全球金属新格局：美加速矿产储备，中国稀土影响市场

Group 1 - The Federal Reserve Chairman Jerome Powell received a criminal subpoena due to budget overruns on office renovations, indicating potential political tensions regarding his monetary policy [1] - Concurrently, China has reduced its holdings of U.S. Treasury bonds to levels not seen in over a decade, suggesting a strategic shift in financial relations [3] - The dynamics of economic decision-making have shifted from traditional market forces to geopolitical influences, with military and diplomatic leaders now playing a significant role in determining prices and resource allocation [4] Group 2 - The U.S. is stockpiling "war metals" such as cobalt, antimony, tantalum, and scandium, which are critical for modern weaponry, due to domestic shortages and reliance on foreign imports [6][8] - The U.S. Department of Defense is attempting to establish a rare earth reserve to reduce dependence on China, but faces significant technological and cost challenges [11][12] - The market for rare earths is manipulated, with prices kept low to prevent new entrants, benefiting companies like MP Materials that have secured government contracts at favorable rates [16][19] Group 3 - The imposition of tariffs on Chinese permanent magnets is intended to protect U.S. manufacturing, but it creates a cost burden on American companies that cannot produce these components in the short term [20][21] - The current geopolitical climate resembles the Cold War era, where resource prices are driven by military competition rather than industrial demand [24][25] - The global supply chain is evolving into a strategic battleground, with countries leveraging their resources as hard currency and imposing export taxes [30] Group 4 - The overarching logic of great power competition has shifted from profitability and efficiency to control over resources and strategic assets [33] - The current environment emphasizes security and self-sufficiency over cooperation, marking the beginning of a new era in international relations [33]