Group 1 - Retail investment remains a key driver for the expansion of overall trading volume in the precious metals market, with CME Group reporting an average daily trading volume of 33.1 million contracts in November, marking a 10% increase year-over-year and the second highest in history [1][3] - The preference for smaller contracts has significantly driven the surge in trading volume, with the overall average daily trading volume in the metals sector increasing by 52% last month, and micro gold futures reaching an average daily volume of 476,000 contracts, a substantial increase of 235% compared to last year [1][3] Group 2 - Silver futures have seen notable growth, with an average daily trading volume of 108,000 contracts, up 22% year-over-year, and micro silver futures experiencing a remarkable 238% increase in volume [2][4] - The strong trading activity in silver is closely linked to its price surge, with November silver futures rising by 18.6%, achieving the best monthly performance since 2020, and breaking the $55 per ounce mark for the first time [2][4] - As of December, silver prices have continued to rise, reaching $59.275 per ounce, with a year-to-date increase exceeding 100% [2][4] - Despite potential volatility near record highs, strong demand and tightening supply structures provide robust support for silver's long-term trend, with some institutional investors viewing silver as having a valuation advantage over gold [2][4] - The long-term gold-silver ratio is approximately 68, while the current ratio stands at 74, indicating potential for further silver price appreciation if the ratio returns to its historical average [2][4]

Accessibility StatementSkip Navigation CHICAGO, Dec. 2, 2025 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that the U.S. Securities and Exchange Commission (SEC) has approved the registration of a new securities clearing house, CME Securities Clearing Inc. CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Ch ...

Core Insights - CME Group reported that the average daily trading volume reached 33.1 million contracts in November 2025, marking a 10% year-over-year increase and the second highest level on record for the group [1] - The highest monthly average daily trading volume record was set in April 2025 at 35.9 million contracts [1] Trading Volume Growth - Overall trading volume for metal products increased by 52% year-over-year in November [1] - Average daily trading volume for micro gold futures surged by 235% to 476,000 contracts [1] - Average daily trading volume for silver futures grew by 22% to 108,000 contracts [1] - Average daily trading volume for micro silver futures skyrocketed by 238% to 75,000 contracts [1]

Core Viewpoint - Silver prices have surged, reaching a historical high of over $57 per ounce, coinciding with a significant trading disruption at the Chicago Mercantile Exchange (CME) due to a cooling system failure at a data center, leading to speculation about market manipulation to protect market makers from potential losses [6][25][33] Group 1: CME Incident - On November 28, CME announced a trading halt due to a cooling issue at the CyrusOne data center, which lasted for 9 hours and affected various markets including gold, silver, and U.S. Treasury futures, with nominal contract values reaching several hundred million dollars [7][25][29] - The incident disrupted the price discovery process in global derivatives markets, causing significant volatility and widening spreads in gold and silver [7][26] - Analysts noted that the timing of the CME outage, coinciding with a spike in silver prices, led to discussions about potential market manipulation to protect exposed market makers [8][26] Group 2: Market Maker Risks - Market makers, who provide liquidity, faced extreme risks during the silver price surge due to their reliance on real-time hedging, which became ineffective in a rapidly moving market [9][27] - The concentration of short positions among market makers during a one-sided market led to significant losses as they accumulated large amounts of losing positions [10][28] - The volatility index for silver options surged by 12.74% on November 28, indicating heightened market uncertainty and increased demand for hedging [10][29] Group 3: Historical Context - The speculation surrounding CME's actions is reminiscent of past incidents where exchanges intervened during extreme market conditions, such as the nickel trading halt by the London Metal Exchange (LME) in March 2022 [12][31] - Historical events involving silver, such as the Hunt brothers' market manipulation in the 1970s, highlight the potential for liquidity crises in commodity markets [12][32] Group 4: Future Outlook - The recent surge in silver prices, with a year-to-date increase exceeding 100%, raises questions about whether this trend will continue or if it marks a turning point [15][33] - Analysts suggest that the tightness in silver supply and ongoing geopolitical uncertainties may support prices, but caution against potential volatility due to speculative profit-taking [16][34]

Andrew Hecht is a 35-year Wall Street veteran covering commodities and precious metals. He runs the investing group The Hecht Commodity Report, one of the most comprehensive commodities services available. It covers the market movements of 20 different commodities and provides bullish, bearish and neutral calls; directional trading recommendations, and actionable ideas for traders. Learn more.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, an ...

