Gold and silver are at ATHs, while palladium continues to lag—still below 2020 levels despite a +100% YTD breakout.
In this report, we explore the ongoing palladium trade, a potential value play in GLP-1s, and an underrated Mag7 company heading into 2026.
Key Report Insights:
Risk-On Fully Priced: Sentiment stretched, cash at cycle lows → reflexive upside
Palladium Mispricing: +104% YTD yet still −13% since 2020 → catch-up setup
Industrial Confirmation: Copper uptrend validates cyclical metals rotation
TSLA Leadership: One of three Mag7 names beating SPX into year-end
AV Data Edge: TSLA 6.8B FSD miles vs Waymo 100M → widening moat
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