Stock Track | ProShares Ultra Silver Soars 6.51% in Pre-Market on Deutsche Bank's Bullish Silver Forecast

Stock Track04-22

ProShares Ultra Silver (AGQ), the leveraged exchange-traded fund tracking silver prices, surged 6.51% during pre-market trading on Wednesday. The fund, which aims to deliver twice the daily performance of silver bullion, experienced significant buying interest ahead of the market open.

The sharp rise appears to be driven by a bullish analyst report from Deutsche Bank. According to the bank's Head of FX and Commodity Research, Thu Lan Nguyen, Deutsche Bank has raised its price forecasts for both gold and silver. The bank expects the Federal Reserve to cut interest rates in the second half of the year, which could push gold prices back above $5,000 per ounce. Higher gold prices are projected to lift silver to $90 per ounce.

Despite acknowledging that silver's current momentum is driven more by gold's performance than economic fundamentals, Deutsche Bank remains optimistic about the precious metal. The analyst noted that as long as gold remains overvalued and well-supported as a safe-haven asset, silver prices are likely to benefit, providing a positive catalyst for silver-linked investments like AGQ.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment