刚刚，全线暴跌！

Core Viewpoint - The precious metals market has faced a significant setback, with sharp declines in prices, particularly for silver and platinum, raising concerns about the sustainability of the recent bullish trend [2][3]. Market Performance - On December 31, the precious metals market experienced a widespread drop, with silver falling below $71 per ounce and platinum plummeting over 12% [3]. - As of 15:30, silver had a daily decline exceeding 5%, settling at $72.12 per ounce, while platinum and palladium also saw significant drops of over 11% and 5%, respectively [3][5]. Margin Requirements - The Chicago Mercantile Exchange (CME) raised margin requirements for precious metal futures for the second time within a week, aiming to cool down the recent price surges [5][6]. - This increase in margin requirements means traders must provide more collateral, directly limiting market leverage and contributing to investor caution [6]. Regulatory Actions - Domestic regulatory bodies have also taken measures, with the Shanghai Futures Exchange adjusting the price fluctuation limits for gold and silver futures to 15% and increasing margin ratios [7]. - This marks the third round of risk control measures for silver futures in December, following previous adjustments to margin and trading limits [7]. Market Dynamics - Analysts suggest that the recent declines in precious metals are primarily driven by technical factors, including profit-taking by long positions and forced deleveraging due to stricter margin requirements [8]. - Despite the recent pullback, gold and silver are expected to record their strongest annual performance since 1979, supported by strong central bank purchases and ongoing inflows into exchange-traded funds (ETFs) [9]. Supply and Demand Outlook - The World Silver Association projects a supply-demand gap exceeding 100 million ounces in the global silver market by 2025, indicating a continued supply shortage for the fifth consecutive year [9]. - As of December 26, 2025, the largest silver ETF, SLV, reported a holding of 16,400 tons, reflecting a week-on-week increase of 2% [9]. Future Projections - Analysts from Jinrui Futures believe that the recent price drop should be viewed as a significant washout and reallocation of positions within a bullish market cycle, suggesting that market pricing may return to being driven by fundamentals after speculative bubbles are cleared [9]. - Optimistic projections for silver prices suggest a potential rise above $100 per ounce in the coming year, as articulated by notable economists [10].