Gold is the "cool kid" in precious metals.

It gets all the headlines, all the attention. And with the metal pushing up against new all-time highs, that's as true as ever right now.

It's not the only precious metal you should be paying attention to, though. That's because while the opportunity in gold is fantastic... it might not be as good as the one in another, often-ignored metal.

This other precious metal has taken a beating over the past year. And investors hate it now more than any other time in history.

That's a great thing for contrarian investors. It tells us that the potential upside from here is in the triple digits.

Let me explain...

With gold approaching new all-time highs, no one is paying attention to other precious metals. But that's a mistake... especially in the case of palladium.

Palladium is a lesser-known precious metal. It's rarer than gold. Plus, palladium has plenty of manufacturing and industrial uses – namely in catalytic converters.

As emission standards rose in recent years, palladium prices soared. The metal's price jumped nearly 400% from late 2016 to 2021. That was more than five times better than gold over the same period.

But as always, what goes up must come down...

The past two years have been a brutal ride for palladium. The price has seen major swings. And overall, the metal fell 50%-plus from the 2021 high through its 2023 low.

Not surprisingly, investors hate the idea of owning the metal.

We can see that through the Commitment of Traders ("COT") report for palladium. The COT shows the real-money bets of futures traders. And it's a powerful contrarian tool during extremes.

Today, the palladium COT report shows the metal is the most hated it has ever been. Take a look...

The metal has gotten more and more hated in recent years. That makes sense, given how much prices have fallen.

Those losses could be over now, though. The metal hit a multiyear low last month... Plus, it's now the most hated we've ever seen it. That's a recipe for a bottom in prices.

To see what could happen next, I looked at each time futures bets hit all-time bearish levels since 2011. Check it out...

Palladium has a history of recording massive gains after hitting an all-time sentiment low. And that's exactly the setup we have right now.

In the past, we've seen gains approaching 200% in less than two years. And the average of these six setups was a 79% gain in 14 months.

That means the opportunity in palladium is just as good as – if not better than – the one we have in gold. Everyone hates the metal today. And that's exactly why it could soar so much from here.

More important, the trend may already be turning in our favor. Palladium bottomed in March. It's up double digits since then. And if the uptrend holds, this could be the beginning of a big move higher.

Few folks pay attention to this investment... But you should consider owning this precious metal right now.

Good investing,

Brett Eversole