God post, after the first day it dropped 10% from 5600 to 5200, and the second day it dropped another 300, is gold collapsing now?

Starting from the close on 2026.1.28, the Shanghai Gold Exchange T+D margin has been raised to 60% (only 9% in earlier years)
This is not a technical adjustment but a direct signal of risk pricing.

Equivalent to:
Leverage down to ≈11 times
Forced down to ≈0.66 times
👉 The essence is just one sentence:
The exchange no longer allows you to participate in gold with 'financial leverage'.

What does this mean?
1. Gold has entered

High-risk price range

Global mainstream miners' AISC cost ≈ 1,100–1,300 USD
Current gold prices have significantly deviated from long-term marginal costs.

The risk-reward ratio has started to invert.

2. Retail investors are chasing high prices, while capital is hedging.