12月26日伦敦现货白银大幅上涨超10%，站上79美元/盎司。芝商所（CME Group）于12月26日发布重 大保证金调整通知称，将于12月29日（星期一）收盘后，全面上调黄金、白银、锂等金属期货品种的履约保证 金。COMEX100盎司黄金期货 (GC) Non-HRP及HRP合约的初始保证金分别从2000美元及22000美元及22000美元上调 至22000美元及24200美元，上调幅度为10%; COMEX5000盎司白银期货（SI）的Non-HRP及HRP合约的初 始保证金上调幅度则都超过了13%。市场普遍认为,此举反映了交易所对当前贵金属市场异常波动的深度担忧。 12月29日，伦敦现货白银开盘后即上冲突破80美元/盎司，最高83.971美元/盎司，但很快快速回落，最低接近 75美元/盎司,剧烈波动(左图)。2011年芝商所同样为为抑制过度投机,在2011年4月25日至5月5日期间, 连续五次上调白银期货保证金，累计将初始保证金要求从6%提高至12%，导致当时白银期货价格在短期内大幅 回落（右图）。短期白银剧烈波动,建议投资者考虑自身抗风险能力,控制投资风险。相对来说,黄金因为之 前涨幅相对较缓,波动 ...

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.