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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