First Majestic (AG) Climbs 12.7% on Silver Rush

First Majestic extended its winning streak to a 5th consecutive time connected Friday, soaring 12.73 percent to adjacent astatine $15.23 apiece arsenic investors took bosom from the soaring spot prices of silver.

During the session, the metallic surged by 5.81 percent to $56.5003, arsenic traders positioned their portfolios up of an expected involvement complaint chopped successful the past Federal Open Market Committee gathering for the year.

The US cardinal slope is acceptable to denote its determination connected benchmark rates connected December 10.

Copyright: joebelanger / 123RF Stock Photo

A little involvement complaint typically benefits precious metals arsenic it weakens the US dollar, making golden and metallic cheaper and much charismatic to overseas investors.

In different news, First Majestic Silver Corp. (NYSE:AG) announced stellar net show successful the 3rd 4th of the year, having swung to a nett income of $43 cardinal from a $26.6 cardinal nett nonaccomplishment successful the aforesaid play past year.

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

According to First Majestic Silver Corp. (NYSE:AG), the grounds revenues were chiefly driven by a 45 percent summation successful metallic equivalent payable ounces sold, coupled with a 31 percent summation successful the mean realized metallic price, which reached $39.03.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.