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CN Low-Profile Billionaire Said to Make NP of RMB1B from Short Selling as Silver Price Plunges
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Chinese mysterious billionaire, Bian Ximing, capitalized on the recent surge in silver prices by betting on a price plunge, according to Bloomberg. He currently holds a short position of nearly US$300 million (approx. $2.34 billion). Since last week's silver price dip, he is expected to record a paper gain of about US$288 million (around $2.25 billion). Bian resides most of the time in Gibraltar, Mediterranean, the report stated. He has been widely known for profiting nearly US$3 billion through gold contracts on the Shanghai Futures Exchange (SHFE) since early 2022. Based on the silver closing price as of Tuesday (3 February) and Bian's position and prices, after deducting previous losses, he is expected to make a net profit of approx. RMB1 billion, the report added. AASTOCKS Financial News Website: www.aastocks.com |
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