Core Viewpoint - The global precious metals market experienced significant turbulence, with silver prices dropping over 5% and gold prices falling more than 1%, attributed to increased margin requirements by CME, fluctuating Federal Reserve policy expectations, and a revaluation of funds towards safe-haven assets [1][2]. Group 1: Market Movements - As of February 6, silver prices fluctuated around $67 per ounce, retreating over 40% from the historical high set on January 29, and erasing all gains made since the beginning of the year [1]. - Gold prices fell below the critical support level of $4722 per ounce, indicating a notable decline in the precious metals market [1]. Group 2: Regulatory Changes - CME announced an increase in initial margin requirements for COMEX 100 gold futures from 8% to 9% and for COMEX 5000 silver futures from 15% to 18%, effective after the close on February 6, which was interpreted as direct regulatory intervention in speculative activities [1]. Group 3: Market Analysis - Analysts are divided on the reasons behind the recent drop in precious metals, with some citing ongoing geopolitical risks, expanding U.S. fiscal deficits, and concerns over dollar depreciation as long-term support factors [2]. - Conversely, others point to a strengthening dollar, fluctuating Federal Reserve policy expectations, and a re-evaluation of inflation and interest rate paths as new constraints on precious metals [2]. - The chairman of the COMEX committee noted that silver, due to its high short-term participation and emotional trading, tends to exhibit more extreme price volatility compared to gold, with implied volatility for silver reaching 85%, a historical extreme [2].