Core Insights - The article highlights Andrew Hecht's extensive experience in the commodities and precious metals markets, emphasizing his role in providing comprehensive market analysis and trading recommendations through The Hecht Commodity Report [1]. Group 1: Analyst Background - Andrew Hecht has 35 years of experience on Wall Street, focusing on commodities and precious metals [1]. - He operates The Hecht Commodity Report, which covers market movements of 20 different commodities [1]. - The report offers various market calls, including bullish, bearish, and neutral recommendations, along with actionable trading ideas [1].

Core Insights - The Chicago Mercantile Exchange (CME) temporarily halted all futures and options trading due to a technical failure at a third-party data center, raising concerns about price volatility upon resumption of trading [1][3] Group 1: Impact on Trading - The immediate cause of the trading suspension was a cooling system failure at the CyrusOne data center, affecting core trading products across various sectors including energy, agricultural products, fixed income, and stock indices [3] - Key contracts such as WTI crude oil futures and gasoline futures were impacted, with WTI last trading at 10:47 AM Beijing time before orders could no longer be matched [3] - The halt also affected U.S. Treasury futures and S&P 500 index futures, with trading channels closing rapidly after the incident [3] Group 2: Broader Market Effects - The failure significantly disrupted liquidity in the foreign exchange market, particularly affecting EBS, a major forex trading platform, leading to gaps in pricing and forcing traders to pause large forex hedging operations [3] - Charu Chanana, Chief Investment Strategist at Saxo Capital Markets, noted that the current environment of relative liquidity scarcity, combined with a wait-and-see attitude ahead of macroeconomic data releases, could lead to a breakdown in price discovery mechanisms due to the trading halt [3] Group 3: Regional Impact - The Malaysian Exchange also announced a suspension of all derivative products due to the same technical failure, collaborating closely with CME's technical team for service restoration [4] - The palm oil futures contract, which is the largest by trading volume globally, was reported at 4,112 ringgit per ton before the suspension, reflecting a 0.54% increase from the previous trading day [4]

Core Insights - The CME Group experienced a significant outage due to a cooling system failure at its data center operated by CyrusOne, leading to a 10-hour disruption in trading across global markets [1][4][5] - CyrusOne has since restored operations and enhanced cooling capacity to prevent future incidents, indicating a focus on improving infrastructure reliability [2][6] Group 1: Incident Overview - The outage occurred on Friday, affecting trading in various markets including gold, oil, and interest rates, with disruptions felt from Tokyo to London [5][6] - Temperatures at the data center exceeded 100°F (38°C) during the incident, despite existing redundancy measures [7] Group 2: Operational Response - Futures trading resumed normally on Sunday evening, with minor fluctuations in contracts, indicating a return to stability [3] - CME's decision not to switch to a backup facility during the outage was based on initial assessments suggesting a brief disruption [4] Group 3: Market Implications - The incident highlighted vulnerabilities in global markets that depend on a few dominant exchanges, raising concerns about CME's contingency plans and reliance on the data center sold to CyrusOne in 2016 [6][9] - The Commodity Futures Trading Commission is monitoring the situation, reflecting regulatory awareness of the incident's impact on market stability [9]

今日周一（12月1日）亚盘时段，受技术图表形态推动，黄金本周短期技术面均呈现更强看涨态势。2月 交割黄金期货上涨38.8美元，报4241.1美元/盎司。 芝加哥商品交易所集团（CME Group）因数据中心过热突发故障，致期货交易暂停并波及全球市场，同 时触发黄金、白银短期避险买盘。昨日夜间至今日早盘，CME旗下期货与期权交易因数据中心冷却系 统异常中断，覆盖股票、外汇、债券及大宗商品等多类市场，交易停滞数小时。 设施运营商CyrusOne称，故障源于芝加哥地区某数据中心冷却系统失灵，工程团队已重启多台制冷机 并部署临时冷却设备。此次中断时长超过2019年技术故障的数小时停运，再度凸显CME及其Globex电 子交易平台对全球市场的核心影响力。 市场参与者担忧错失完整交易时段，不满情绪蔓延。法国巴黎TPICAP欧洲股票销售主管托马斯·海莱恩 比喻："这像在黑暗中飞行——美股期货本可在开盘前为现金股票交易指引方向，我只能想象衍生品部 门此刻的混乱。"此次事件不仅暴露关键金融基础设施的脆弱性，更因交易骤停引发的避险需求，短期 推升黄金、白银等资产吸引力。 技术面来看，2月黄金期货多头的下一个上行目标是收盘价突破关 ...

Infrastructure & Operations - The Illinois-based data center supporting CME experienced a catastrophic outage [1] - Backup cooling capacity was installed at the data center following the outage [1] Market Impact - The outage roiled world markets [1]