CME Margin Hikes Force Deleveraging as Gold and Silver Plummet

After gold and silver suffered their steepest declines in decades, CME Group raised initial and maintenance margins on Comex futures in January 2026. The move forced traders holding leveraged long positions to post additional collateral or liquidate, creating a feedback loop: forced selling triggered further margin calls, amplifying losses. Exchange risk managers calibrate margins mechanically via volatility models, not as price intervention—but the result still compounded the selloff already underway.