Legend
ICE = internal combustion engine
HEV/FHEV = full hybrid electric vehicle/full hybrid (cannot be plugged in)
PHEV = plug-in hybrid electric vehicle
NEV = new energy vehicle (a Chinese umbrella classification of all non-ICE vehicles)
BEV = battery electric vehicle; in U.S. parlance, an EV
Pd = palladium
This is a reiteration of our original recommendation, that longtime Haymakers may recall, of PALL, the palladium ETF, in April 2024. Our bullish thesis on it back then was contrarian and it has returned to out-of-favor status today. We are coming back to it now because palladium has significantly corrected within what we believe is a long-term uptrend at the same time that the fundamental supply/demand story has strengthened. Additionally, the macro backdrop underpinning the hard-asset thesis has moved further in our direction, particularly the trend toward monetary debasement, as we will discuss.
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