CME Cuts Gold & Silver Margins as Silver Inventories Fall

The CME has reduced gold and silver margin requirements as registered silver inventories decline sharply.
Silver inventories drop to 81,235,000 ounces while gold sees repeated 8 a.m. selloffs and $4 trillion erased in paper value.

In today’s market update, the Chicago Mercantile Exchange announced broad margin reductions across major metals contracts. Gold futures margins were lowered from 9 percent to 7 percent. Silver futures margins were reduced from 18 percent to 14 percent, and platinum margins were trimmed by 13 percent. The move follows six consecutive margin increases during the recent metals price surge.

At the same time, registered silver inventories declined by nearly 6 million ounces in a single session, falling to 81,235,000 ounces from 87 million earlier in the day. Withdrawals were reported across seven custodians, including Asahi, Brinks, CNT, Delaware, HSBC, Loomis, and StoneX. Shanghai Gold Exchange data shows silver withdrawals running nearly three times higher year-over-year.

Managed money silver long positions are reported at a two-decade low, while the physical silver market has recorded a structural deficit for five consecutive years. The COMEX gold-to-silver inventory ratio stands at 1 to 10.7, and the gold-to-silver price ratio is 61 to 1. In gold markets, 133 ounces of paper gold trade for every ounce of deliverable physical gold.

Gold experienced four consecutive trading days of sharp selloffs at 8:00 a.m. Eastern Time, erasing approximately $4 trillion in paper value. Meanwhile, global gold ETFs recorded $5.3 billion in February inflows, bringing total assets under management to $71 billion.

Markets are also reacting to geopolitical tensions, rising oil prices, equity declines, and inflation pressure as Brent and WTI crude move higher. The U.S. Treasury is reportedly considering intervention in oil futures markets, while the dollar consolidates ahead of the Non-Farm Payrolls release.

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