On August 19, ProShares Ultra Silver rose 8.14% in regular trading, trading at $82.32/share, with turnover of $238 million. The 2x leveraged silver ETF surged as underlying silver prices extended gains driven by declining Fed rate hike expectations and a major bullish institutional call.

On the macro front, market pricing for a September Fed rate hike has dropped to approximately 30%, down sharply from over 70% earlier in August, following softer U.S. employment and inflation data. The weakening dollar and lower Treasury yields have reduced the opportunity cost of holding non-yielding precious metals, providing fundamental support for silver. Gold simultaneously surged past $4,400/oz, pulling silver higher in tandem.

Adding momentum, Citi reiterated its strong bullish stance on silver, projecting prices could reach $90/oz within 6 to 12 months, driven by investment demand replacing softening industrial consumption. Citi noted silver offers both gold's safe-haven properties and higher price elasticity. Goldman Sachs also flagged that systematic CTA short-covering has been triggered, with managed money adding long positions and open interest increasing by $2.4 billion in recent weeks.

ProShares Ultra Silver seeks daily investment results that correspond to two times the daily performance of silver bullion. The fund invests in financial instruments including swap agreements, futures contracts, and options based on its benchmark, and does not invest directly in any commodity.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)