The reason was straight forward. Silver price has been making lower highs and lows, meaning it is a downtrend with no end in sight of yet. I am not one to fight the trend and I have rode my silver waves to a certain extent. 

With oil prices rising, fuel induced inflation is getting out of control. Furthermore, people are starting to wake up to certain reality of AI excessive spending, especially by hyperscalers. Frankly, at this point in time, I have no idea who is really making the money. It appears in every earning seasons that companies like $NVIDIA(NVDA)$ , $Microsoft(MSFT)$ are raking in the big bucks. Even $SpaceX(SPCX)$ quickly post a profit after its recent IPO. However, the amount of money they borrow to build more has been nothing short of staggering, if not ridiculous. I still remember OpenAI throwing loads of money for memory chips in order to store more data for training purposes not that long ago. This happens until Chinese company DeepSeek came along and changed everything we know about training AI.

I have digressed. 

The industrial applications of silver have slowed down recently with more copper replacing silver in solar panels. Although silver is still used in many other technologies, like AI and data centres, it will take a while before these applications would take up the slack. While gold receives central banks' 🏦 support, the same cannot be said of silver.

Lastly, AGQ is a daily compute leveraged index that decays over time. It behaves badly in a tapering market, and the worst in downtrends. In short, it's not a keeper. Having said that, looking at RSI (sitting less than 20), it's deeply oversold and looking ready any day for a nice rebound. I will wait... today's not the day.