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

We recently published 10 Stocks Stealing Wall Street’s Spotlight. First Majestic Silver Corp. (NYSE:AG) is one of the top performers on Monday.

First Majestic saw its share prices rally to a new record high on Monday as investors gobbled up its shares after silver surged to all-time highs.

During the session, First Majestic Silver Corp. (NYSE:AG) touched its highest price of $12.16 before trimming gains by 2 cents to end the day just up by 14.31 percent at $12.14 apiece.

The company mimicked the rally in silver spot prices, which, as of writing, was up 2.27 percent at $44.06 per troy ounce, buoyed by expectations of more interest rate cuts.

Lower rates tend to weaken the US dollar, making it more beneficial to precious assets like silver and gold by allowing foreign investors to purchase the dollar-denominated assets at cheaper prices.

In other news, First Majestic Silver Corp. (NYSE:AG) recently announced positive exploration results at its Los Gatos Silver Mine in Chihuahua, Mexico. The drilling programs were designed to expand silver, zinc, lead, copper, and gold mineralization in the South-East Deeps, Central Deeps, and North-West Deeps zones.

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