Group 1 - Gold stocks showed strong performance with Gold Fields (GFI.US) rising nearly 6%, AngloGold Ashanti (AU.US) up over 5%, Kinross Gold (KGC.US) and Eagle Mining (AEM.US) increasing over 4%, and Newmont Mining (NEM.US) gaining over 2% [1] - Silver stocks also experienced gains, with Silvercorp Metals (SVM.US) up over 5%, Pan American Silver (PAAS.US) rising over 4%, and First Majestic Silver (AG.US) increasing over 2% [1] - Spot gold rose by 1.2%, currently priced at $4,723.65, while spot silver saw an increase of over 1%, currently priced at $93.42 [1] Group 2 - Ray Dalio, founder of Bridgewater Associates, warned that President Trump's policies could lead to a "capital war," as countries and investors may reduce their investments in U.S. assets [1] - The escalation of trade tensions and increasing fiscal deficits may undermine confidence in U.S. debt, potentially prompting investors to turn to hard assets like gold [1] - Dalio suggested that gold should be considered an important hedging tool in the current economic climate [1]

Group 1: Market Performance - Shares of Silvercorp Metals Inc. increased by 6.90% during pre-market trading as silver prices surpassed $95 [1] - Other silver miners also saw gains, with Hecla Mining Company up 6.56%, First Majestic Silver Corp. rising 5.5%, and Endeavour Silver Corp. increasing by 4.5% [1] Group 2: Price Drivers - The surge in silver and gold prices is attributed to growing political uncertainty, particularly related to President Trump's Greenland initiative and potential EU retaliatory measures [2] - Gold spot prices rose by 1% to $4,725.43 an ounce, reaching a record high of $4,675 an ounce on Monday [2] - The conflict involving the White House, the Justice Department, and Federal Reserve Chair Jerome Powell has also contributed to the upward pressure on silver prices [3] Group 3: Demand and Supply Dynamics - Silver prices have increased over 200% from approximately $30 in early 2025, driven by geopolitical uncertainties and its critical role in AI and solar technology [4] - Demand from data centers and renewable energy, along with a sixth consecutive year of supply deficits and new Chinese export restrictions, is tightening the physical silver market [5]

Core Insights - First Majestic Silver Corp. reported a total production of 7.8 million silver-equivalent ounces in Q4 2025, marking a 37% year-over-year increase driven by a 77% surge in silver production [1][9] Production Highlights - The fourth quarter production included a record 4.2 million silver ounces and 41,417 gold ounces, along with 14.2 million pounds of zinc, 8.1 million pounds of lead, and 235,886 pounds of copper [1] - The San Dimas mine produced 2.45 million AgEq ounces, with silver production increasing by 10% year-over-year [3] - The Santa Elena mine produced 2.28 million AgEq ounces, down 16% year-over-year [3] - La Encantada produced 1 million ounces of silver, up 32% from Q4 2024, driven by a 20% growth in ore processed and an 11% increase in silver grades [4] - Los Gatos contributed 2.09 million AgEq ounces, including 1.49 million ounces of silver [4] Strategic Developments - In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., securing a 70% interest in the Cerro Los Gatos mine, enhancing its position as an intermediate primary silver producer [2] - The company initiated its 2025 drilling program at the Jerritt Canyon mine, completing 5,889 meters of drilling in Q4 2025, exceeding its annual target [5] Financial Updates - First Majestic announced an increase in its quarterly dividend from 1% to 2% of net quarterly revenues [6] - For 2026, the company expects silver production to be between 13-14 million ounces, with gold production projected at 116,000-129,000 ounces [7] Market Performance - First Majestic's stock price increased by 249.3% over the past year, outperforming the industry average of 208.2% [10]

Group 1 - The core point of the article highlights a significant decline in spot silver prices, which fell below $88 per ounce [1] - Silver-related stocks in the U.S. market experienced weakness, with notable declines in several companies [1] Group 2 - Hecla Mining (HL.US) saw a drop of over 1.3% [1] - First Majestic Silver (AG.US) decreased by more than 1% [1] - Pan American Silver (PAAS.US) fell by 2% [1] - Coeur Mining (CDE.US) experienced a slight decline of 0.24% [1]

