Dear Reader,

I'm Dr. Martin D. Weiss, New York Times best-selling author, named "Mr. Independence" by Forbes and founder of Weiss Ratings, rated #1 in the Wall Street Journal.

I have testified twice before the United States Congress on the failure risk of America's biggest financial institutions.

Unfortunately, at that time, nobody in power listened until it was too late. But what's even more unfortunate is that no one in power today listens as I warn about $3 TRILLION time bomb in our financial system.

Since 2018, more than 247,000 paying investors all across America have trusted our Weiss Ratings to tell them the truth about the safety — and profit potential — of their money …

No matter where it may be, no matter what it's invested in.

This history is why I want you to take seriously what I'm about to tell you now.

I'm angry.

That's right. What's coming next makes me angrier than hell…

I'm angry because Wall Street and Washington are repeating the same blunders they made leading up to the Great Financial Crisis.

That's right. The same Big Three ratings agencies who give soon-to-fail financial giants top grades in exchange for large fees, are now doing it again. What's worse, the same government agencies who turned a blind eye to that kind of "payola" are making even greater mistakes right now.

Don't our so-called "leaders" remember the disastrous failures of Bear Stearns, Lehman Brothers and Washington Mutual Bank?

Don't they have any regrets for the many other giants — like Merrill Lynch, Bank of America and Citigroup — which needed giant government bailouts to stay alive?

Don't they care how ordinary American families lost trillions of dollars in home equity and retirement savings?

What's worse, don't they assume any responsibility for disclosing the facts today — for warning citizens about today's equally large dangers?

Don't let them do that to you ever again!

I just recorded a free video about this coming $3 trillion financial disaster, and more importantly, what you need to do now to protect yourself.

To see it right now, just click here.

Good luck and God bless!

Martin D. Weiss, PhD
Weiss Ratings Founder

Monday, November 2, 2026

A legal cliff, a physical shortage, and no mine in sight.

Tungsten concentrate traded at $750 to $850 per metric tonne unit at the start of 2026. An mtu is 10 kilograms of contained tungsten trioxide. It is the standard pricing unit for tungsten ore. By late May 2026, the price hit $2,500 to $2,800 per mtu. It has held that range for four months.

The U.S. has not mined tungsten since 2015. Not a single tonne. Yet in September 2026, the Pentagon committed $2.45 billion to secure domestic supply. That is a lot of money chasing a material America does not produce.

The price did not triple on speculation. Three forces all point at one date: January 1, 2027. A legal deadline. A physical shortage. A flood of government capital.

The Pentagon banned Chinese-origin tungsten from defense contracts starting January 1, 2027. It also closed the recycling loophole that let Chinese material back in. But the U.S. has no operating tungsten mine. The earliest restart targets late 2027 at best. Billions of dollars are chasing ore that does not physically exist yet.

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A procurement rule called DFARS 252.225-7052 governs where the Pentagon sources tungsten. Until now, the test was simple. If tungsten was melted or processed in the U.S. or an allied country, it qualified. Where the ore came from did not matter.

On January 1, 2027, the rule changes. Origin tracking extends back to the mine. Every step from raw ore to finished powder must trace to a non-restricted country. China, Russia, Iran, and North Korea are all banned.

That alone would reshape the market. But the rule also closes a second door. Recycled scrap inside the U.S. used to re-enter defense supply chains. It did not matter if the original metal came from China. Processing reset the country of origin. Starting January 1, it no longer does.

Washington went further. On August 27, 2026, the Bureau of Industry and Security banned tungsten scrap exports without a license. The order came under the Defense Production Act. It runs through August 2027. The goal: keep every gram of domestic scrap inside U.S. borders.

Observation: DFARS shifts from a "melted or produced" standard to full mine-to-powder origin tracing on January 1, 2027. A separate BIS rule locks tungsten scrap inside the country.
Interpretation: Washington is sealing every path Chinese-origin tungsten used to take into defense contracts. The legal system now demands supply that the physical system cannot deliver.

China mines roughly 79% of the world's tungsten. The USGS puts China's 2025 output at 67,000 of the world's 85,000 metric tons. That dominance goes beyond volume. In February 2025, China's Ministry of Commerce placed tungsten on its dual-use export list. Dual-use means items with both civilian and military applications. Only 15 firms are authorized to export tungsten through 2027.

Outside China, supply falls far short. S&P Global estimates ex-China mines will produce about 22,000 tonnes in 2026. Demand outside China sits near 43,000 tonnes. That leaves a 21,000-tonne gap.

The price spread makes the split visible. APT is ammonium paratungstate, the refined tungsten product traded globally. European APT sits near $3,000 per mtu. Chinese APT trades near $820. Two markets now exist. One has access to Chinese supply. The other does not.

Observation: Western tungsten demand runs nearly double Western mine supply.
Interpretation: The DFARS ban did not create a shortage. It exposed one. Western supply was already short. The new policy made the gap impossible to fill with Chinese material.

The government responded fast. In September 2026, the Pentagon awarded Elmet Group a $2 billion, five-year stockpile contract. Elmet is a tungsten processor and the designated supplier for the National Defense Stockpile. The contract runs through the Defense Logistics Agency. The Pentagon also took a $450 million preferred stock position. Total commitment: $2.45 billion.

But Elmet cannot deliver what does not exist. Under the September 2026 DLA contract, deliveries will not begin until new mining investments produce ore. The earliest U.S. mine restart is the Springer Tungsten Complex in Nevada. It targets first output in Q4 2027. That is after the January 1 deadline.

Springer is a fast case. It restarts a known deposit with permits in hand. A new mine from scratch takes 7 to 16 years. You can write a $2 billion check in a day. You cannot speed up geology.

The Pentagon set a hard deadline. It committed billions to meet it. The money arrived. The ore did not.

Observation: The Pentagon committed $2.45 billion to Elmet Group. The earliest U.S. mine targets Q4 2027, at least nine months after the DFARS deadline.
Interpretation: Capital moved before supply could. The gap between the legal deadline and the physical timeline is not a funding problem. It is a rock-in-the-ground problem that money alone cannot compress.

The signal to watch is not the price. The price already reflects the structural split. The signal is the Springer mine timeline.

If Springer hits its Q4 2027 target, the U.S. gets its first domestic tungsten in over a decade. If it slips, the gap between the legal deadline and physical supply widens. Mine restarts slip often. Construction, equipment, labor, and weather all have a vote.

Allied supply offers some relief. Almonty Industries commissioned its Sangdong mine in South Korea in March 2026. It produces roughly 2,300 tonnes per year. These are real tonnes. But they do not close a 21,000-tonne gap on their own.

Two-tier pricing tells you where the system stands. European APT near $3,000. Chinese APT near $820. If that spread narrows, the system is finding a bridge. If it widens, the split is deepening. It is the market's own scoreboard.

The Pentagon set a legal deadline the physical supply chain cannot meet on time. Billions of dollars moved. The ore has not. The tungsten market has split into two tiers. The price reflects a gap that is structural, not speculative.

Until next time,
The Navigator