The most famous Chinese speculator makes billions from gold and bets on the collapse of silver
The Chinese trader, Bian Shiming, who is famous for reaping fantastic profits from the record rise of gold, is betting on a decline in silver prices, as the value of his bet on the collapse of White metal So far, nearly $300 million, the agency said "Bloomberg"Goldon the Shanghai Stock Exchange since early 2022. He has now built the largest net short position in the silver market.
Shiming’s large short sale deal comes with significant risks, as he was forced to liquidate some of his positions at a loss in the volatile silver market, but he now has a short position of approximately 450 tons of silver, which means that the sharp decline in the price of the metal since last week has resulted in a theoretical profit of approximately 288 million Dollar.
Shiming’s bet comes against a backdrop of sharp price fluctuations that have continued for weeks, prompting market watchers to reconsider their unilateral approach towards the precious metals.
While many institutional investors still view gold as a hedge against interest rate changes, central bank purchases, and global uncertainty, silver’s rise is increasingly seen as an industrial recovery driven largely by speculation, rather than by economic or other fundamental factors.
Shiming gained wide fame in Chinese futures markets thanks to his bold bets on the rise of Gold Prices, which he started about four years ago.
Shiming is one of the few prominent figures who have dominated commodity trading since the beginning of the economic boom more than two decades ago. Unlike many of his peers, he was distinguished by his isolation from the media, and his views on investing on the Internet were widely followed.
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