Core Insights - First Majestic Silver Corp. (AG) is trading at a forward 12-month P/E ratio of 55.84X, significantly higher than the Zacks Mining - Silver industry's 20.03X, indicating potential valuation concerns [1][7] - The current valuation exceeds its five-year median of 29.91X, with peers Hecla Mining Company (HL) and Pan American Silver Corp. (PAAS) trading at 41.03X and 15.25X respectively, raising further concerns about AG's premium valuation [2][7] Valuation and Performance - First Majestic's stock has gained 29.4% over the past three months, underperforming the industry's 36.1% growth and the S&P 500's 6.4% return [5] - The company faces rising costs, with cost of sales increasing by 52.8% year-over-year to $390 million and general and administrative expenses rising by 27.3% to $35.9 million [9] - Long-term debt has increased by 3.5% year-over-year to $216.8 million, which could impact margins and profitability if it continues to rise [11] Production and Financial Performance - In Q3 2025, First Majestic achieved total production of 7.7 million silver-equivalent ounces, including a record 3.9 million silver ounces, marking a 39% year-over-year increase [13] - The company reported a record quarterly free cash flow of $98.8 million, a 67.5% increase year-over-year, with liquidity reaching $682 million [14] - Silver prices have risen significantly due to strong demand, geopolitical tensions, and supply deficits, benefiting the company's performance [14][15] Challenges and Market Position - First Majestic is dealing with ongoing taxation and regulatory challenges in Mexico, which pose financial and operational risks despite healthy production [10] - The company operates in a competitive market with peers like Hecla Mining and Pan American Silver, which have established positions in the silver and gold sectors [12] - The Zacks Consensus Estimate for First Majestic's 2025 earnings remains stable at 25 cents per share, while the estimate for 2026 has decreased by 2.9% to 34 cents per share [16]

Core Insights - First Majestic Silver Corp. reported a significant increase in production for Q4 2025, achieving a total of 7.8 million attributable silver equivalent ounces, which includes 4.2 million silver ounces and 41,417 gold ounces, among other metals [1][4][10] Q4 2025 Production Highlights - The company produced 4.2 million silver ounces in Q4 2025, a 77% increase from 2.4 million ounces in Q4 2024 [4] - Total silver equivalent production reached 7.8 million AgEq ounces, a 37% increase compared to 5.7 million AgEq ounces in Q4 2024 [4] - The Los Gatos mine contributed 1.5 million ounces of attributable silver production [4] FY 2025 Highlights - First Majestic achieved a record annual silver production of 15.4 million ounces in 2025, an 84% increase from 2024 [10] - The company met or exceeded its production guidance for 2025, with total production of 31.1 million silver equivalent ounces [4][10] - The acquisition of Gatos Silver, which added a 70% interest in the Los Gatos mine, was a key factor in the production increase [10][5] Exploration and Development - The company completed 57,305 meters of drilling in Q4 2025, with up to 27 drill rigs active across its mines [4] - Positive exploration results were reported for the Santo Niño and Navidad targets at Santa Elena, leading to preliminary mine planning studies [4] - The company plans to invest between $213 million to $236 million in capital expenditures for 2026, focusing on sustaining and expansionary projects [29][30] Safety Performance - The consolidated Total Reportable Incident Frequency Rate (TRIFR) for 2025 was 0.55, below the target KPI of 0.70, indicating strong safety performance [4] 2026 Production and Cost Guidance - For 2026, the company expects total attributable production of 13.0 to 14.4 million ounces of silver and 116,000 to 129,000 ounces of gold [21][24] - The projected all-in sustaining costs (AISC) for 2026 are estimated to be between $26.15 and $27.91 per AgEq ounce [26][27] Dividend Announcement - The company announced an increase in its dividend from 1% to 2% of net quarterly revenues starting January 1, 2026 [37][38]

