Billionaire Carlos Slim has been selling silver futures for "weeks" in an effort to actively hedge the production of his silver mine, a spokesperson confirmed to CNBC Wednesday.
Slim, recently designated the world's richest man by Forbes magazine, has been selling futures contracts dated out two to three years, a spokesperson also confirmed.
Speculation that Slim was participating in the market has circulated for some time, traders told CNBC.
In the market Wednesday, silver futures struggled for the fourth straight session, erasing the lofty gains made last week that perched the metal at a 31-year high. An increase in margin requirements — a sort of down payment required to buy silver futures in the market — have been cited as one reason for silver's stiff correction in the past week.
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