I asked Gemini:
What is the difference between critical metals and forward facing metals?
Gemini's response:
The terms "critical metals" and "forward-facing metals" are closely related, but with some key distinctions:
Critical Metals:
Defined by government agencies or industry groups based on a combination of factors:
Supply risk: Limited geographic availability or political instability in producing countries.
Economic importance: Essential for modern technologies and industries.
Substitution difficulty: No easy replacements exist for their unique properties.
Examples include lithium, cobalt, rare earth elements (used in magnets for EVs), and sometimes even silver (due to its role in electronics).
Forward-Facing Metals:
Focuses on future potential and growth:
Metals expected to see significant demand increase
due to technological advancements and clean energy transitions.
Not necessarily limited to those with supply chain risks, but may include some critical metals.
Often overlaps with critical metals, but can also encompass established metals like copper (essential for renewable energy infrastructure) that will see increased demand due to new applications.
May also include precious metals like gold and silver that are finding new uses in clean technologies.
Here's an analogy:
Think of critical metals as the essential building blocks, while forward-facing metals are those in high demand for building the future.