How much impact does a 1-dollar fluctuation in silver prices have? Last Friday's silver price movement clearly marked the first time the bears conceded defeat, resulting in an overbought condition. Today, silver prices have fluctuated wildly, and there are many rumors circulating about silver. Let's estimate the approximate risk exposure of silver. (1) Futures Market Risk Exposure Approximately 160,000 contracts of commodity futures from New York correspond to 800 million ounces of silver. 720,000 contracts of futures from the Shanghai Futures Exchange correspond to 350 million ounces of silver. Together, this amounts to approximately 1.2 billion ounces. (2) OTC Risk Exposure This is very difficult to estimate. Gemini's estimate of OTC exposure is 3 billion ounces, which is reasonable, as John Hull's book also states that the global forwards market is more than twice the size of the futures market. Combining futures and OTC trading: Total silver risk exposure ≈ 4-5 billion. A fluctuation of 10 yuan would amount to 40-50 billion. What kind of trading opportunity is this? Has anyone been positioning themselves for it?