China cuts rare earth exports
Hi-tech needs rare earth metals, but China dominates the global market and may slash exports for 2011, reports CNBC’s Brian Shactman; Ed Lopez, Van Eck Securities; and Jim Iuorio, TJM Institutional Investors.
Source: CNBC, December 29, 2010.
Over the last decade, and as can be seen from the table below (courtesy of Emerging Trends Report), virtually any metal that China controls has seen price increases far in excess of those contained in headline commodity price indices like the CRB; compared with the prices the OECD pays for the specialty metals China controls, gold’s roughly 400% gain or oil’s 180% gain seem paltry.
* Based on best available data.
Source: USGS, metalprices.com, The Dines Letter (table by FRPitt/Emerging Trends Report).
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