"Obscured in the long shadow cast by towering gold and platinum, a little-known collection of other rare metals is sprouting and shooting up like Jack’s beanstalk right under investors’ noses," says Larry Edelson.

Here, the natural resources expert and editor of Real Wealth takes a look at companies involved in lesser-know metals that are increasingly important to to high technology world.

"With some notable exceptions, rare metals aren’t generally of much use by themselves. But in combination with more common metals, their unusual chemical properties allow the creation of 'super-alloys' with extraordinary capabilities needed for cutting-edge technologies.

"The more obscure metals may not be as sexy as the precious metals and certainly don’t get as much attention. But  they enable many technologies vital to modern industry.

"For example, to combat soaring fuel costs that threaten its very survival, the airline industry desperately needs turbines that can run at much higher temperatures and RPMs. Rare metals are used all around us — in cars, TV screens, cell phones, computers, and a host of other devices we may not see or even know about.

"There are no world market exchanges for most rare metals. Prices and transactions for minor metals are negotiated directly between producers, wholesalers, and fabricators.

"It’s a relatively thin market (compared to the volume traded in base metals), which makes pricing highly volatile and vulnerable to even small variations in supply/demand dynamics. Price moves of 300%, 500%, 800% and more have been common in recent years.

"The profit opportunities lie in the companies that produce and use rare metals: junior explorers, major miners, processors, producers (which make specialty metals), and integrators and recyclers.

"For starters, I want to focus on titanium and molybdenum, two rare metals whose price outlook is very positive. Titanium Metals Corp. (NYSE: TIE), a world leader in titanium production.

"Earnings are down, not surprisingly, due largely to the lackluster U.S. economy and airline industry. But the company’s share price is also cheap now, trading at the $11 level, near two-year lows — and a good long-term bet on a solid company in a very unique space.

"Thompson Creek Metals Company (NYSE: TC), one of the largest publicly traded, pure molybdenum producers in the world. The company owns the Thompson Creek open-pit molybdenum mine and mill in Idaho.

"The company also has a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia; and a metallurgical roasting facility in Pennsylvania.

"TC’s second quarter 2008 saw higher production volumes, with molybdenum production rising 10.7% to 6.2 million pounds and up 37.7% over 2007. Net income in the second quarter jumped 29.1% to $60.4 million.

"Despite these great results, Thompson Creek’s share price is trading at the $12 - $13 level, less than half its peak of $27.09 set last November. I think the shares can easily get back to the $23 level in the next six months -- and move to new record highs shortly thereafter."