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After silver prices hitting an intraday high of $86.34 and closing on Monday 6.67% higher, COMEX changed the way margins on silver prices are calculated.
What changed
On January 12, 2026, CME Group announced a change in how silver margins are set, shifting from a fixed dollar amount to a percentage of the notional value. Under the new system, margins are adjusted to approximately 9% of notional value.
COMEX interventions so far
• On January 7, 2026, CME Group, the operator of COMEX, raised silver maintenance margins for March contracts from $25,000 to $32,500, an increase of 30%.
• COMEX announced an increase in silver margin requirements effective on December 29, 2025, raising margin requirements by 13.6% to $25,000 on March contracts.
• Previously, COMEX raised margin requirements on silver futures contracts by 10% to $22,000 on December 12, applying to the nearby December 2025 and January 2026 contracts.
• The first significant margin hike came after silver surpassed its multi-decade all-time high, with COMEX raising margin requirements by 8.5% on October 17, 2025, to $20,000.
When the changes take effect
The latest adjustment, which requires margins to be based on notional value, will take effect after the close of business on Tuesday, January 13.
sources:
[https://www.mining.com/web/cme-changes-margin-setting-methodology-for-precious-metals](https://www.mining.com/web/cme-changes-margin-setting-methodology-for-precious-metals)
[https://www.financemagnates.com/institutional-forex/exchanges/silver-and-gold-price-surges-force-cme-to-change-how-it-calculates-precious-metal-margins](https://www.financemagnates.com/institutional-forex/exchanges/silver-and-gold-price-surges-force-cme-to-change-how-it-calculates-precious-metal-margins)