The War Beneath the War
Puplava points to a striking asymmetry exposed by the fighting: Tehran can produce roughly 100 ballistic missiles a month, while the United States manufactures only six interceptors in the same period. Each Tomahawk, THAAD, and Patriot fired costs millions of dollars and depends on materials refined almost exclusively in China.
That math has not been lost on Beijing. Some analysts now suspect China is content to watch the Iran conflict drag on, since every interceptor launched over Tel Aviv is one fewer available for a future contest over Taiwan. “In a kinetic conflict, the side that controls the magnets controls the missiles,” Puplava says. Replenishing the stockpile, by most estimates, will take years.
The Periodic Table as Statecraft
China’s grip did not happen by accident. While the West chased software and asset-light business models, Beijing built the gritty back end of the modern economy: mines, smelters, refineries, magnet factories.
Puplava argues that Western elites suffer from what he calls “physical illiteracy,” the conceit that we have built a weightless digital civilization. In reality, a green grid requires 400 percent more copper and 2,000 percent more lithium than the fossil fuel system it would replace. Semiconductors, electric vehicles, AI servers, data centers, and precision weapons all run on the same short list of elements.
Beijing has begun pulling the lever. In 2024 and 2025, China placed export restrictions on gallium, germanium, antimony, tungsten, and high-grade magnets, citing military end-use concerns. Gallium and germanium feed high-speed semiconductors and night vision optics. The magnets show up in F-35s, Columbia-class submarines, drones, and sonar arrays.
“We’ve traded energy dependence on the Middle East for a more rigid mineral dependence on the People’s Republic of China,” Puplava says. Even mines reopened on American soil, such as Mountain Pass in California, still ship their concentrates to China for processing. [...]
The New Great Game
Rudyard Kipling called the nineteenth-century rivalry between Britain and Russia the Great Game. Its twenty-first-century version is being played out in the Lithium Triangle of Argentina, Chile, and Bolivia, the cobalt corridors of the Democratic Republic of Congo, and the long highways of China’s Belt and Road. Beijing offers infrastructure in exchange for exclusive commodity agreements. American counteroffers, freighted with labor and environmental conditions, often lose the bidding.
Iran fits the same map. The Strait of Hormuz remains the world’s most important energy chokepoint, yet the conflict is accelerating the very transition that favors China. Disruption in oil markets pushes buyers toward EVs and batteries, sectors where Chinese firms make some of the cheapest and best products on the planet. Beijing has even managed to pose as a responsible mediator while Washington escalates militarily. As Puplava puts it: “In the twentieth century, it was about blue-water navies protecting oil lanes. The twenty-first century looks to be about deep-earth diplomacy.”
Rudyard Kipling called the nineteenth-century rivalry between Britain and Russia the Great Game. Its twenty-first-century version is being played out in the Lithium Triangle of Argentina, Chile, and Bolivia, the cobalt corridors of the Democratic Republic of Congo, and the long highways of China’s Belt and Road. Beijing offers infrastructure in exchange for exclusive commodity agreements. American counteroffers, freighted with labor and environmental conditions, often lose the bidding.
Iran fits the same map. The Strait of Hormuz remains the world’s most important energy chokepoint, yet the conflict is accelerating the very transition that favors China. Disruption in oil markets pushes buyers toward EVs and batteries, sectors where Chinese firms make some of the cheapest and best products on the planet. Beijing has even managed to pose as a responsible mediator while Washington escalates militarily. As Puplava puts it: “In the twentieth century, it was about blue-water navies protecting oil lanes. The twenty-first century looks to be about deep-earth diplomacy.”
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Image: uncredited
[ed. Possibly true, but this feels like it was written by an AI. Who's Jim Puplava (who's most notable credentials seem to be that he's "been arguing since 2020 that we are living through another commodity supercycle")?]
