If you're convinced hybrid vehicles will dominate the transition period before full electrification, there's a compelling commodity play worth considering: platinum.

While everyone's been obsessing over lithium and cobalt for EVs, platinum's gotten brutally oversold. Here's the thing—hybrids still need catalytic converters, and platinum's the star metal in those. Pure EVs killed platinum demand? Not if hybrids stick around longer than expected.

Look at the numbers. Automakers are quietly scaling back aggressive EV timelines. Infrastructure isn't keeping pace. Range anxiety remains real. Hybrids solve these problems elegantly, bridging the gap for another decade minimum.

Platinum's trading near decade lows despite supply constraints from South African mines. The risk-reward asymmetry here is fascinating. If hybrid adoption accelerates even moderately, we're looking at a serious supply crunch.

Sure, palladium's been the catalytic converter king for gasoline engines. But substitution dynamics favor platinum as manufacturers optimize costs. The spread between these metals creates natural incentives for switching.

Basically, betting against hybrids means betting against pragmatism. And if hybrids win their extended moment, platinum's renaissance isn't a question of if—just when.