Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report Short - term silver prices are experiencing violent fluctuations. The CME's increase in precious metal futures margins reflects concerns about market volatility. Investors are advised to assess their risk tolerance and control investment risks. Gold has a relatively smaller fluctuation range due to its slower previous rise [3]. 3) Summary by Related Content - **Market Performance**: On December 26, 2025, London spot silver rose over 10% to $79 per ounce. On December 29, it opened above $80 per ounce, reaching a high of $83.971 per ounce and then quickly falling to near $75 per ounce [3]. - **Margin Adjustment**: The CME will comprehensively raise the performance margins of gold, silver, lithium and other metal futures after the close on December 29. The initial margins of COMEX100 - ounce gold futures (GC) Non - HRP and HRP contracts will be raised by 10%, and those of COMEX5000 - ounce silver futures (SI) Non - HRP and HRP contracts will be raised by over 13% [3]. - **Historical Reference**: In 2011, the CME raised silver futures margins five times from April 25 to May 5, increasing the initial margin requirement from 6% to 12%, which led to a sharp short - term decline in silver futures prices [3].

Group 1 - Report Core View - On December 26, 2025, the London spot silver rose by over 10% and reached $79 per ounce. The CME Group announced a significant margin adjustment, increasing the initial margins for gold, silver, and lithium futures contracts after the close on December 29. The initial margins for COMEX 100 - ounce gold futures (GC) Non - HRP and HRP contracts were raised by 10%, and those for COMEX 5000 - ounce silver futures (SI) Non - HRP and HRP contracts were increased by over 13%. The market believes this reflects the exchange's deep concern about the abnormal fluctuations in the precious metal market [2]. - On December 29, the London spot silver opened above $80 per ounce, reaching a high of $83.971 per ounce and then quickly dropping to near $75 per ounce. In 2011, the CME Group also raised silver futures margins multiple times, causing a sharp short - term decline in silver futures prices. Given the short - term volatility of silver, investors are advised to consider their risk tolerance and control investment risks. Gold has a relatively smaller fluctuation range due to its slower previous price increase [2]. Group 2 - Industry Investment Rating - No industry investment rating information is provided in the report.