Second Silver Margin Hike In One Week... Is Now Priced In

As vaguely rumored earlier, and largely anticipated, the CME instituted another margin hike, presumably for a broad swath of commodities but apparently focusing on one particularly: silver, this time 10%. This is on top of the 9% margin hike from Monday. If anyone was wondering the reason for silver's swoon earlier (and subsequent jump) was, now it's clear. By now it is becoming rather clear that all the CME does is provide ever better reasons to BTFD. As always, we continue to hold our breath until there is a comparable maring hike for the ES. We may soon run out of oxygen.