中美抢资产定价权！稀土卡脖黄金暴涨，暗战升级进入白热化

Group 1 - The core issue revolves around the competition for "asset pricing power" between China and the United States, with gold and silver prices rising alongside the stability of the US stock market [2][4][5] - The US stock market's resilience is largely supported by the "AI narrative," which has inflated tech stock valuations despite weakening economic indicators [4][5] - Gold prices are linked to the US Federal Reserve's monetary policy, with recent surges driven by fears of the Fed losing its independence and the potential devaluation of the dollar [7][20] Group 2 - China's control over rare earth elements is significant not for their immediate value but for their critical role in the semiconductor supply chain, which could disrupt US tech valuations [9][11][16] - The semiconductor industry is highly sensitive to supply chain disruptions, and rare earths are essential materials that cannot be easily substituted [11][13] - China's recent rare earth regulations introduce uncertainty into the supply chain, impacting US tech companies' valuations due to the unpredictability of supply [13][16] Group 3 - The US is responding to China's actions by potentially increasing monetary supply to maintain financial asset pricing power, which could lead to inflation [18][20] - The US government's budget impasse allows for increased debt issuance, which may further complicate the Federal Reserve's ability to manage monetary policy independently [18][20] - China's recent shipping fee regulations target US inflation indirectly, as increased costs will ultimately affect American consumers and could hinder the US's monetary strategies [23][26] Group 4 - China's strategy is to leverage its control over physical assets like rare earths and shipping to challenge US financial asset pricing power [29][41] - The competition is fundamentally a race against time, with China aiming to stabilize its debt and transition its economy within five years while the US seeks to disrupt this process [32][37] - The ongoing struggle for pricing power will shape the economic landscape over the next decade, with both nations vying for dominance in asset valuation [39][41]