Is there a particular reason for you to use cloth for a chain simulation?
Cloth can be used for rigid simulations, not sure if a chain is Ideal though.
As a general tip for simulations, you usually want to simulate very simple and minimal geometries,
After the simulation is done, you can Parent or constraint your super high-end geometry to the simulated one.
If you still want to use cloth, you don't need to create one cloth object per chain link, you can combine the whole chain together in one object (all but the fixed link) and convert it into a cloth, important thing though, is to check "use polygon shells" in the cloth parameters, so that the solver separates each piece in an independent one.
Last but not list, the collisions often don`t work because the solver has not enough in-between frames for the correct
calculation. You can usually increase precision by increasing the substeps number in the Nucleus properties.
The default is 3, which is pretty low. Try increasing it to 8 or 16. Usually, the faster is the action the more substeps you need.
I have to conclude by saying that I would personally use a standard Maya rigid body simulation for this.
If you use a simple geometry, the result would be very fast.
Check the scene I sent you.
Cheers,
D