Overview
- Gold and silver fell on the final trading day of 2025 after CME hiked precious‑metals margins for the second time in a week, forcing leveraged traders to pare positions.
- Even with the pullback, 2025 marked the strongest year since 1979, with silver up roughly 135%–170% and gold ahead about 64%–76% to repeated record highs.
- China’s new export controls on silver take effect Jan. 1, 2026, requiring licenses and limiting shipments to qualified producers, adding fresh uncertainty to global supply.
- Signs of physical strain persisted through year‑end, including low inventories, delivery delays and wider premiums, while investors funneled money into ETFs and explored tokenized silver for 24/7 exposure.
- Late‑December volatility included sharp intraday drops and lower‑circuit moves on India’s MCX, and analysts cautioned that an expected 2026 silver deficit could keep price swings elevated.