From smartphones to cars and defense missiles, modern U.S. life depends on rare earth elements but China dominates the industry
Modern life’s devices under China’s grip?
Source: 60 Minutes
Rare earth elements: Not so rare after all
60 Minutes: Modern life’s devices under China’s grip?
March 23, 2015 8:00pm by Barry Ritholtz
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Here is a link to an article showing that some of the hype just demonstrates the short time cycle of news etc. The link discusses how China is down to 86% of the supply and Brazil, India, South Africa, and the US have reopened mines. The article shows how the miners stocks are falling due to reduced supply concerns: http://www.etftrends.com/2015/01/rare-earths-industry-etf-up-against-rising-supply/.
So the Chinese did what a monopolist would do , reduce prices to drive the competition out of the market, and then raised them again (or restricted supply which is the same effect). In any case that resulted in other mines being brought back online.
Exactly. There’s not shortage. China has the stuff in droves, on the surface. That’s all. Don’t worry, cough up a few more bucks and we’re well-supplied.
In the past two months 60 minutes has done stories on internet security (FEYE), a hit-piece on LL, and now featured MCP in this. Maybe im just cynical but im surely not the only one whos starting to think that hedge funds are feeding them stories to talk their books?
Watch 60 Minutes. Wait for the washout. Then Buy!
A total reverse indicator.
Lol this woman is so annoying…
it’s so easy to get US citizens whipped into a frenzy with a bit of PR…
of course every country in the world in entitled to manage their rare resources
stop trying to demonize every other country on the planet
you seem to miss the point of the story. China unilaterally decided to cut off Japan’s supply of REM’s over a dispute unrelated to trade. If they did that to Japan they can just as easily do it to us. Which inherently becomes a nationally security risk. China is on track to surpass our military on spending within a few short years. The idea that one military has a materials that vital to the operation of the other’s should be alarming to anyone.
Yes in our moronic addiction to the free market narratives we allowed a nation like China (that can think and act at a strategic national level) to get us by the balls. Not until a few years ago did we finally realize that letting the free market forces (and no gobinment mentality) shut down our productions of these strategically essential metals, would make our nation vulnerable.
Not to mention loss of manufacturing capability and software development. Allowing Chinese or any foreign control over critical Defense material is unconscionable. It seems our leaders, of both parties, regard the Defense budget as a piggy bank. We ain’t going to go to war no mo’ no mo’. Except of course, invading every country on Earth that has oil.