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CME Group

CME Group

Financial Exchange

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Precious metals flash crash: The Warsh shock

Money Moves

Raised margin requirements during crash, accelerating forced liquidations

Gold touched $5,600 per ounce on January 29, 2026β€”its highest price in history. Silver peaked above $121. Three days later, gold had lost 21% and silver had cratered 40%, erasing roughly $15 trillion in market value in one of the most violent precious metals selloffs since 1980.

Updated Feb 2