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Source: Barchart
The U.S. remains heavily dependent on China for critical rare-earth materials, with roughly 70% of rare-earth imports coming from China. And Beijing has increasingly demonstrated its willingness to restrict exports of strategic minerals. The vulnerability goes far beyond fighter jets. Rare earths and related critical minerals are essential for missiles, radar systems, drones, satellites, precision-guided weapons, submarines and advanced electronics. If inventories are already tight, a prolonged disruption in Chinese supply could become a serious bottleneck for U.S. defense production. That creates a striking strategic paradox: America's military-industrial base still depends, in part, on supply chains dominated by its biggest geopolitical rival. China doesn't necessarily need to fire a shot to exert pressure. Sometimes the most powerful weapon is controlling what your opponent needs to keep fighting. Sun Tzu would understand the strategy. Source: Lukas Ekwueme
Asian gold ETF holdings have more than doubled over the past year, surpassing 500 tonnes for the first time this century, with China driving much of the surge. By contrast, gold ETF holdings in North America and Europe have remained broadly stable. And the macro backdrop supporting gold has barely changed: Government debt remains historically high Fiscal deficits remain elevated Non-bank credit continues to expand Leverage across the financial system remains substantial In other words, the structural case for gold remains firmly intact. What is changing is investor demand. Asian investors, particularly in China, are accumulating gold at an accelerating pace. And when structural macro support meets rising investment demand, the adjustment ultimately has to come through one place: The price of gold. Source: Bloomberg, Global Markets Investor