The Shanghai Gold Exchange announced an imminent 20% silver margin hike overnight on silver forwards from 15% to 18% effective Monday should silver contracts hit its daily limit on Friday.
For everyone concerned the world was ending yesterday, alas, it was just the insider leaked news of an imminent Shanghai margin hike- which would explain why silver has not continued its sell-off today, but trading back above $32 currently.
From Reuters:
The Shanghai Gold Exchange said it will raise margins on silver forwards to 18 percent from 15 percent from Monday if the silver contract hits its daily trade limit on settlement on Friday. The exchange said it would lift daily trade limits on silver forward contracts to 15 percent from 12 percent if the contract hits limit up or down on settlement on Friday.
