Bian Ximing, known for keeping a low profile and spending much of his time in Gibraltar, has earned close to $3 billion from bullish positions in Shanghai Futures Exchange gold contracts since early 2022.
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Silver bars weighing 500 grams are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on February 3, 2026. Photo by AFP |
He has since established the exchange’s largest net short position in silver, based on Bloomberg’s data.
The sizable short position carries notable risk, and Bian has been forced to close some trades at a loss amid volatile silver price movements.
He currently holds a short position equivalent to roughly 450 tons of silver, or about 30,000 contracts.
The metal’s steep decline since last week has translated into a paper gain of around CNY2 billion ($288 million). After accounting for earlier losses, Bian is positioned for a net profit of about CNY1 billion.
Silver dipped to a six-week low on Feb. 5 but has since recovered to around $81.52 per ounce, around 43% lower than the historic peak of $116.85 in the end of January.
Exchange figures show Bian, through his brokerage Zhongcai Futures Co., started sharply increasing silver short positions in the final week of January.
While the Shanghai Futures Exchange does not reveal the identities behind brokerage accounts, people familiar with the matter said Bian’s proprietary trades – along with products he directly manages for a small group of clients – represent most of Zhongcai’s precious metals exposure.
Bian’s move comes as recent sharp price swings prompt market participants to reassess their approach to precious metals.
Silver’s rally is increasingly viewed as industry-driven and fueled largely by speculative positioning rather than core economic fundamentals.
Bian rose to prominence in China’s futures markets through aggressive bullish gold trades that began nearly four years ago.
He is among a small group of high-profile commodities traders who have shaped the market. Compared with many peers, he is notable for his privacy and for the loyal online audience drawn to his views on investment philosophy.
Starting in August last year, he accumulated a long silver position that produced profits of more than CNY1.3 billion, according to estimates derived from exchange data.
By November, he began reversing course, attempting to call the peak of the rally with gradual position changes that at times resulted in trading losses.
