时报观察 贵金属狂飙背后的冷思考

Group 1 - The CME Group announced an increase in margin requirements for metal futures, including gold, silver, platinum, and lithium, effective after the market close on Monday, with gold margins up by 10%, silver by approximately 13.6%, and platinum by about 23% [1] - This decision led to a decline in international metal futures prices, with gold prices falling below $4,500 per ounce and domestic palladium and platinum contracts closing at the limit down price [1] - The increase in margin requirements is seen as a response to significant price increases in silver and platinum futures, which had risen over 40% in the past month, thereby raising the cost of speculative trading in the market [1] Group 2 - Since 2018, the world has been undergoing a de-dollarization process, with structural reorganization of the currency system accelerating, as debt holders seek to exchange their dollar-denominated debts for other forms of wealth storage [2] - The surge in prices of precious metals and copper reflects not only a competition for upstream raw materials but also a growing fear regarding the diminishing anchor of the dollar itself [2] - The future global monetary system is expected to diversify, giving rise to a new monetary order, although achieving this vision will not be immediate, and investors should maintain a long-term perspective rather than resorting to aggressive leveraged strategies [2]