$XAU Gold and silver just experienced a historic, violent unwind after a crowded safe-haven rally reversed sharply. Heavy leverage and margin calls triggered forced deleveraging, turning a sell-off into a cascade as traders were pressured to liquidate positions. Spot gold and silver plunged sharply, with silver’s drop among the biggest on record and gold falling its most in decades. The CME Group raised margin requirements on futures, accelerating the downturn by forcing more selling to meet capital calls. The move spilled into broader markets, shaking equities and other commodities, showing how crowded leveraged trades can exacerbate downside risk. �

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