How Margin Rules Turned a Gold and Silver Rout Into a Cascade

When gold and silver tanked in early 2026, the CME hiked the collateral traders must post on futures contracts. Leveraged buyers faced a choice: post more cash or sell. Forced selling triggered fresh margin calls, deepening losses. Exchange rules adjust margins automatically based on volatility—a mechanical safeguard—but this time it amplified the slide already underway.