First Majestic (AG) Climbs 12.7% on Silver Rush

AG +12.73% SI=F +1.67% GC=F +0.65% DX-Y.NYB -0.32%

We recently published 10 Stocks Racking Up Big Gains. First Majestic Silver Corp. (NYSE:AG) is one of the top performers of last week.

First Majestic extended its winning streak to a fifth consecutive day on Friday, soaring 12.73 percent to close at $15.23 apiece as investors took heart from the soaring spot prices of silver.

During the session, the metal surged by 5.81 percent to $56.5003, as traders positioned their portfolios ahead of an expected interest rate cut in the last Federal Open Market Committee meeting for the year.

The US central bank is set to announce its decision on benchmark rates on December 10.

Copyright: joebelanger / 123RF Stock Photo

A lower interest rate typically benefits precious metals as it weakens the US dollar, making gold and silver cheaper and more attractive to foreign investors.

In other news, First Majestic Silver Corp. (NYSE:AG) announced stellar earnings performance in the third quarter of the year, having swung to a net income of $43 million from a $26.6 million net loss in the same period last year.

Revenues soared by 95 percent to $285.1 million from $146.1 million year-on-year.

According to First Majestic Silver Corp. (NYSE:AG), the record revenues were primarily driven by a 45 percent increase in silver equivalent payable ounces sold, coupled with a 31 percent increase in the average realized silver price, which reached $39.03.

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