"I think that if Minister Domański keeps the promise that these personal investment accounts (OKI) will start on January 1st, then this should start helping the stock market, and next year help a lot, if the bull market continues, because if there is no bull market, then it is known that OKI will be somewhat battered, but if there is, people will rush because it attracts them with the lack of exemption, lack of Belka tax, lack of capital gains tax up to 100,000 invested capital. "

"The GDP growth forecast for 2026 is approximately 2.4%. "

"In a country where inflation in 2026 is expected to reach around 3%, this is simply a freezing of real wages, and in fact, a quiet reduction. "

"The conclusion is that in the long term or medium term, crude oil is rather down. Copper is somewhat risky at this moment, gold should strengthen. As for silver in the long term, yes, but perhaps some correction would be useful for buying for the longer term. So I think I have summarized what we talked about here. "

"By 2035, Berbera's turnover is expected to constitute 27% of Somaliland's GDP, and 8% of Ethiopia's GDP. "

"All these movements, summits, deals, transactions, sanctions are macro trends that will define 2026. semiconductors energy geopolitics central banks. Each of these elements can either crash or boost a portfolio. "

"If Ormus opens today, the market will normalize in months. If the opening is delayed by several weeks, normalization will extend into 2027. "

"It may turn out that today the country that will care most about the American economy, about the stability of the American system, or about the stability of the dollar system in general, will be China. "

"If the Emirates indeed start pumping at full capacity to their target of 5 million barrels per day, it means more oil on the market, which theoretically leads to lower prices. However, everything depends on when Ormus opens, because today even the Emirates have problems with exports. "

"And the risk I see is that, who knows, maybe today we are on the verge of a new lost decade for the USA. It happened once, it can happen again. We cannot rule that out. "

"The question is not whether there will be a devaluation. The question is: at what pace? "

"what is happening in Tokyo may be in the next few months on the stock exchange in New York and Frankfurt. And what's worse, looking at our struggling demographics, it could unfortunately also threaten us. "

"I am counting on the fact that in some foreseeable future, this conflict in the Middle East will at least calm down, be brought under control, and the situation on the oil market will stabilize. Perhaps we will not return to the levels we were used to at the turn of 2025 and 2026, $50 per barrel, but we will move away from $100 and this market will become somewhat more predictable, and this will already be a factor that may slightly weigh on the valuations of the American currency and support the zloty as a result. "

"And, if Trump's position weakens, if Americans turn away from him because gasoline prices and inflation prove to be somewhat out of control, then the dollar may gain value with double strength, and then monetary policy and the direction of interest rates, whether it will be stabilization or some minimal further cuts, will be less significant, because other risk factors, and Trump is a risk factor after all, will disappear. "

"It seems to me that this will be a politically calmer period in the United States, and the American economy will primarily benefit from it. So, in short, this also fits into my thesis that the strength of the American economy will cause the dollar to slowly, slowly regain strength and continue to systematically gain against a basket of currencies, "

"What can we expect in the coming months? Stabilization of Euro PLN 420 430 and a boring next dozen or so months. In the case of the American currency, probably a range of 60 or 80 and nothing more can happen here, even from our side, from our Monetary Policy Council. "

"However, the outcome will probably be that banks will simply wait, this nervousness on all markets, including the forex market, will calm down, and in the longer periods we will look at interest rate levels in different regions and, more importantly from the dollar's point of view, we will look at the state of economies, and this leads me to the conclusion that the dollar will nevertheless gain from this war, which is hard to say about the American dollar. "