时报观察丨贵金属狂飙背后的冷思考

Group 1 - The article discusses the increase in margin requirements for metal futures trading by the Chicago Mercantile Exchange, including a 10% increase for gold futures and approximately 13.6% for silver futures, which has led to a decline in international metal prices [1] - The increase in margin requirements is seen as a response to the significant price increases in silver and platinum, which had risen over 40% in the past month, thereby raising the cost of speculative trading [1] - Historical precedents indicate that raising margin requirements often leads to significant price corrections in previously surging commodities, as seen during the 2011 silver price spike [1] Group 2 - Since 2018, there has been a growing trend of de-dollarization, with a structural reorganization of the global monetary system, as holders of U.S. dollar debt seek to convert their holdings into other forms of wealth storage [2] - The rising prices of precious metals and copper are not only indicative of competition for raw materials but also reflect concerns over the diminishing reliability of the dollar as a monetary anchor [2] - The future of the global monetary system is expected to diversify, leading to the emergence of a new monetary order, although achieving this vision will require patience and careful management of expectations [2]