First Majestic (AG) Wins 14.3% as Silver Hits Fresh Record

We recently published 10 Big Names With Explosive Gains That Investors Can’t Ignore. First Majestic Silver Corp. (NYSE:AG) is one of the companies that soared by double- and triple-digits last week.

First Majestic Silver Corp. (NYSE:AG) grew by 14.3 percent week-on-week, as investors poured funds into mining companies after the latest US inflation rate figures solidified hopes for more interest rate cuts.

On Friday, the Commerce Department announced that the personal consumption expenditures index posted a 0.3 percent gain in August, bringing the annual headline inflation rate to 2.7 percent.

Headline inflation rate grew slightly from 2.6 percent in July, but remained within economists’ expectations of 2.8 percent.

The latest figures strengthened hopes that the US central bank would continue lowering rates toward the end of the year, sparking rosy prospects for precious metals like silver and gold.

Lower interest rates tend to weaken the US dollar, making gold and silver much cheaper to foreign investors.

Amid optimism, First Majestic Silver Corp. (NYSE:AG) also hit its highest 52-week price of $12.67 before slight profit-taking persisted toward the end of the week.

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