Ultime notizie per First Majestic Silver (NYSE:AG) Azioni

First Majestic Silver

First Majestic Silver Corp is engaged in the production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. It owns three producing mines, in Mexico consisting of the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

First Majestic Silver Corp. Ordinary Shares (Canada)

First Majestic Silver Corp

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Silver prices have <a href="https://pro.benzinga.com/dashboard">experienced a significant increase</a>, rising over 6% to exceed $33.6 per ounce. This unexpected surge has put five U.S. banks at risk of substantial financial losses due to their large short positions in the metal.
What Happened: The recent spike in silver prices has led to potential losses for these banks, estimated at billions of dollars, according to a report <a href="https://thesilverindustry.substack.com/p/banks-losing-billions-in-their-immoral">by</a> The Silver Academy.
The Commodities Futures Trading Commission (CFTC) reports that open interest in silver futures contracts has reached 141,580 contracts, each representing 5,000 ounces.
This amounts to approximately 707.9 million ounces, nearly equaling a year&#8217;s global silver production. With silver prices increasing by $1.84 per ounce, these short positions are now estimated to be underwater by $1.3 billion.
"This behavior undermines market integrity and could have far-reaching consequences for both the financial sector and industries that depend on stable silver prices," said The Silver Academy.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41426422/jim-cramer-says-this-energy-stock-is-a-buy-it-can-make-money-even-at-these-levels?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says This Energy Stock Is A Buy: &#8216;It Can Make Money Even At These Levels&#8217;</a>
The concentration of these short positions among just five U.S. banks has raised concerns among industry analysts. Critics argue that this level of short-selling artificially depresses silver prices, despite strong industrial demand from sectors like electric vehicles and solar panels.
"Silver is viewed as the relatively cheap sibling to gold, and as gold continues to reach fresh record highs and copper hits a 2 1/2 month high, traders took it through resistance at $32.50," said Ole Hansen, head of commodities strategy at Saxo Bank A/S, according to a report <a href="https://www.bloomberg.com/news/articles/2024-09-26/silver-surges-to-the-highest-since-2012-as-precious-metals-rally">by</a> Bloomberg.
Concerns about market integrity and potential supply shortages have emerged, with some fearing a sharp price increase could force banks to buy back large quantities of silver, leading to significant losses.
Why It Matters: The surge in silver prices comes amid a backdrop of increasing investor interest in precious metals. Robert Kiyosaki, a renowned investor, <a href="https://www.benzinga.com/news/24/10/41305328/robert-kiyosaki-predicts-stock-market-crash-says-invest-in-gold-silver-and-bitcoin">predicted a potential stock market crash</a> and emphasized the importance of investing in gold, silver, and Bitcoin. His remarks highlight a growing trend of investors seeking defensive assets in uncertain market conditions.
Additionally, on Monday, significant options activity was observed in First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>), with a notable bullish sentiment among investors. This activity suggests a heightened interest in silver, possibly anticipating further price increases.
Furthermore, on Wednesday, attention was drawn to a silver breakout amid rising dollar demand linked to <a href="https://www.benzinga.com/general/market-summary/24/10/41494925/attention-to-silver-breakout-dollar-demand-surges-on-trump-election-prospects">election prospects</a>, indicating broader market dynamics influencing silver prices.
Read Next:
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

News

Commodities

Markets

Five US Banks Face Billions In Losses As Silver's Price Spike Hits Short Sellers Hard: Report

Deep-pocketed investors have adopted a bullish approach towards First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in AG usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for First Majestic Silver. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 57% leaning bullish and 42% bearish. Among these notable options, 2 are puts, totaling $87,290, and 12 are calls, amounting to $455,856.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $5.5 to $15.0 for First Majestic Silver over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for First Majestic Silver's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of First Majestic Silver's whale trades within a strike price range from $5.5 to $15.0 in the last 30 days. 
<h3>First Majestic Silver Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729543530_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>AG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$0.8</td>
<td>$0.7</td>
<td>$0.79</td>
<td>$15.00</td>
<td>$51.0K</td>
<td>22.0K</td>
<td>900</td>
</tr>
<tr>
<td>AG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$2.19</td>
<td>$2.15</td>
<td>$2.15</td>
<td>$9.00</td>
<td>$49.6K</td>
<td>81</td>
<td>314</td>
</tr>
<tr>
<td>AG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.24</td>
<td>$1.23</td>
<td>$1.24</td>
<td>$7.00</td>
<td>$49.6K</td>
<td>30.5K</td>
<td>1.8K</td>
</tr>
<tr>
<td>AG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$0.42</td>
<td>$0.39</td>
<td>$0.39</td>
<td>$8.00</td>
<td>$46.8K</td>
<td>9.4K</td>
<td>1.8K</td>
</tr>
<tr>
<td>AG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/25/24</td>
<td>$1.55</td>
<td>$1.52</td>
<td>$1.53</td>
<td>$6.00</td>
<td>$45.5K</td>
<td>874</td>
<td>325</td>
</tr>
</tbody>
</table>

