Palladium is the last cheap asset on the board.

• Gold is at ATH
• Silver is chasing it
Meanwhile, Palladium is still down ~50% from its 2022 highs.

This divergence is unsustainable.

You have a structural deficit, a supply chain held hostage by Russia (40% of supply), and a price that hasn't priced in the metals super-cycle yet.

When the rotation happens, it won't be a slow grind. It will be a violent repricing.