Chinese Trader Bian Ximing Nets $3 Billion from Gold Futures Bet

Bian Ximing, a reclusive trader based in Gibraltar, has made one of the largest profits in China's futures market by shorting silver at its peak. His firm, Zhongcai Futures, amassed 30,000 short contracts—equivalent to 450 tons of silver—just as prices hit record highs on the Shanghai Futures Exchange in late January.

The trade has since yielded a paper profit of 2 billion yuan ($288 million), with net gains exceeding 1 billion yuan after accounting for earlier losses. Bian's strategy stood in stark contrast to the market frenzy, as others chased the rally while he doubled down on his bearish position.

Exchange data reveals Zhongcai's short position surged from 18,000 to 28,000 lots within 48 hours in late January. Though the Shanghai Futures Exchange doesn't disclose trader identities, sources confirm this was Bian's play—executed not just with his own capital but also across client portfolios under his management.