Gold, Silver Add $1 Trillion After US Midterm Results: 4 ETFs to Trade As Rally Heats Up

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Gold and silver are extending their rally after Democrats won control of both chambers of Congress in the U.S. midterm elections, sending precious metals sharply higher and putting leveraged commodity ETFs in focus.

According to The Kobeissi Letter, the two metals have added a combined $1 trillion in market capitalization following the election outcome.

BREAKING: Gold and silver prices surge after the Democrats take control of the US House and Senate.

The metals have added a combined +$1 trillion in market cap today. pic.twitter.com/zpsxFpTnUI

— The Kobeissi Letter (@KobeissiLetter) November 4, 2026

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Gold climbed to around $4,045.68, gaining 2.94% on Wednesday, while silver surged 4.39% to approximately $51.97 per ounce, according to the price charts.

The rally puts gold and silver ETFs on investors’ radar, particularly leveraged products that can amplify daily price movements. Here are four ETFs to watch as traders assess whether the precious metals rally has further room to run.

Why Are Gold and Silver Rallying After the Midterms?

The Democratic sweep has raised expectations of political gridlock in Washington, potentially limiting President Donald Trump’s ability to advance his fiscal and economic agenda over the remainder of his term.

Markets responded by selling the U.S. dollar and moving into government bonds. The dollar fell to a one-month low, while Treasury yields declined as investors reassessed the fiscal outlook and the potential implications of a divided government.

The weaker dollar has provided an immediate boost to dollar-denominated commodities, making gold and silver more attractive to international buyers.

Gold climbed nearly 3% on Wednesday, reclaiming the $4,000-an-ounce threshold, while silver advanced more than 4%, approaching $52 an ounce.

However, the Federal Reserve’s interest-rate outlook remains an important variable. Expectations of further monetary tightening could limit the upside in non-yielding assets such as gold and silver.

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4 Gold and Silver ETFs to Watch on Wednesday

1. SPDR Gold Shares

GLD is a key fund to monitor for confirmation of the gold rally. The physically backed trust seeks to reflect the performance of gold bullion, less expenses.

Support levels appear to be forming around the $360 mark, providing a cushion for the fund should it experience any pullbacks. Conversely, resistance is likely to be encountered near the $380 level, where sellers may emerge to take profits. According to Benzinga Pro, the current price is situated 4.7% below the recent resistance level, which indicates that there is potential for further upward movement if buying momentum continues.

2. ProShares Ultra Gold

For traders seeking amplified exposure, UGL targets twice the daily performance of the Bloomberg Gold Subindex.

The leveraged fund could attract momentum traders if gold sustains its breakout above $4,000. However, its daily reset means returns over longer holding periods may differ significantly from twice the underlying index’s cumulative performance.

UGL was up 6.2% in Wednesday’s premarket session from Tuesday’s close of $40.26, according to Benzinga Pro. The fund remains well below its 52-week high of $90.40.

3. Direxion Daily Gold Bull 2X ETF

UGLD offers another leveraged route to the gold trade, targeting 200% of the daily price performance of gold.

Launched in May 2026, the fund initially uses GLD as its reference exchange-traded product, providing leveraged exposure linked to the spot gold market.

Its performance could offer another indication of whether traders are positioning for a sustained gold rally following the election-driven breakout. The fund was up 6.2% in the premarket session.

Looking at support and resistance levels, the recent close at $17.39 establishes a near-term support level. If the price can maintain above this point, it may pave the way for a challenge against the resistance level around $20, which has historically acted as a barrier for upward movement.

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4. ProShares Ultra Silver

Silver has outperformed gold in Wednesday’s rally, making the AGQ another fund to watch.

AGQ targets twice the daily performance of the Bloomberg Silver Subindex, which tracks silver futures.

The fund surged more than 9% in Wednesday’s premarket trading session. With silver approaching $52 an ounce, the fund could attract traders looking to capitalize on further upside. However, silver’s greater price volatility also makes leveraged exposure particularly risky.

AGQ trades far below its 52-week high of $431.47. Potential resistance sits around $100, while immediate support is near the 52-week low of $42.87. A break below that level could signal further weakness, while a bounce could draw more buyers.

What Should Investors Watch Next?

The immediate test for precious metals is whether gold can sustain its move above $4,000 and silver can establish support around $52.

A further decline in the dollar and Treasury yields could provide additional support. Conversely, a recovery in the greenback or a renewed rise in bond yields could trigger profit-taking.

For leveraged ETF traders, the distinction between short-term momentum and a sustained trend will be particularly important. These funds reset their exposure daily, and volatility can significantly erode returns over longer holding periods.

The election-driven rally has put precious metals back in the spotlight. Whether it develops into a sustained advance or becomes another opportunity for profit-taking will determine which of these ETFs emerge as the biggest beneficiaries.

Photo: Shutterstock

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