<h3>About First Majestic Silver</h3>
First Majestic Silver Corp is engaged in the production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. It owns three producing mines, in Mexico consisting of the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.
After a thorough review of the options trading surrounding First Majestic Silver, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of First Majestic Silver</h3>
<ul>
<li>Trading volume stands at 16,724,600, with AG's price up by 4.11%, positioned at $7.6.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 14 days.</li>
</ul>
<h3>What The Experts Say On First Majestic Silver</h3>
1 market experts have recently issued ratings for this stock, with a consensus target price of $8.5.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from HC Wainwright &amp; Co. downgraded its action to Buy with a price target of $8. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for First Majestic Silver with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Decoding First Majestic Silver's Options Activity: What's the Big Picture?

WIIM

GATO

GOLD

PAAS

Shares of precious metals stocks are trading higher as gold and silver rise amid macro uncertainty, which has been attributed to Middle East conflict and the upcoming US presidential election.

SAND

SBSW

SSRM

Shares of precious metals stocks are trading higher amid a rise in the price of gold and silver.

First Majestic Silver shares are trading higher. HC Wainwright & Co. reiterated a Buy rating on the stock.

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates First Majestic Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) with a Buy and maintains $8.5 price target.

Price Target

Reiteration

Analyst Ratings

HC Wainwright & Co. Reiterates Buy on First Majestic Silver, Maintains $8.5 Price Target

Vice President Kamala Harris has vowed to establish a national stockpile of critical minerals, citing their importance for economic and national security. This initiative forms part of her broader $100 billion industrial policy proposal, unveiled Wednesday, which includes various measures to strengthen the <a target="_blank" href="https://www.benzinga.com/topic/us-economy" rel="noreferrer noopener">U.S. economy</a>.
Harris's &#8220;America Forward&#8221; agenda aims to reduce the U.S. <a target="_blank" href="https://www.benzinga.com/markets/commodities/24/04/38114381/critical-minerals-race-heats-up-us-eu-challenge-chinas-dominance" rel="noreferrer noopener">reliance on foreign sources</a>, particularly China, for these crucial resources. The strategy proposes new incentives, including tax credits, and potentially invoking the Defense Production Act to boost domestic processing capabilities.
As reported by Bloomberg, Kamala Harris&#8217; campaign stated that enhanced domestic production and other sustainable initiatives would strengthen critical mineral supply chains with allies and partners. This includes encouraging investments that boost the production of these resources in the U.S. and among allied countries.
Critical minerals, including lithium, cobalt, and rare earth elements, are essential for modern technology and defense applications. These materials are indispensable for producing electric vehicle batteries, semiconductors, and military equipment. China currently dominates the global processing of many minerals, posing a strategic vulnerability for the U.S. As demand for clean energy and advanced technology grows, securing a steady supply of these minerals has become a top priority.
President Biden's administration has already <a target="_blank" href="https://www.benzinga.com/markets/esg/24/03/37914506/bidens-475m-for-mining-aims-to-power-communities-hit-hardest-by-our-evolving-energy-landscape" rel="noreferrer noopener">made significant strides</a> in addressing this issue. Through initiatives like Executive Order 14017, Biden ordered a comprehensive review of critical mineral supply chains, leading to billions in investments to strengthen domestic capabilities. Since Biden took office, more than $120 billion has been committed to building battery and critical mineral supply chains, creating over 250,000 energy jobs, and ensuring future demand for essential materials like lithium and cobalt is met.
Despite these efforts, the U.S. mining sector still needs to overcome significant challenges. Domestic mining projects take <a target="_blank" href="https://www.benzinga.com/news/24/07/39870803/us-mine-development-delays-among-worlds-longest-second-only-to-zambia" rel="noreferrer noopener">nearly 29 years </a>to move from discovery to production, according to a study from S&amp;P Global published in July.
This timeline is significantly longer than in countries like Canada and Australia, where litigation risks and regulatory hurdles are much lower. These factors have slowed progress and discouraged private-sector investment in U.S. mining ventures.
Still, the push to increase domestic production of critical minerals has gained bipartisan support, as Republicans and Democrats recognize its strategic importance.
Thus, regardless of the outcome of the upcoming election, the U.S. will likely continue prioritizing critical mineral production, securing the nation's needs for the energy transition.
Read Next: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41038172/amid-resistance-from-harris-and-trump-nippon-steel-scores-favorable-arbitration-ruling-in-14-9b-" rel="noreferrer noopener">Amid Resistance From Harris And Trump, Nippon Steel Scores Favorable Arbitration Ruling In $14.9B US Steel Acquisition Deal</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!
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Government

