China: All Your Rare Earth Metals Belong to Us

China mines over 95pc of the world?s rare earth minerals and is looking to hoard its resources. Photo from The Telegraph

From The Danger Room:

Rare earth metals are the key to 21st Century technology: Without them, we wouldn’t have smart phones, hybrid cars or precision weapons. And China, which mines most of the world’s rare earth metals, may be starting to catch on to their strategic value.

According to this alarming story in U.K. Telegraph, China’s Ministry of Industry and Information Technology is weighing a total ban on exports of terbium, dysprosium, yttrium, thulium, and lutetium — and may restrict foreign sales of other rare earth metals. But don’t panic yet: U.S.-based Molycorp Minerals is preparing to resume mining of rare earth ore deposits at a California facility, pictured here.

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My Comment: I think the Chinese motivation is more business and economic .... not security related. But if I wanted to protect my cash reserves ....precious metals and gold is where I would want to be.