Bian Ximing, the enigmatic Chinese billionaire who gained fame for a US$3 billion profit on gold in 2022, has reportedly turned his focus to silver, betting on a price collapse following a recent surge.
According to Bloomberg’s analysis of exchange data, Bian has established the largest short position in silver on the Shanghai Futures Exchange, currently holding short positions worth nearly US$300 million.
Since the sharp drop in silver prices last Friday, his position has recorded paper profits of about US$288 million. This follows a period where he faced potential losses as silver prices initially rose.
The broader precious metals market is undergoing its most rapid reversal in decades. Spot gold prices recently plunged by 10 percent, while silver crashed by as much as 16 percent in a single session.
This market correction was partly triggered by Donald Trump’s announcement to nominate Kevin Warsh as the next Federal Reserve chair, a move that bolstered the US dollar and pressured metals.
The volatility has been brutal for retail investors. One trader reported her 1 million yuan investment shrinking to just 250,000 yuan within 48 hours after being hit by margin calls.
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