突迎大风暴！这个市场暴跌，什么情况？

Core Viewpoint - The precious metals market is experiencing significant volatility due to increased margin requirements by the CME, leading to a large-scale liquidation of long positions in gold and silver [1][3]. Group 1: Market Movements - On January 1, 2026, gold and silver futures saw a sharp decline, with spot silver dropping over 8% from approximately $76/oz to around $70/oz, and COMEX silver futures falling nearly 9% [1]. - U.S. mining stocks also faced declines, with Endeavour Silver down over 4%, Silvercorp Metals down 2.8%, and Hecla Mining down 2.68% [2]. Group 2: Regulatory Actions - The CME raised margin requirements for precious metals futures twice within a week, with the latest increase announced on December 30, 2025, aimed at cooling the market amid high volatility [3]. - The Shanghai Futures Exchange also adjusted trading limits and margin requirements for gold and silver futures, implementing a series of risk control measures throughout December 2025 [3]. Group 3: Price Trends - Despite regulatory tightening, precious metals achieved remarkable price increases in 2025, with spot gold rising approximately 64% and spot silver increasing over 147%, both marking significant annual gains [4]. - The disparity between spot and futures prices indicates that spot prices have outperformed futures, with spot gold and silver showing higher percentage increases compared to their futures counterparts [4]. Group 4: Investment Insights - Analysts suggest that the long-term support for gold is driven by U.S. debt expansion and the trend of de-dollarization, positioning gold as a hedge against currency depreciation and systemic risks [5]. - The valuation of silver is increasingly focused on its financial attributes, with analysts using the gold-silver ratio to assess silver's reasonable valuation, suggesting that a ratio below 50 indicates a fair silver price of around 20,000 [6].