Silver Rises Over 120% YTD 
High gold prices are taking a toll on Asia’s physical demand, according to Commerzbank’s commodity analyst Barbara Lambrecht. India, facing record-high gold prices in rupees, imported just 21 tons in June – the lowest level since April 2023 and contributing to a 30% year-over-year decline in first-half imports to 204 tons. Swiss gold export data reinforced this Asian weakness, with shipments to China falling 39% month-over-month to 16.7 tons, India exports dropping 71% to under 3 tons, and Hong Kong receiving 35% less at under one ton. However, the picture diverged sharply in Europe, where Swiss exports to the UK climbed significantly, reflecting stronger investor appetite for gold ETFs. European gold ETFs recorded substantial inflows of approximately 23 tons in June according to the World Gold Council, demonstrating how investment demand is offsetting physical market weakness in price-sensitive Asian markets.
Articles
What Are Margin Requirements? Why CME’s Hike Triggered a Silver Crash
CME’s margin requirements silver hike played a central role in the dramatic collapse from $120 to the $70s in early 2026. After a historic rally fueled by leverage and speculation, the exchange raised margins from 15% to 18%, forcing traders to post more capital or liquidate positions. The result: cascading selloffs, amplified volatility, and a textbook example of how leverage can accelerate both gains and losses in precious metals markets.
February 12, 2026
