This year's gold market has been crazy—gold prices have increased by 65%, and silver has doubled, both reaching new highs not seen since the early 1980s. Just as this rally was about to soar, there was a sudden brake on Monday: silver futures plunged by 8%, and gold also dropped by 5%.

The source of this sharp decline points to CME (Chicago Mercantile Exchange). On Friday, CME suddenly announced an increase in the margin requirements for precious metals trading—simply put, they want traders to put up more cash to maintain their positions, citing the need to prevent delivery risks at contract expiration.

This move is actually a classic tactic used by exchanges. When an asset's gains become excessive and trading heats up, the exchange will raise margin requirements to "cool down" the market. On one hand, it's for risk control; on the other, it effectively suppresses speculative enthusiasm. The result is obvious—those leveraged funds that rushed in are forced out, either needing to add more margin or face liquidation and losses.

Why has silver surged so fiercely this year? Mismatch between supply and demand is a key reason. Mine production can't keep up with demand growth, while industries like solar panels and data centers are stockpiling aggressively. Coupled with a flood of speculative capital, prices are naturally driven sky-high.

From a certain perspective, this plunge can also be seen as a market correction. Assets that have risen too wildly will ultimately face the balancing measures of the exchange. This "braking" serves as a lesson: exchange risk control is always the ballast of the market.