Leveraged Bullish Silver ETF (AGQ) Soaring Today
The Ultra Silver ProShares ETF (NYSE: AGQ), a leveraged ETF that seeks to deliver twice the performance of silver bullion as measured by the U.S. Dollar fixing price for delivery in London, is up nearly 10% today as traders have renewed their vigor for precious metals.
The ETF Professor spotted some unusual options trade in AGQ as traders purchased 1,800 November 60 calls for $4.30 and sold an equal number of November 60 puts, according to press reports. Volume was above interest in both strikes.
The November 60 calls were also purchased for $3.40 and options volume in AGQ is more than seven times the daily average today.
If you're bullish on silver and willing to move in and out of a trade quickly, the Professor says AGQ is a good way to play a run up in the underlying commodity.
