#隐私币板块整体上行 year-end precious metals futures staged a rapid decline, with margin policy becoming the fuse for this upheaval

On the last day of 2025, the international precious metals market had no intention of ending gently. A major futures exchange suddenly tightened margin requirements, directly triggering a downward signal across the entire sector.

Silver was hit first, with intraday drops instantly breaking through 9%, plunging from a high to below $71 per ounce—spot silver was even more aggressive, dropping $5 in a single day, ultimately settling at $71.14 per ounce. Such a magnitude is indeed rare recently.

Gold, palladium, and platinum also couldn't escape unscathed. Spot gold retreated $50 from its peak to $4323 per ounce, palladium once plunged 7% to close at $1507 per ounce, and platinum's decline was even more dramatic—dropping over 12% instantly, finally stabilizing at $1962 per ounce.

Where is the problem? The margin adjustments of a major exchange have always been a market sentiment indicator. This sudden tightening of leverage not only reveals the cautious attitude of institutions towards the recent overheating trend in precious metals but also left those eager investors completely confused—initially expecting a year-end cross-year rally, they instead faced a market with heightened volatility. This kind of rise-then-fall rhythm often exposes the fragility of leveraged positions in the market.