upgrade cd or speakercable ?

Which is the best upgrade ? From Aq Gibraltar to Aq Volcano (non DBS) or
from Arcam DV88+ (as i use as a cdplayer) to Arcam CD92,93 or 192 ?

Kind regards Mats
I doubt many people will have experience with both upgrades (all four products). But I feel very comfortable in the conventional wisdom that upgrading your source (CD player) is one of the best improvement you can make to your system.

Personally I'd be tempted to make a more radical change with your source - maybe moving into tubed technology. But that's just me.
Between these two up-grades I would go for the CD player since it's first in the signal path. Garbage in = garbage out. I'm not saying the DV88+ is bad, but there is probably room for improvement.

Without knowing your whole system it's hard to make a better recommedation.