中文翻译
白银故事的残酷教训是：交易所制定所有规则。芝加哥商品交易所(CME)将保证金改为基于百分比的9%（随后加息至11%或12%以上）。在旧制度下，5000美元的保证金保持不变。在新制度下，当白银今天触及120美元时，一份合约所需的抵押品会不断增加，飙升至超过54000美元。交易员基本上被迫在上涨过程中因要求变化而卖出。而在下跌过程中，局势则陷入螺旋式恶化。
· 供应链分析
CME保证金新规导致白银合约抵押金飙升，迫使交易员抛售并引发螺旋下跌。
英文原文
Brutal moral of the story with Silver is: Exchanges set all the rules. CME moved to a 9% percentage-based margin (then 11% or 12%+ with hikes). In the old system, a $5,000 margin stayed $5,000. Under the new system, when silver hit $120 today, the required collateral for one contract would keep increasing and ballooned to over $54,000. Traders were basically forced to sell on the way up as requirements changed. And on the way down, it spiraled.