of residence. The Global Entrepreneurial Wealth Report 2025, a survey of nearly 3,000 business owners, showed that wealthy investors are building a new geography of capital, where liquidity, tax flexibility and the stability of financial systems are key benchmarks.

The main centers of attraction are Singapore, the UK and Switzerland. Singapore leads in terms of preference, with one in seven of those surveyed by HSBC citing it as a preferred asset location due to its stability, legal protection and transparent taxes. London and Zurich topped the list due to reputation and legal stability.

HSBC notes that the globalization of capital is changing shape: Where once money flowed to Western hubs, it now circulates between regional hubs in Asia, the Middle East and Europe. Wealth management is becoming a multi-layered process where country of residence, tax residency and asset structure are seen as a single strategy to protect and grow wealth.

Oil prices have been falling since U.S. President Donald Trump announced that Israel and Hamas had agreed on the first stage of the U.S. plan to end the war in Gaza. Futures for the benchmark Brent crude oil grade fell in trading on Thursday and continued to decline on Friday, with the price of contracts due in December falling below $65 a barrel. Contracts for North American oil WTI on Friday fell in price to almost $61.

Pressure on the market is adding to the strengthening dollar, making commodities more expensive for holders of other currencies. As noted by Reuters, investors are cutting the geopolitical premium in oil prices, but analysts warn of possible "false starts" as similar statements have been made in the past. Experts also note that even if a truce is reached, supply volumes from the Middle East are unlikely to change: OPEC+ countries have yet to fulfill their production growth plan.

The owner of the New York Stock Exchange, Intercontinental Exchange Corporation (ICE), has announced it will invest up to $2 billion in Polymarket, a platform for betting on the outcome of political, sports and economic events. The deal values the entire company at approximately $8 billion and includes tokenization partnerships and market data sharing. ICE will become a global distributor of Polymarket's information, providing clients with indicators of public expectations.

ICE head Jeffrey Sprecher said that the cooperation will open new opportunities for both participants. The investment by the largest operator of exchange platforms with a capitalization of over $90 billion will strengthen Polymarket's position and help it restore operations in the United States, The Wall Street Journal wrote. The platform previously faced restrictions from the U.S. regulator CFTC, but after the arrival of the administration of Donald Trump was able to return to the market.

What else is there to read about it?

- A short story about 27-year-old Shane Coplan, the creator of the Polymarket platform - in the material "The founder of the betting platform Polymarket became the youngest self-made billionaire".

On October 7, Tesla released cheaper versions of its popular electric cars - Model Y Standard and Model 3 Standard. At the end of trading, the shares fell by almost 4.5%.

Both models are already available for order in the US: the rear-wheel drive Model Y starts at $39,990 and the Model 3 starts at $36,990. Deliveries are scheduled for late 2024-early 2025. The base Model Y lacks autopilot and FSD, only "smart cruise control." Tesla has also eliminated AM/FM radio and atmospheric lighting to keep the cost down.

The release of the models coincided with the end of the federal tax credit for electric cars in the United States. Elon Musk has previously noted that affordable versions will appear exactly after its expiration. The release of cheaper models should stimulate demand - especially after the decline in sales in previous quarters.

Two days after the Tesla announcement, General Motors revealed an updated model of the Chevrolet Bolt electric car that will go on sale in early 2026. It will cost less than $30,000. At the end of trading on October 9, GM shares lost 0.9% amid the fall of the whole market, Tesla securities fell by 0.7%. The launch of new cars does not always lead to a significant change in stocks, Barron's noted.

This article was AI-translated and verified by a human editor