New update from @CMEGroup

Margin hikes take effect after Dec 29 close, giving the market just 1–2 sessions to adjust. CME is clearly preparing for large moves or continuation risk, especially if liquidity breaks.

The tightening is selective:
- #Silver , palladium, and platinum see +13–20% margin jumps → thin liquidity, high leverage

- #GOLD is only mildly tightened → still viewed as relatively stable.

The real problem: fund cash is near record lows (~3.3% AUM, BofA). Many players can’t post more margin and will be forced to cut positions, not because of macro views, but because of cash constraints

Margin shock + cash shortage = forced deleveraging.
Expect technical volatility, especially in secondary