First Majestic Silver (AG) Up on Gold, Silver Rally

We recently published 10 Resilient Stocks Defying Market Sentiment. First Majestic Silver Corp. (NYSE:AG) is one of Monday’s biggest gainers.

First Majestic Silver snapped a five-day losing streak on Monday, adding 4.95 percent to close at $8.69 apiece, as investors resorted to bargain-hunting while digesting the rally in the prices of gold and silver.

During the trading session, spot prices of silver were up by 1.97 percent or 0.75 points at $38.93 per troy ounce, while gold spot prices increased by 1.42 percent or 47.64 points at $3,397.58.

Additionally, First Majestic Silver Corp. (NYSE:AG) saw its share prices drop by 10.68 percent last week after trading lower in the past five consecutive days, making it a prime target for dip buyers.

In recent news, First Majestic Silver Corp. (NYSE:AG) announced the production of 3.7 million ounces of silver in the second quarter of the year, representing a 76-percent increase from the 2.1 million silver ounces in the same period last year. The bulk of the figure, or 1.5 million ounces, was produced at the Los Gatos site alone.

Meanwhile, produced silver equivalent stood at 7.9 million ounces, marking a 48-percent increase from 5.3 million year-on-year.

The impact of the production on its earnings performance is expected to be announced during market hours on August 14.

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