Regulations

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Media

PPTA

Harris Vows To Push 'America Forward,' Stockpile Critical Minerals

Guidance

Gatos Silver Extends Cerro Los Gatos Mine Life To 2032, Increases Production Estimates By 36%, And Announces Acquisition By First Majestic Silver; Free Cash Flow Projected At $80M Annually With Significant Exploration And Growth Opportunities

Hycroft Mining Holding Corporation - Class A Common Stock

HYMC

Shares of precious metals stocks are trading higher as gold and silver rise amid a drop in the US dollar following recent economic data.

Shares of precious metals stocks are trading higher as gold and silver rise amid a drop in the US dollar following recent inflation data.

Gold mining stocks, as tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), are enjoying a stellar rally, rising 4.3% by 11 a.m. ET, on track for its largest one-day <a href="https://www.benzinga.com/topic/mining">gain since early March.</a>
The rally in miners was driven by a surge in gold prices, which jumped 1.6% to reach an all-time high of over $2,550 per ounce on Thursday, fueled by economic data and central bank interest rate decisions.
In the U.S., the latest producer inflation report for <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40831982/producer-inflation-slows-to-1-7-yearly-in-august-jobless-claims-align-with-expect">August showed mixed results.</a> Both the headline and core Producer Price Index (PPI) exceeded monthly expectations, but on an annual basis, they fell short. 
The European Central Bank (ECB) reduced its deposit facility rate <a href="https://www.benzinga.com/government/24/09/40831961/european-central-bank-cuts-key-interest-rates-as-inflation-cools">by 25 basis points</a>, bringing it to 3.5%. The ECB noted it is "appropriate to take another step in moderating the degree of monetary policy restriction." 
This move has increased demand for gold as a safe-haven asset amid lower interest rates in Europe and expectations for a similar 25-basis-point drop in the U.S. fed funds rate next week. 
<h1 class="wp-block-heading">Analyst Takeaways</h1>
Otavio Costa, macro strategist at Crescat Capital, highlighted that Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), the second-largest gold miner globally, has reported its lowest annual gold production in more than 20 years. 
&#8220;From this perspective, today's environment closely resembles the 1970s,&#8221; Costa wrote in a post on social media platform X.
Back then low gold prices led major mining companies to shift their focus to other metals, just before gold experienced one of the most significant bull runs in history. 
Today, miners are once again diversifying into base metals, not due to low gold prices, but to capitalize on the growing demand for materials critical to electrification, like copper. 
However, this time the shift isn&#8217;t driven by low prices, but by a strategic move to increase exposure to base metals like copper, which are crucial for electrification and have attracted institutional capital. 
Costa argues that neglect of gold, in favor of base metals, is a potential opportunity. With fewer companies exploring and developing new gold projects, he sees several pathways for gold prices to rise, making gold-only investments particularly attractive.
However, Costa sees the limited supply as a bullish catalyst for gold, stating, "I believe it's time to be greedy when others are being fearful."
<h1 class="wp-block-heading">Thursday&#8217;s Seven Top Performing Gold Miners</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>NAME</td>
<td>% RETURN (1-DAY)</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>14.52</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>10.04</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>9.96</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>9.94</td>
</tr>
<tr>
<td>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>)</td>
<td>8.09</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>7.18</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) </td>
<td>7.01</td>
</tr>
</tbody>
</table>
</figure>
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</ul>
Photo: Shutterstock

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Market Vectors ETF Trust Market Vectors Gold Miners

Gold Miners Eye Best 1-Day Rally In 6 Months As Gold Hits Fresh Record Highs: 'Today's Environment Closely Resembles The 1970s'

First Majestic Silver Corp. shares are trading lower after the company announced an agreement to acquire Gatos Silver.

