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As Reuters reports, indications are that Americans could soon be buying Zambian or Saudi Arabian copper from Canada and China. Canada’s Barrick, the world’s largest gold mining company, is attempting to win a geopolitical bidding war with its Chinese competitor Minmetal in the effort to gain control over two valuable copper mines in Zambia and Saudi Arabia owned by Equinox.

The takeover offer comes at a time when the commodity’s prices have hit an all-time high. With the global race for scarce resources heating up, the reality is that in a world where commodities are trading at ever-new highs, today’s prices may well be cheap in tomorrow’s world.

With the news cycle dominated by the ongoing crisis in Japan, unrest, and war in the Middle East, and financial troubles of European Union member countries; the price of gold is soaring. As CBS News reports, investors big and small are lured by the perceived safety of the commodity, sending its price to more than $1,500 per ounce for the first time.

This “modern day gold rush” is a manifestation of the increasing importance of metals – in this case, a precious metal – in times of turbulence.

Indeed, value-storing metals like gold, silver, and platinum are considered “safe-haven assets,” and are particularly attractive for an individual’s investment portfolio.

The strategic importance of metals, however, stretches well beyond the precious category.  As they are key ingredients in a broad range of products, securing an ongoing supply of industrial and specialty metals and minerals amidst geopolitical challenges is becoming increasingly critical for a nation’s technological advancement, economic growth, and national security. Countries like China are acting accordingly, as the race for resources has begun. But the question that remains to be answered is, “America ready to compete?”

As Americans are shelling out higher prices at the gas pump amidst market fears that the current uprisings in the Middle East might spill over into oil-producing countries, the public policy debate may once again shift towards the issue of U.S. reliance on foreign oil – an issue that is considered not just a matter of energy security, but also a matter of national security. more

Placing emphasis on the stated Chinese government’s goal to preserve an important resource from “unqualified” rare earth miners, while at the same time protecting the environment, a China Radio International (CRI) segment earlier this week reports on the recent tax increase on Rare Earths resources. more

Molycorp, the leading edge of the U.S. re-entry into Rare Earths production, has acquired a controlling share in Estonia-based Silmet, one of only two rare earths refineries in Europe. The deal will allow Molycorp to double its planned production capacities to roughly 6,000 tons per year. more