CME has once again raised the margin requirements for precious metals futures within this week, marking the third adjustment this month. What does this frequent increase in margin requirements imply? In simple terms, traders are required to provide more collateral to participate in precious metals futures trading, which directly raises the entry costs and risk management standards. From a regulatory perspective, the signal sent by this move is clear — regulators are somewhat uneasy with the rapid rise in precious metal prices. The more a commodity is labeled as a "strategic asset," the more frequently policymakers and regulators act once its price soars. Instead of continuing to emphasize its strategic value, it’s better to observe the gradually increasing trading costs faced by market participants, which reflects the true policy intent.