CME出手！白银黄金大跌，阶段性顶部确立了吗？

Group 1 - CME has raised the margin requirements for silver and other metals, leading to a significant drop in silver and gold prices [2] - The increase in margin requirements raises the cost of capital for investors, reducing their enthusiasm and liquidity in trading [2] - The recent price surge in silver and gold has been driven by high leverage investments, which can lead to forced liquidations during price declines [2] Group 2 - In 2025, gold prices saw a remarkable increase of nearly 70%, surpassing $4500, influenced by expectations of a Fed rate cut and rising global inflation [3] - The decline of the dollar's credibility has accelerated the flow of funds into silver and gold, as evidenced by the changing proportions of dollar and gold in global foreign exchange reserves [3] - The recent actions by CME, combined with a cooling expectation of Fed rate cuts, signal potential selling pressure on gold and silver, indicating they may have reached a peak [3] Group 3 - Silver and gold are non-yielding assets, which can be disadvantageous in a declining market, as they do not provide dividends or interest [4] - If silver and gold enter a prolonged adjustment period, investors may face a lack of returns, contrasting with high-dividend equities that provide income during waiting periods [4] - The risk of high-level investments in silver and gold increases if they begin a downward adjustment cycle, reducing their attractiveness as investment options [4]