Core Viewpoint - First Majestic Silver Corp. (NYSE:AG) has reached a 13-year high due to increased investor interest in precious metals amid geopolitical tensions and concerns regarding the US Federal Reserve's independence [1][3]. Group 1: Stock Performance - On a recent trading day, First Majestic's stock price increased by as much as 8.9% to $20.60, before closing up 6.93% at $20.22 [2]. - The rise in stock price coincided with spot silver prices reaching an all-time high of $86.12 [2]. Group 2: Geopolitical and Economic Factors - The rally in silver and mining stocks is attributed to ongoing geopolitical tensions in Iran and concerns over the Federal Reserve's independence, particularly following comments from Chairman Jerome Powell regarding threats from President Trump [3][4]. - President Trump has been advocating for lower interest rates to stimulate economic growth, criticizing the Federal Reserve for its cautious approach to rate cuts [4]. Group 3: Company Developments - First Majestic Silver Corp. has sold its Del Toro Silver Mine in Zacatecas, Mexico, to Sierra Madre Gold & Silver Ltd. for a total of $60 million [4]. - The payment structure includes $20 million in cash, $10 million in Sierra Madre shares, and $30 million in delayed and contingent consideration [5].

Core Viewpoint - Spot gold and silver prices have reached historical highs, leading to a significant increase in the stock prices of precious metal companies in the U.S. [1] Company Performance - Harmony Gold (HMY.US) has seen its stock price rise by over 8% [1] - First Majestic Silver (AG.US) and Endeavour Silver (EXK.US) have both increased by more than 6% [1] - Pan American Silver (PAAS.US) and Newmont Corporation (NEM.US) have experienced stock price increases of over 3% [1]

Core Viewpoint - The precious metals market is experiencing a liquidity shock triggered by the rebalancing of the Bloomberg Commodity Index, leading to significant declines in gold and silver prices and related mining stocks [1] Group 1: Market Performance - Gold and silver stocks opened lower, with Hecla Mining (HL.US) down over 5%, First Majestic Silver (AG.US) and Endeavour Silver (EXK.US) down over 4%, and Coeur Mining (CDE.US), Pan American Silver (PAAS.US), and Gold Fields (GFI.US) down over 2% [1] - Spot silver fell over 4% to $74.48, while spot gold decreased by 0.5% to $4,433.37 [1] Group 2: Index Rebalancing Impact - The current adjustment in the precious metals market is directly linked to the annual weight rebalancing of the Bloomberg Commodity Index, which started on January 8 and will continue until January 14 [1] - Gold's weight in the index was reduced from 20.4% to 14.9%, and silver's weight was significantly cut from 9.6% to 3.94%, forcing passive funds tracking the index to make mechanical position adjustments [1] Group 3: Analyst Insights - Deutsche Bank analyst Michael Hsueh noted that the rebalancing is unfavorable for precious metals but beneficial for crude oil [1] - Silver is expected to face the largest selling pressure from the rebalancing, followed by aluminum and gold [1] - Hsueh estimates that a sale of 2.4 million ounces of gold could lead to a price drop of 2.5%-3.0%, depending on the sensitivity model and time window used for ETFs [1]

Core Viewpoint - The precious metals market is experiencing a liquidity shock triggered by the rebalancing of the Bloomberg Commodity Index, leading to significant declines in gold and silver prices and related mining stocks [1] Group 1: Market Performance - Gold and silver stocks opened lower, with Hecla Mining (HL.US) down over 5%, First Majestic Silver (AG.US) and Endeavour Silver (EXK.US) down over 4%, and other companies like Coeur Mining (CDE.US), Pan American Silver (PAAS.US), and Gold Fields (GFI.US) down over 2% [1] - Spot silver fell over 4% to $74.48, while spot gold decreased by 0.5% to $4,433.37 [1] Group 2: Index Rebalancing Impact - The current adjustment in the precious metals market is directly linked to the annual weight rebalancing of the Bloomberg Commodity Index, which started on January 8 and will continue until January 14 [1] - The weight of gold in the index has been reduced from 20.4% to 14.9%, while silver's weight has been significantly cut from 9.6% to 3.94%, forcing passive funds tracking the index to make mechanical position adjustments [1] Group 3: Analyst Insights - Deutsche Bank analyst Michael Hsueh noted that the rebalancing is unfavorable for precious metals but beneficial for oil [1] - Silver is expected to face the largest selling pressure from the rebalancing, followed by aluminum and gold [1] - Hsueh estimates that a sale of 2.4 million ounces of gold could lead to a price drop of 2.5%-3.0%, depending on the sensitivity model of the ETFs used and the time window considered [1]