Comex margin changes6 Feb 2026 10:29
1) October 2025 – Early Margin Hikes Begin
• As silver’s price surged toward multi-decade highs, CME started raising margin requirements to reflect rising volatility and risk. Early hikes raised margins from historical levels (~$15–20K) up to around $20,000 per 5,000-oz contract. 
2) Mid-December 2025 – First Major Increases
• Around Dec 12, 2025, CME raised maintenance margins by ~10%, which markets linked to profit-taking and short-term price pullbacks. 
• These moves were aimed at limiting excessive leverage as silver hit unprecedented price swings.
3) Late December 2025 – Escalation and Percentage-Based Shift
• On Dec 26–29, 2025, CME enacted larger hikes, increasing silver margins to about $25,000 per contract (up ~25–30%). 
• Shortly thereafter, clearing implemented a percentage-based margin methodology instead of fixed dollar amounts, more directly linking margin amounts to the notional value of the contract as prices moved. 
4) Early January 2026 – Additional Margin Growth
• In early 2026, CME raised maintenance margins again — one reported figure was 30% higher than previous levels, pushing some contracts above $32,000 maintenance margin. 
• Margins for smaller and e-mini silver contracts were also adjusted proportionally. 
5) Late Jan–Early Feb 2026 – Continued Risk-Based Increases
• By January 28–31, 2026, CME increased margins for COMEX silver to percentages of contract value (e.g., ~15–18% for standard accounts, higher for “heightened risk”). 
• As of Feb 6 2026, another raise took initial and maintenance margins for COMEX 5000 silver futures to around 18% of notional value from ~15%, continuing to tighten capital requirements amid wild price swings. 
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