China controls 95% of the world’s supply of rare earth elements used in the manufacture of essential high tech equipment ranging from solar panels to flat screen TVs, and missiles to lasers. Bloomberg reports that the nation has tightened controls on mining and export quotas, driving rare earth prices to double over the past two weeks. In April, we reported split sentiment between long and short investors in the quoted rare earth mining companies outside of China. Since the April correction, the share prices of Molycorp Inc, Avalon Rare Metals Inc. and Rare Elements have collapsed by around a third. Longs continue to show faith, yet short sellers believe there is more to come and have continued to build positions.
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