"Bian Ximing, who avoids the limelight and spends much of his time in Gibraltar, has made nearly $3 billion from bullish bets on Shanghai Futures Exchange gold contracts since early 2022. He has now built the bourse's largest net short position in silver, according to Bloomberg analysis of exchange data and people with knowledge of his investments. They asked not to be named as the information is not public."
"Bian's big short comes with significant risk, and he has been forced to liquidate some positions at a loss in a volatile silver market. But he now holds a short that stands at about 450 tons of silver, or 30,000 contracts - so the metal's sharp drop since last week has resulted in a paper gain of about 2 billion yuan ($288 million)."
Bian Ximing is a billionaire trader who made nearly $3 billion from bullish Shanghai Futures Exchange gold contracts since early 2022. He has established the bourse's largest net short position in silver through his brokerage Zhongcai Futures Co., holding roughly 450 tons (30,000 contracts). He began increasing silver shorts in late January and endured some forced liquidations amid market volatility. The recent sharp decline in silver generated a paper gain of about 2 billion yuan (~$288 million), yielding a net profit near 1 billion yuan after prior losses. Zhongcai's silver positions largely reflect Bian's own bets and products he manages.
Read at Fortune
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