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GAIN Capital, CME and Others Tighten Trading Terms for Silver
US online trading leader Gain Capital has just announced that because of the increased market volatility, it has decided to increase the margin rate for silver from 1% to 15%, effective immediately. Gain Capital is not the only institution that tightens the trading terms for silver recently.
Later last week, Reddit traders shifted their focus to the silver market as their GameStop mania hit a wall of tighter trading terms. Consequently, prices of sliver climbed 10% on Monday morning, hitting $30 per ounce at a certain point, the metal's highest level since early 2013.
Following the continuing rise in silver prices, the CME Group announced on Monday its decision to raise margins on Comex silver futures by 18% from $14,000 to $16,500 per contract. The change has taken effect from 2 February 2021.
In addition, UK forex and CFD broker Admiral Markets notified on Monday the reducing of maximum possible leverage rate available for professional clients on its Silver vs U.S. Dollar CFDs to 1:100, effective from 20:00 p.m. EET on 1 February 2021.
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