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CME Hikes Precious-Metal Margins Again After Price Swings
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December 31, 2025
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2:33Now PlayingAli Meli, Founder and CIO at Monachil Capital Partners, discusses his thoughts on the precious metals trade this year.
CME Group raised margin requirements on precious-metal futures for the second time in the space of a week, following a bout of volatility that saw prices spike then retreat.
The higher levels of collateral that traders must set aside to hold futures positions in gold, silver, platinum and palladium is the latest evidence of an historic year-end surge in volatility across precious metals markets. Silver in particular has seen huge price swings as it blew through price levels that until recently seemed unthinkable. The latest changes will take effect after the close on business on Wednesday.
Clearinghouses like the CME’s ask brokers to deposit cash, or margin, on a daily basis to cover potential losses on their clients’ positions.
The levels are calculated regularly based on market volatility according to a description of the process on the CME’s website, and the requirements for silver have risen more than half a dozen times since late September as the metal’s intraday price moves have grown ever-wider. The exchange also increased the margin requirements for copper earlier this week.
Speculative interest in silver has surged in recent days, both on China’s main spot precious metals exchange and in the US. The metal’s spot price rose to a record above $84 an ounce early Monday, before crashing close to $70, one of silver’s largest intraday price reversals ever.
Market participants have suggested that the CME’s margin adjustments helped push prices lower this week, by prompting some bullish traders to reduce their positions. A number of analysts had been warning that silver was due for a pullback after the dramatic surge of recent weeks.
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