ProShares Ultra Silver (AGQ) experienced a significant 24-hour plunge of 9.65% during the night session, mirroring a sharp downturn in the underlying silver market.
The leveraged ETF's decline followed former U.S. President Donald Trump's address in which he claimed a "swift, decisive, and overwhelming victory" in military actions against Iran. Trump stated that Iran's missile and drone capabilities were "significantly degraded" and that core U.S. strategic objectives were "nearing completion," reducing immediate geopolitical tensions and the safe-haven appeal of precious metals. Concurrently, spot silver prices fell sharply, with losses widening to 2.9%.
Additional factors influencing the silver market included the completion of major silver streaming agreements. BHP Group finalized a long-term silver streaming deal with Wheaton Precious Metals, receiving $4.3 billion in upfront consideration, while Wheaton also announced a new gold and silver stream acquisition on the Jervois Project. These transactions may have contributed to market expectations of increased future silver supply, further pressuring prices.