This is going past 250 next week IMHO.
Of any of the ultra (2x, 3x) ETFs for anything longer than a daytrade. They decay too much to hold more than a couple days -- if the price of silver goes down 10% then up 10%, AGQ will lose a couple percent of its value just because of the round trip.
If you are bullish on silver and want leverage beyond SLV I'd recommend call options on SLV and/or shorting ZSL (assuming you can find some shares to borrow).
...for discussion re: AGQ.
This has its own life, with lots of fits and starts.
I think you're correct, but I'll be jumping back off that train fairly soon after it hits that area. AGQ kills you if you're not nimble. When silver spot gets past 44.50, this is likely out of the channel. I'll take most of my fiat at that point and wait to buy back in on the dip.
I have had great success with AGQ this year--very easy to trade. I put in limit buy orders. You can't be too aggressive, or you won't get filled, so you have to finesse as best you can. When I feel silver is overextended, I get out, and wait for another opportunity--wash, rinse, repeat.
Another poster wrote recently that a $1 move in silver yielded somewhere around a $12-13 move in AGQ--don't know if that's completely accurate, but it might be useful to you.
I agree w Mdcromer that SLV calls can be mighty profitable, and I try to always keep some on hand. Again, I buy them opportunistically.
A last point is that IMO options on the 2x/3x PM ETFs can be bizarre in price action, and I have stopped using them--although I'm sure others here have done fine with them.