Silver Has Biggest Two-Day Drop Since 2008 on Comex Margin Jump
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Silver futures tumbled, capping the biggest two-day slide since October 2008, after margin requirements on the Comex increased for the second time in less than a week. Gold fell the most since mid-March.
The minimum amount of cash that must be deposited when borrowing from brokers to trade silver futures will rise to $16,200 per contract at the close of business today from $14,513, CME Group Ltd., Comex’s owner, said yesterday. A year ago, the margin was $4,250. The metal, which tumbled 12 percent in two days, has doubled in the past 12 months.