---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40132670.md"
description: "Silver and key minerals moved in two different rhythms today:Pan American Silver rose 1.5%, relatively moderate;Almonty Industries rose 6.3%, NioCorp rose 4.7%, American Resources rose 2.1%—the core logic for these three is the scarcity narrative of tungsten ore, niobium ore, and key minerals, which has gained additional policy premium against the backdrop of the U.S. government tightening restrictions on dependence on Chinese minerals.Two interpretations: key minerals may be forming an independent policy dividend separate from the commodity cycle; however, caution is needed as such companies have poor liquidity and high uncertainty regarding reaching mass production. This rally might also just be driven by thematic funds, and whether the fundamentals can keep up is a question🤔"
datetime: "2026-04-23T11:34:13.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40132670.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40132670.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40132670.md)
author: "[慢慢变富吖](https://longbridge.com/en/profiles/27613935.md)"
---

# Silver and key minerals moved in two different rhy…


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