交易所又出手了，白银再次大跌

Core Viewpoint - The Chicago Mercantile Exchange (CME) has raised margin requirements for precious metals futures for the second time this week to cool down the surging precious metals market, leading to significant price declines in silver, palladium, and platinum [2][4]. Group 1: Margin Requirement Adjustments - CME announced on December 30 that margin requirements for gold, silver, platinum, and palladium contracts would be increased after Wednesday's close, citing "market volatility to ensure adequate collateral coverage" [4]. - This is the second time in a week that CME has implemented such measures, with the first increase occurring on Monday [4]. - The increase in margin requirements means traders will need to provide more collateral when trading precious metals futures, directly limiting market leverage [4][6]. Group 2: Market Reactions and Historical Context - Following the announcement, spot silver fell below $72, with a daily decline exceeding 5%, while palladium and platinum also saw significant drops of over 7% [2]. - Historical cases, such as the 2011 silver crash and the Hunt Brothers' failure in 1980, indicate that when exchanges begin to restrict leverage, it often signals the end of a market rally and may precede a reversal [4][11]. - The volatility in silver prices has been particularly notable, with futures reaching a historical high of over $82 per ounce before experiencing a sharp decline [7]. Group 3: Domestic Regulatory Actions - Concurrently, domestic regulatory bodies have also taken action, with the Shanghai Futures Exchange adjusting the price limit for gold and silver futures to 15% and increasing margin ratios on December 26 [8]. - This marks the third round of risk control measures for silver futures by the Shanghai Futures Exchange this month, following previous adjustments on December 10 and December 22 [9].