2026-03-17 23:08:20分类：德阳阅读(73042) \u003cdiv class=\"rich_media_content\"\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e芝商所本周第二次提高贵金属期货保证金要求，试图为近期暴涨的贵金属市场降温。周三现货白银应声下跌，跌�美元关口，日内跌幅超%。其他贵金属也纷纷下跌，现货钯金跌%，�.75美元/盎司。现货铂金跌%，�.55美元/盎司。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e\u003c!--IMG_0--\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e芝商所��日的公告中表示，黄金、白银、铂金和钯金合约的保证金将在周三收盘后上调，这项决定基于\u0026#34;市场波动性以确保足够的抵押品覆盖率\u0026#34;的评估。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e这是该交易所一周内第二次采取此类措施，前一次上调已于周一生效。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e此次保证金上调意味着交易员在交易\u003c!--SECURE_LINK_BEGIN_0--\u003e贵金属\u003c!--SECURE_LINK_END_0--\u003e期货时需要提供更多抵押品，将直接限制市场杠杆使用。这一监管动作引发投资者警惕，市场开始担忧此轮贵金属涨势能否持续。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e分析师指出，尽管存在长线利多因素，但短期快速上涨显然过度交易了预期，资金“抢跑”导致投机情绪高涨。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cdiv data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(255, 255, 255); box-sizing: inherit; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 0.2px; text-align: start; text-wrap-mode: wrap\"\u003e\u003ch2 style=\"line-height: 1.4; margin: 44px 0px 20px\"\u003e\u003c!--HPOS_0--\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 20px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e交易所密集出手控风险\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/h2\u003e\u003c/div\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e芝商所本月已多次调整保证金要求。12�日，该交易所首次将白银保证金上�%。随后��日收盘后，再次全面上调黄金、白银、锂等金属期货品种的履约保证金。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e这些举措反映出交易所对本周贵金属市场剧烈波动的担忧。白银价格波动尤为明显，期货周一早盘一度飙升至每盎�美元以上的历史新高，随后出现大幅回落，价格波动达到两位数水平。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e国内监管机构也同步采取行动。12�日，\u003c!--SECURE_LINK_BEGIN_1--\u003e上海期货交易所\u003c!--SECURE_LINK_END_1--\u003e将黄金、白银期货合约的涨跌停板幅度调整�%，并相应上调交易保证金比例。这是上期所本月针对白银期货出台的第三轮风控措施，此前已��日上调保证金、12�日限制日内开仓数量及调整手续费。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cdiv data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(255, 255, 255); box-sizing: inherit; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 0.2px; text-align: start; text-wrap-mode: wrap\"\u003e\u003ch2 style=\"line-height: 1.4; margin: 44px 0px 20px\"\u003e\u003c!--HPOS_1--\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 20px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e全线贵金属狂潮引发警惕\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/h2\u003e\u003c/div\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e白银价格曾在周一触及每盎�美元以上的历史高点，这一轮\u0026#34;金属狂潮\u0026#34;不仅局限于白银。黄金已突�美元，铜价跟随沪铜创下历史新高，铂金和\u003c!--SECURE_LINK_BEGIN_2--\u003e钯金\u003c!--SECURE_LINK_END_2--\u003e亦录得双位数涨幅。市场正在将贵金属作为对冲\u0026#34;AI泡沫\u0026#34;和货币贬值的工具。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e然而，历史案例已为当前市场敲响警钟。1980年亨特兄弟逼仓失败以�年白银崩盘的案例表明，当交易所开始出手限制杠杆时，往往意味着狂欢接近尾声。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 32px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e正如华尔街见闻此前文章中提到，当前白银走势�年泡沫破裂前夕惊人相似。2008年金融危机后，美联储实施零利率和量化宽松政策，推动白银在两年内𱐔.50美元飙升�美元，涨幅�%。然而，\u003c!--SECURE_LINK_BEGIN_3--\u003e芝加哥商品交易所\u003c!--SECURE_LINK_END_3--\u003e在九天内五次上调保证金要求，迫使期货市场大规模去杠杆，导致白银价格数周内暴跌�%，随后进入漫长熊市。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 32px; margin: 0px 0px 48px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.2px\"\u003e更著名的案例�年亨特兄弟逼仓事件。三兄弟囤积超亿盎司白银对冲通胀，利用杠杆将价格�年.50美元推�年的�美元。CME随后颁布\u0026#34;白银规\u0026#34;严格限制杠杆，同时美联储主席Volcker将利率提高�%。在保证金追缴和资金链断裂双重打击下，亨特兄弟被迫清仓并破产，白银价格暴跌�美元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cdiv powered-by=\"qqnews_ex-editor\"\u003e\u003c/div\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. 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