Edward Fishman, Senior Fellow and Director of the Maurice R. Greenberg Center for Geoeconomics at the Council on Foreign Relations and author of Chokepoints: American Power in the Age of Economic Warfare, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas in Colorado Springs to explain how control over currencies, critical minerals and trade routes is becoming a source of geopolitical power.
Fishman says the freezing of Russia’s central-bank reserves in 2022 helped accelerate official-sector demand for gold, while China’s dominance of rare earth processing has exposed another major economic chokepoint. He argues that Western governments are investing to diversify critical-mineral supply chains, but says breaking China’s leverage will take years rather than happen quickly.
Fishman also discusses tariffs and alliance trust, why the U.S. may need a “cold peace” with China while it builds alternative mineral supply chains, and how physical chokepoints such as the Strait of Hormuz and the Red Sea can still disrupt global commodity markets.
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00:41 - What Modern Economic Chokepoints Look Like
02:17 - Dollar Sanctions and Central-Bank Gold Buying
02:56 - Breaking China’s Critical Minerals Grip
05:55 - Tariffs, Allies and Economic Trust
08:06 - Could Congress Rein In Tariffs and Sanctions?
10:41 - Strait of Hormuz and the Risks of Military Escalation
13:43 - Why China Is Willing to Wait
15:27 - Taiwan, “Cold Peace” and U.S.-China Strategy
17:53 - Red Sea Risk and Global Oil Flows
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Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.
Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.
