The central scenario: A wave driven by three fundamental pillars. Precious metals have additional industrial leverage. Potential risks of an overly complacent bullish consensus now. Profit-taking justified after an exceptional year.

Key points

• Between the euphoria of a bullish consensus and the risks of a correction
• The central scenario: A wave driven by three fundamental pillars
• Precious metals have additional industrial leverage
• Potential risks of an overly complacent bullish consensus now
• Increased risks of a tactical correction
• Profit-taking justified after an exceptional year

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