Why First Majestic Silver Corp. (AG) Soared On Thursday

We recently published a list of 10 Stocks With Surprising Gains. In this article, we are going to take a look at where First Majestic Silver Corp. (NYSE:AG) stands against other best-performing stocks on Thursday.

First Majestic Silver extended its winning streak to a fifth straight day on Thursday, jumping 15.52 percent to close at $8.41 apiece as snapped up shares in the company following the surge in silver prices.

Silver futures rose to as high as $36.27 per troy ounce at intra-day trading on Thursday, its highest since 2012, before closing lower to $35.81 per troy ounce. Silver prices grew alongside gold, as investors’ funds flocked to safer assets anew to mitigate the risks from the ongoing trade tensions between the US and China.

In recent news, First Majestic Silver Corp. (NYSE:AG) discovered a new gold-silver deposit called Sto. Nino, one kilometer away from the Santa Elena mining property in Sonora, Mexico.

Additionally, it was able to raise the production of its Navidad deposit at the same site following the success of its drilling operations.

First Majestic Silver Corp. (NYSE:AG) said that the addition of Navidad and Sto. Nino raised the number of its hosted production sites to four, the others being Sta. Elena and Ermitano.

“The Santo Niño discovery marks yet another exciting milestone for the district, and the drilling shows the vein remains open for expansion in most directions. At the same time, step-out drilling at the Navidad Discovery continues to intercept exceptionally high-grade mineralization and expand the resource envelope,” said First Majestic Silver Corp. (NYSE:AG) President and CEO Keith Neumeyer.

Overall, AG ranks 3rd on our list of best-performing stocks on Thursday. While we acknowledge the potential of AG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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