First Majestic (AG) Jumps to New High as Silver Prices Soar

We recently published 10 Power Stocks Crushing Wall Street — 7 at All-Time Highs. First Majestic Silver Corp. (NYSE:AG) is one of the best performers on Tuesday.

Shares of First Majestic soared to a new all-time high on Tuesday, mirroring the spot prices of silver, as investors positioned ahead of a highly anticipated interest rate cut this month.

At intra-day trading, the stock climbed to its highest price of $9.62 before closing at $9.61, up 5.14 percent, closely tracking silver spot prices, which jumped by 0.46 percent to $40.88—its highest in 14 years—on optimism that lower rates would spark buying appetite for precious metals.

The Federal Reserve is set to decide on interest rates at its upcoming FOMC meeting in the next few days, with investors and analysts highly expecting a rate cut following signals from its chairman, Jerome Powell, that the central bank may finally cut rates. Any cut could weaken the US dollar and make it easier for overseas buyers to purchase precious metals such as silver and gold.

The bullish sentiment spilled over to mining stocks, including First Majestic Silver Corp. (NYSE:AG)—a company heavily focused on silver production.

In other news, First Majestic Silver Corp. (NYSE:AG) recently announced positive drilling results from its ongoing exploration program at the San Dimas Silver/Gold mine in Durango, Mexico.

“We are realizing strong results from numerous veins at San Dimas near-mine extensions at Elia, Sinaloa, Roberta, and Santa Teresa, and we are excited by the new high-grade silver and gold intercept of the Coronado vein in the West Block,” said First Majestic Silver Corp. (NYSE:AG) President and CEO Keith Neumeyer.

“These new results confirm our view that San Dimas has significant growth opportunities and remains a cornerstone asset for our long-term growth strategy,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.