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Chinese trader who made $3 billion on gold bets big against silver
By Alfred Cang and Jin Wu
Bloomberg News
via National Post / Financial Post, Toronto
Thursday, February 5, 2026
A billionaire Chinese trader who made his name riding gold's record-breaking rally has turned his sights to silver's breakneck surge, with a bet on the metal’s collapse now worth almost US$300 million.
Bian Ximing, who avoids the limelight and spends much of his time in Gibraltar, has made nearly US$3 billion from bullish bets on Shanghai Futures Exchange gold contracts since early 2022.
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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 tonnes 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 (US$288 million). ...
... For the remainder of the report:
https://financialpost.com/investing/china-trader-gold-bets-big-silver
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