The supply dynamics of this asset tell an interesting story. You're looking at genuinely constrained supply—the production can't just scale up overnight. What really catches attention is the valuation gap: historical price levels that sit well below traditional safe-haven assets like gold and silver, while actual demand keeps climbing. That disconnect creates friction, especially when you factor in extraction difficulty. Mining this isn't getting easier or cheaper. So you've got the classic squeeze: limited production meeting rising appetite.