AGQ targets twice the daily move of silver. Unlike the gold miner funds it tracks the metal itself rather than mining equities, using futures contracts. Silver is a genuinely two-natured asset — part precious metal, part industrial input — which makes it more volatile than gold and harder to read.
ProShares Ultra Silver (AGQ) is currently trading at $88.98. Over the past 52 weeks, AGQ has traded between a low of $52.18 and a high of $431.47. Recent daily volume is around 2.3M. These figures update live as the market moves.
The fund holds silver futures and swaps, rolling contracts forward and resetting exposure daily. Futures-based commodity funds carry roll costs that equity funds do not: when the futures curve is in contango, each roll sells a cheaper expiring contract and buys a more expensive later one, producing a drag independent of the 2x reset.
Roughly half of silver demand is industrial — solar panels, electronics, brazing alloys. That means silver responds to manufacturing cycles as well as to monetary conditions, and it frequently diverges from gold. The gold-to-silver ratio is watched precisely because the two metals trade together until, abruptly, they do not.
Real yields and dollar moves, as with gold, plus industrial demand signals — solar installation data, manufacturing surveys, and Chinese industrial output. Silver's smaller market means it moves further on the same flow, in both directions.