Recently, the international financial community has been discussing a phenomenon: the world's major economies are quietly changing their supply chain strategies that have been in place for decades. In the past, the approach was "just right"—maintaining minimal inventories and replenishing supplies in a timely manner. Now? The focus has shifted to "being prepared for any eventuality," with countries stockpiling strategic materials at all costs.

This shift is driven by very real concerns—potential war risks, shipping disruptions, and geopolitical blockades are all genuine threats. As a result, countries are making large-scale efforts to build strategic reserves, from oil to rare metals.

Numbers speak volumes. Some nations have already accumulated approximately 1.4 billion barrels of oil. How alarming is this? According to research from a major bank’s commodities division, this amount could sustain supply disruptions for several hundred days, far exceeding the international standard of 90 days.

In the metals sector, the situation is even more intense. Prices of critical military metals like tungsten and cobalt are skyrocketing under the "security-first" logic. By mid-2025, tungsten has surged by 229%, and cobalt has increased by 120%. This is not just normal market fluctuation; it’s a structural re-pricing.

What does this mean for investors? The main market themes are becoming clearer: one is a surge in gold allocation driven by "de-dollarization," and the other is a bullish logic on metals based on national security needs. As central banks worldwide increasingly rely on gold as a hedge against credit risk, coupled with soaring defense budgets—such as a major country proposing a 50% increase to $1.5 trillion—the entire commodities market is entering a new era dominated by geopolitical premiums. In this context, traditional market analysis frameworks are no longer sufficient.