First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)  has announced an all-stock acquisition of Gatos Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATO#NYSE">GATO</a>) valued at approximately $970 million. The transaction will bolster First Majestic&#8217;s position as a leading silver producer and expand its <a href="https://www.benzinga.com/topic/mexico">operations in Mexico</a>.
Under the agreement, Gatos shareholders will receive 2.55 shares of First Majestic for each share of Gatos held, translating to a total offer value of $13.49 per Gatos share. Based on the companies&#8217; recent stock prices, this represents a 16% premium, with Gatos shareholders set to own approximately 38% of First Majestic's shares on a fully diluted basis.
&#8220;The acquisition of Gatos Silver is a highly compelling and transformative transaction that meaningfully enhances First Majestic&#8217;s operating platform through the addition of 70% of Cerro Los Gatos—a high-quality, long-life, unencumbered, free cash flow generating asset in the mining-friendly state of Chihuahua, Mexico,&#8221; First Majestic's president and CEO, Keith Neumeyer said in an <a href="https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-agreement-to-acquire-gatos-silver">announcement</a> noting operational synergies and potential to deliver significant value to shareholders.
Now read: <a href="https://www.benzinga.com/news/24/09/40726390/allied-gold-announces-an-agreement-with-malian-junta-shares-dip">Allied Gold Announces An Agreement With Malian Junta, Shares Dip</a>
Gatos Silver is a silver-focused mining company. Its most notable asset is a 70% stake in the Los Gatos Joint Venture (with Dowa Metals &amp; Mining), which operates the Cerro Los Gatos underground mine in Chihuahua, Mexico. The mine is the company's primary asset and one of the industry's highest-grade silver mines. Per the 2023 estimate, its reserves were around 96 million ounces of silver, with the potential for continued growth through further exploration.
With this deal, all three major silver-producing assets in Mexico will be under one banner: Cerro Los Gatos, San Dimas, and Santa Elena. The annual production is expected to be between 30 million and 32 million ounces of silver equivalent, including 15 million to 16 million ounces of pure silver.
The all-in-sustaining costs (AISC) are projected to be between $18 and $20 per silver-equivalent ounce, strengthening First Majestic&#8217;s production profile and operational efficiencies.
The deal also promises to bolster free cash flow generation, with Gatos expected to immediately contribute around $70 million annually to the combined entity. First Majestic sees additional upside through exploration, noting that the combined company's land package will cover approximately 350,000 hectares of highly prospective mining territory.
This potential includes 103,000 hectares at Cerro Los Gatos, which is unencumbered by material royalties or streams and offers significant discovery prospects. This land package will join First Majestic's existing 245,000 hectares across San Dimas, Santa Elena, and other properties, which have historically yielded strong exploration results.
The boards of both companies have unanimously approved the deal, and a special committee of independent directors from Gatos has also recommended it. Gatos' largest shareholder, the Electrum Group, which holds approximately 32% of the company's common shares, has signed a voting agreement to support the transaction. If all conditions are met, Gatos will become a wholly-owned subsidiary of First Majestic, and its shareholders will transition into becoming shareholders of First Majestic.
The transaction is expected to close in early 2025, pending regulatory and other approvals.
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</ul>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!

First Majestic Acquires Gatos Silver For $970M, Puts 3 Major Mexico Assets Under One Banner

Trading Ideas

First Majestic Silver Corp. Shares Resume Trade

First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/AG#TSX">AG</a>) (FSE:FMV) ("First Majestic") and Gatos Silver, Inc. ("Gatos") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATO#NYSE">GATO</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/GATO#TSX">GATO</a>) are pleased to announce they have entered into a definitive merger agreement (the "Definitive Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding common shares of Gatos (the "Transaction"). Gatos is a silver dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico. &nbsp;
Under the terms of the Definitive Agreement, Gatos shareholders will receive 2.550 common shares of First Majestic for each common share of Gatos held. The consideration implies a total offer value of US$13.49 per common share of Gatos based on the closing price of First Majestic's common shares on the New York Stock Exchange (the "NYSE") on September 4, 2024, and represents a 16% premium based on each company's closing prices and 20-day volume weighted average prices ("VWAP") on the NYSE ending September 4, 2024. The proposed Transaction implies a total equity value for Gatos of approximately US$970 million. Following completion of the Transaction, existing Gatos shareholders will own approximately 38% of First Majestic shares on a fully-diluted basis.

