Old news from a Straits Times Forum Letter, dated 10 Dec 2010.

But nothing has changed since.

Perhaps because the old system, which is also the current system, benefits many parties:

- the car dealers, who have the upside but no downside;

- Govt authorities, which benefits from higher revenue from high COE prices; and

- rich car buyers who is not as sensitive to COE price levels…

But at the expense of

the ordinary-man-in-street

who may need a car for real, necessary purposes eg: ferrying elderly parents or young kids etc.

In this country, money talks.

And it talks loudly!

Veteran investor George Noble claims SPCX’s IPO was structured to separate retail investors from their money.

With impending unlocking of shares of early pre-IPO investors coming soon, we don’t have to wait too long to find out if he’s correct.

https://share.google/JL0u1fmknua1XW382

The thing about the race between Elon Musk and China to scale reusable orbital rockets is that we like to think of it as a software problem. We treat it like an intellectual competition over who has the best code, the sharpest engineers, or the most aggressive venture capital. But rockets are not software. Rockets are large, heavy tubes of metal packed with an absurd amount of advanced circuitry, thermal management systems, and electrical wiring. This means if you want to build a fleet of them, you need a staggering amount of copper. Right now, SpaceX is essentially working with a bag of candy, while China owns the candy factory. Because China controls the vast majority of the world's copper refining and processing infrastructure, they have the physical capacity to scale up their aerospace manufacturing up to twenty times faster than the US.

This creates a brutal structural bottleneck for western aerospace dominance. You can design the most efficient propulsion system on the planet, but if your geopolitical rival dominates the physical supply chain of the base metals required to build it, your scaling capacity is severely capped. The modern space race is a resource grab masquerading as a tech war. If China can secure and deploy thousands of tons of refined copper into their aerospace pipelines at a fraction of the cost and time, the theoretical technological advantage of a private US company starts to look incredibly fragile.

To counter this massive supply asymmetry, the US is forced to look closely at its own domestic mining pipeline to avoid total reliance on foreign supply chains. For example, Gunnison Copper (OTC: GCUMF) recently published an updated 2026 Preliminary Economic Assessment (PEA) for its flagship in-situ copper recovery and open-pit project in Arizona, which outlines a 21-year mine life and an estimated after-tax NPV of $2 billion based on a $4.60/lb copper price. The company is also advancing its Johnson Camp Mine to produce copper cathode and has submitted applications for the Department of Energy 48C tax credits aimed at bolstering domestic mineral supply chain security. These heavily regulated, capital-intensive domestic operations represent the slow, grinding effort to build a physical alternative to China's refining dominance.

Ultimately, having the best rocket design does not matter if you cannot access the raw materials to build it at scale. While public markets obsess over daily stock fluctuations and launch footage, the real battle is being fought in the mud and the processing plants. If the Western aerospace ecosystem cannot secure the foundational metals required to build out its infrastructure, the rate of innovation will inevitably be dictated by whoever controls the copper.

Here is what the actual constraint looks like on the ground:

• The Processing Monopoly: China dominates the global midstream processing of industrial metals, allowing them to rapidly route raw materials directly into state-backed aerospace programs.
• The Velocity Disadvantage: While US companies face long, complex international logistics loops to secure refined components, China can manufacture and iterate on booster electronics with minimal supply chain lag.
• The Infrastructure Bottleneck: A bottleneck in base metals means that even the most well-funded private space program can see its production timeline choked by simple material scarcity.