There is something I do not understand in that line of thinking. Butler completely lost me this time. Please understand that I have a huge lot of respect for the man.

What is the justification for the Chinese to short PM???

I fail to see any.

Contrary to oil and copper, they are the largest world producer of both G&S.

They keep 100% of what they produce and are trying to increase their reserves of both as these are relatively very very low.

They limit their imports for fear of pushing the prices higher too fast.

Therefore they control the price or at the very least the rate at which the prices are increasing.

Why would they want to short a commodity they control?

That would be insane...

Do I miss something???