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AGQ - Update On Gold And Silver Price Fundamentals
ProShares Ultra Silver
The gold cobasis (scarcity) has been remarkably stable since early February, around the -0.50% line.
Whatever the reason, buying or selling has been evenly matched in futures and in spot gold. This is why the big price moves caused barely a ripple in the cobasis.
The price swings in silver, though, are much bigger, so the little ripples in the gold cobasis are amplified into peaks and valleys in the silver cobasis.