From Wage Slave to Tycoon

Chapter 58: Chapter 58: Shorting Gold

"Your Uncle Huang is quite generous. Today’s expenses must be at least a million, right?" Su Chen said, lounging on the sofa and leisurely admiring the beautiful view of Victoria Harbor outside the window.

"Hmph, generous? It’s only because of my status as the young master of the Wada Group. He makes a fortune off Wada every year. This bit of money is just a drop in the bucket for him!"

The corners of Sicong’s mouth turned down slightly, and a flash of displeasure crossed his eyes, as if he had remembered something unpleasant.

Su Chen noticed that Sicong’s expression was a bit off. He leaned in curiously and asked, "Your expression tells me something’s up, and it’s about this Uncle Huang. Spill it, what’s the situation?"

"What situation could there be? A while ago, I stayed at a hotel and found the interior decor so disgusting that I went online and tore it apart. But guess what happened..." As he said this, the corner of Sicong’s mouth twitched.

"Was there a twist?" Su Chen’s interest was piqued, and he even sat up a little straighter.

"Ahem, later, netizens found out that the hotel I was trashing belongs to the Wada Group. And as for that decor... it was the masterpiece of my dear Uncle Huang!"

Hearing this, Su Chen almost died laughing. He clutched his stomach, unable to stop. "HAHAHA~ You’re killing me! Trashing your own family’s hotel online and only finding out later. You’re really one of a kind!"

Sicong shot Su Chen an annoyed look, then turned away and started playing on his phone.

KNOCK KNOCK KNOCK...

Seeing that Su Chen was still laughing, Sicong resignedly got up to open the door.

"Bo... Young Master Wang!" Pei Rang had thought Su Chen would be the one answering, not expecting it to be Sicong, the great young master himself.

"Your boss is about to die laughing. Go check on him."

Pei Rang was taken aback by this. ’Die laughing? Just how funny would something have to be to make him die laughing?’

Although he didn’t understand what was going on, he still walked inside.

As soon as he entered the living room, he saw Su Chen wiping tears from his eyes, a smile still visible on his face.

"Boss..." Pei Rang was also a little curious now about what had made Su Chen laugh so hard.

"Ah, Pei Rang, you’re back? How did things go?" Su Chen asked, rubbing his face, which was a bit stiff from laughing.

"It’s all been settled, but..." Pei Rang glanced at Sicong, who was standing nearby.

"It’s fine, just say it," Su Chen said with a wave of his hand, indicating for him to continue. After all, it wasn’t anything that important.

"Regarding the leverage, the most they’ll give is 10x. Even if our capital reaches one hundred million, they still have to consider whether to give us 20x leverage!"

"So, 20x leverage isn’t guaranteed yet!" Su Chen’s brow furrowed.

A lower leverage multiplier meant lower returns, but of course... it also reduced the risk of being wiped out! fгee𝑤ebɳoveɭ.cøm

"Young Master Su, are you really playing this big? One hundred million... with 20x leverage? Even a small fluctuation and your capital will be gone! You should really think this over..."

"Hahaha~ It’s fine. If I lose it, I’ll just earn it back!" Su Chen said with a laugh and a wave of his hand.

’In just half a month, the system could earn him over a hundred million anyway!’

"Uh... It’s your money, so you can be as reckless as you want!" Recalling Su Chen’s current net worth, Sicong gave up on trying to persuade him.

But this only piqued his curiosity. What kind of stock or future was worth Su Chen going for 20x leverage?

But remembering he had previously said he wasn’t interested in stocks, he felt it wasn’t appropriate to press further. Besides, a secret like this... wouldn’t be revealed until the very moment of action.

"10x it is, then. We’ll try to negotiate again when we go there tomorrow."

"Understood, Boss. If there’s nothing else, I’ll head back and get some rest."

"Okay. Tell the others to get some good rest too. Starting tomorrow, we’re going to be busy for several days!"

Although there were still two days until Goldman Sachs was expected to start shorting, Su Chen had to enter the market early. Otherwise, once the big Wall Street investment banks moved in, he wouldn’t even be able to get the scraps.

...

Citibank!

As soon as Su Chen’s group of seven arrived at the bank, they were shown into an office.

"Boss, this is Manager Yang from Citibank’s securities services department."

Su Chen looked at the middle-aged man with glasses before him, smiled, and extended his hand. "Hello, Su Chen."

"Mr. Su, a pleasure." Manager Yang shook Su Chen’s hand with a smile, but his eyes flickered twice toward Sicong, who was standing behind him.

"Let’s get straight to the point. Pei Rang already spoke with you yesterday. There’s only one issue now: can we get 20x leverage? If not, I’ll just find another brokerage. I’m sure in Xiangjiang..."

Before Su Chen could finish, Manager Li, who was sitting opposite them, cut in, "Yes, you can. 20x is no problem at all. If Mr. Su has no other requests, we can sign the contract right away!"

"Uh... let’s sign, then!" Su Chen had thought it would take some convincing; he never expected them to agree so readily.

He turned to look at Pei Rang beside him, only to find that Pei Rang was also completely bewildered.

The two parties discussed the details, then signed the contract. Su Chen immediately transferred one hundred million into the account.

Manager Li led Su Chen and his group to the VIP trading room, made some small talk, and then left.

After closing the main door, Su Chen checked the time, then called Pei Rang and the others over. He had everyone hand over their phones; even Sicong very consciously surrendered his.

"Pei Rang, lay out the plan."

Pei Rang nodded, turned to his four subordinates, and said, "Our objective is to short gold!"

As soon as he said this, the four traders and Sicong all sucked in a sharp breath. The price of gold had been stable for a while. Moreover, Su Chen’s principal was only one hundred million. Even with 20x leverage, that was a drop in the bucket compared to the entire gold market. How could it possibly shake the price of gold!

"What are you all standing around for? Everyone, move! Contracts! Contracts! Find gold short contracts, now! Move it, GO GO GO!"

"Understood!" The four traders immediately sprang into action.

Every one of them had been in the industry for years and possessed the necessary professionalism. The boss had given the order; all they had to do was execute it.

The current price of gold futures was 1748.36 US Dollars per ounce. After 20x leverage, Su Chen’s principal, when converted to US dollars, came out to approximately 280 million USD.

Each person was fully focused on finding short contracts, afraid that any hesitation would mean someone else would snatch them up.

"Secured 100 lots of gold shorts! Price: 1749.05 US Dollars per ounce!"

"Secured 500 lots of gold shorts..."

"800 lots of gold shorts..."

"1200 lots of gold shorts..."

"1600 lots... We’re out of funds!"

The four traders had been working under intense pressure for an hour straight, and all of them were exhausted. When they heard the funds were depleted, everyone collapsed into their chairs like deflated balloons.

"Boss, all the funds have been invested. It’s a total of 1600 lots of gold short contracts! The average price is 1748.88 US Dollars per ounce! The term is half a month!" Pei Rang was so excited his face was flushed red.

Now, for every one-US-Dollar drop in the price of gold, Su Chen would earn 160,000 USD. Of course, for every dollar it rose, Su Chen would lose 160,000.

"Mm... Now all we have to do is wait for the storm to gather."

If Wall Street, led by Goldman Sachs, really entered the fray tomorrow, it would be a feast for the short-sellers!