This is wild: The 2x levered long-silver futures ETF, AGQ, dropped -60% on Friday, posting the largest daily decline on record. This comes after the ETF rallied +158% year-to-date through Thursday. As a result, Friday's fall erased nearly all year-to-date gains, and AGQ is up just +3% for the year. At one point, the ETF was down -70% intraday from the Thursday peak. All while trading volume in the fund jumped to a record 38.4 million shares during the session. Levered ETFs are a dangerous game.(The Kobeissi Letter)