突然！金价、银价，大跌！原因找到了→

Core Viewpoint - The recent rapid increase in precious and industrial metal futures prices has led the CME Group to raise margin requirements for trading metals, significantly increasing the cost of speculative trading and causing a decline in international metal prices before the new rules take effect [1][2]. Group 1: Margin Increases and Market Impact - CME has announced an increase in margin requirements for various metals, including gold (up 10%), silver (up approximately 13.6%), and platinum (up 23%) [1]. - The increase in margin requirements is expected to raise the cost of speculative trading, prompting some investors to liquidate positions, which contributed to a decline in international metal prices on December 29 [1]. - On December 29, international gold prices fell below the $4500 per ounce mark, with significant declines observed in other metals as well [1][4]. Group 2: Historical Context and Comparisons - Analysts have drawn parallels between the current margin increase and historical instances where similar actions led to significant price drops, such as the 1980s incident involving the Hunt brothers and the 2011 silver price surge [2][4]. - The CME's past actions, including multiple margin increases during the 2011 silver price spike, forced high-leverage funds to exit the futures market, resulting in a nearly 30% drop in silver prices within weeks [4]. Group 3: Industrial Demand and Future Outlook - Unlike previous speculative-driven cycles, the current rise in silver prices is supported by its industrial applications, making it a more affordable investment option [3]. - Notable figures, including Elon Musk, have commented on the importance of silver in various industrial processes, highlighting its critical role in the transition to a "mobile world" [3][6]. - The gold-silver ratio has recently fallen to the 55-60 range, indicating that silver is becoming relatively more expensive compared to gold, which may lead to potential price corrections [6].