Stock Track | ProShares Ultra Silver Soars 6.28% Intraday as Oil Plunge Drives Haven Demand for Precious Metals

Stock Track03-23 22:18

ProShares Ultra Silver (AGQ), a leveraged exchange-traded fund tracking silver, surged 6.28% during intraday trading on Monday. The sharp rise reflects significant buying interest in the silver-backed asset.

The move is attributed to a sudden market reversal where international oil prices plunged sharply, with New York crude oil futures dropping approximately 12% in the session. This decline prompted investors to seek safe-haven assets, leading to a strong rebound in precious metals, including silver.

As a leveraged ETF, AGQ amplifies the daily performance of silver, resulting in the pronounced intraday gain as capital flowed into the metal amid the oil market turmoil.

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Comments

  • Guavaxf3006
    03-23 23:33
    Guavaxf3006
    Silver is the new Gold. Pre-market trading was a golden opportunity that may never come again. But it is still not too late as the present war situation Is holding back Silver from going higher, fast.  But when you have a moment, this about this. There is a shortage of silver which is needed for the AI Chip boom. And with theear going on, freight traffic is heavily disrupted. Which means, whatever silver that has yet been shipped will likely take time to get delivered.  Guess what happens to spot price of silver when the customers finds out whatever is available has got greater demand than supply. Even more so now.
    • Guavaxf3006: 
      Look at how spectacular the recovery is today. Congrats to all who jumped on board.
    • Miracles7: 
      Thank you
    • Guavaxf3006: 
      I can’t tell how high it can go. I am not a wizard.


      But my feel is :-


      1) It is a “precious” metal.
      2) There are real pratical uses in electronics. Great demand.
      3) Throughout history, people have desired it. Wars have been fought over silver and gold.


      My guess?


      Recent 5 day high for AGQ was $141. In January it even hit a ridiculous high of $431.


      It is people who bought in January that are dumping AGQ now.


      My own reading is, it may get back up to $130 level quite fast.


      But this is only my own view. Please do you own studies and make your own decision.
    • Miracles7: 
      target price for silver ?
    • Guavaxf3006: 
      Oh, one thing which may explain the sell-down on Gold and Silver the last few days is because of the super-rally the last month. The rally brought in a lot of retail traders, many of whom had bought through leveraged borrowings. These retail traders are usually weak holders who are affected when there is a whole market sell-down.


      They would be the ones who are selling down the prices now. But once they have been disposed off, Gold and Silver will be back with a vengeance. I give thisa few days. Maybe a week.
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