ProShares Ultra Silver (AGQ) experienced a pre-market plunge of 5.59% on Tuesday, mirroring a sharp drop in underlying silver prices.

The decline in silver and related ETFs came amid holiday-thinned trading in multiple markets, a lack of new positive catalysts, and heightened geopolitical tensions. Traders are closely monitoring developments between the U.S. and Iran, with recent Iranian military exercises and ongoing nuclear talks contributing to market uncertainty and dampening risk appetite.

Analysts noted that reduced liquidity due to holidays in the U.S. and Asia may amplify price moves, and the psychological impact from a late-January crash in precious metals continues to linger, prompting caution among active investors.