Tesla, Apple and Uber push lithium prices even higher

"This is a race where the next four finishers win. Brine or hard rock #lithium doesn't matter, new resources do," Lowry notes on his twitter feed.

Right now, most new projects are very early stage so ramping up supply isn't that easy in the short- to mid-term.

Scarr, formerly of Rio Tinto—one of the top three mining companies in the world—says Millennial is immediately moving forward with the development of the coveted Pastos Grandes project in Argentina, which could start production in just three years.

By then, Lithium supply will be tighter than any commodity in history.

In 2015, according to Macquarie Research, demand for lithium already outstripped supply, while this year, lithium output will again fall short of demand. In 2017, we may see a temporary equilibrium with some new production, but it will be a short spurt and, indeed, the calm before the storm.

And the two best places to be in this calm before the storm are the ‘Lithium Triangle' between Bolivia, Chile, and Argentina,.

As much as 75% of the world's lithium reserves are concentrated in the ‘Lithium Triangle', so any miner with a presence there stands to benefit in a major way.

The Feeding Frenzy

The lithium feeding frenzy has only just begun, and right now we're staring down the mouth of the most lucrative commodity we've seen in a very long time. And while the Lithium oligopoly is already dead for all intents and purposes, the real value is in the juniors making new Lithium discoveries.

Lithium stocks have led the market for the past two years—and this year they'll probably lead it again. So what happens next year? Well, next year is the real break-out year where pretty much everyone is expecting a dramatic run on Lithium stocks.

This most precious commodity of our time has been dubbed the "new gasoline" by Goldman Sachs, and the "world's hottest commodity" by the Economist. Even the U.S. Geological Survey recognizes the dramatic cliff we're standing on right now, noting: "Lithium supply security has become a top priority for technology companies in the United States and Asia."

The only question now for most commodities investors who watched oil tank, is where will they be when the next Lithium price spike hits next year; and where will they be when we really hit the temporary supply wall hard.