Group 1 - The Santa Claus rally window begins on December 26 and historically, the market has not missed three consecutive Santa rallies, suggesting a positive finish for this year after previous disappointments [1] - As the year ends, attention is shifting from short-term seasonality to long-term positioning, with emerging themes for 2026 including AI infrastructure, power, software durability, and macro normalization [2] - Silver is approaching all-time highs, indicating rising industrial demand particularly from sectors like solar, electrification, and manufacturing [3] Group 2 - The movement in precious metals, including silver, can reflect both industrial demand and hedging behavior or concerns regarding fiat stability, presenting a mixed signal for equities as 2026 approaches [4]