TSX:AG

TSX:GATO

First Majestic Announces Agreement to Acquire Gatos Silver For $13.49/Share In Stock

The momentum in gold&#8217;s recent rally has lost much of its shine, <a href="https://www.benzinga.com/topic/gold">with the precious metal</a> unable to reach new record highs since Aug. 20, as U.S. Treasury yields stabilize and the dollar rebounds.
On Wednesday, gold traded at $2,505 per ounce, down 0.8% for the day, poised to break a<a href="https://www.benzinga.com/markets/commodities"> three-session winning streak.</a>
The dollar's recent surge, driven by positive catalysts, appears to be fading, prompting traders to take profits and reduce exposure to gold.
 Rate-cut expectations have not seen significant improvement, with speculators fully pricing in a September rate cut but assigning a 65% probability to a smaller 25-basis-point reduction, compared to 35% for a 50-basis-point cut, according to the CME FedWatch tool.
As the Federal Reserve&#8217;s rate cut expectations remained largely unchanged, Treasury yields stabilized, with the 10-year yield trading at 3.83% on Wednesday. Despite falling 67 basis points since early July, the yield hasn&#8217;t dropped below 3.75% since earlier this month, when a volatility event caused wild swings in equity and fixed income markets.
Geopolitical tensions in the Middle East, which have historically boosted safe-haven assets like gold, did not escalate into a broader conflict after recent exchanges between Israel and Hezbollah. This de-escalation has further diminished gold&#8217;s appeal.
The U.S. dollar index (DXY) was up 0.4% Wednesday, after closing Tuesday at the lowest levels since July 2023.
<h3 class="wp-block-heading">Wednesday&#8217;s Pullbacks In Gold Mining Stocks</h3>
The dip in gold prices has led to a more significant decline in gold mining stocks. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) both fell by 2.5%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>1-day return (%)</td>
</tr>
<tr>
<td>Torex Gold Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NYSE">TXG</a>)</td>
<td>-4.89%</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>-4.75</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>-4.63</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>-4.56</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>-4.47</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)</td>
<td>-4.41</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
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<li><a href="https://www.benzinga.com/markets/24/08/40600134/investors-funnel-2-2b-into-these-5-real-estate-etfs-in-anticipation-of-fed-rate-cuts">Investors Funnel $2.2B Into These 5 Real Estate ETFs In Anticipation Of Fed Rate Cuts</a></li>
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Image created using artificial intelligence via Midjourney.

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Treasuries

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GDXJ

Gold Rally Loses Steam As Treasury Yields Stabilize, Dollar Rebounds: 6 Miner Stocks See Declines On Wednesday

First Majestic Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ag#NYSE">AG</a>) announced that its total production reached 5.3 million silver equivalent (&quot;AgEq&quot;) ounces in the second quarter of 2024. The figure consists of 2.1 million silver ounces and 39,339 gold ounces.
On a sequential basis, silver production grew 7%, whereas gold production increased 9%. Overall silver equivalent ounces jumped 2% from the prior quarter. The rise was mainly driven by higher silver production at La Encantada and increased AgEq production at Santa Elena. However, this was partially offset by lower production at the San Dimas mine.
The Santa Elena gold mine generated 2.6 million AgEq ounces. This includes 3.77 million silver ounces and 27,176 gold ounces, marking increases of 6% and 25%, respectively, over the first quarter of 2024. The La Encantada mine produced 5.85 million silver ounces, a 28% increase from the previous quarter.
San Dimas generated 2.1 million AgEq ounces in the quarter. This includes 1.14 million silver ounces and 12,043 gold ounces, 2% and 11% quarter-over-quarter declines, respectively. The dip was led by a decrease in fresh ore processed, which is largely the outcome of First Magestic&#39;s continuing labor relation negotiations with unionized workers.
<h3>2024 Guidance</h3>
To reflect the pick-up in metal prices and upbeat production results in the second quarter, the company updated its 2024 outlook. The updated silver and gold price estimates for the second half of 2024 are $28.00 and $2,300 per ounce, respectively. It expects silver production of 8.9-9.5 million ounces compared with the prior mentioned 8.6-9.6 million ounces.
AG expects 2024 gold production between 150,000 and 158,000 ounces compared with the prior stated 150,000-167,000.
<h3>Price Performance</h3>
AG shares have lost 9.4% in the past year against the industry&#39;s growth of 38.5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/c0/71936.jpg?v=2101363664" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
First Majestic currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Some Peer Performances in Q2</h3>
Fortuna Mining Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported producing 4.5 million ounces of silver in the second quarter of 2024. This marked a 16% year-over-year improvement, reflecting a solid performance at Keno Hill. HL&#39;s gold production was up 6% at 37,324 ounces from the year-ago quarter, as improved results at Casa Berardi offset lower output at Greens Creek.
Hecla Mining produced 7.9 million ounces of silver in the first half of 2024. It believes that it is on track to produce 17 million ounces of silver in 2024.
<a href="https://www.zacks.com/stock/news/2305538/first-majestic-ag-q2-silver-production-rises-sequentially?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2305538">To read this article on Zacks.com click here.</a>

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GATOS SILVER INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Gatos Silver, Inc. - GATO

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