First Majestic Silver Corp. (NYSE:AG) hit a new all-time high as silver prices surged, closing at $9.61, up 5.14%. Silver spot prices rose to $40.88, the highest in 14 years, due to optimism around an anticipated interest rate cut by the Federal Reserve.

Investors are eagerly awaiting the Federal Reserve’s decision on interest rates at the upcoming FOMC meeting, with expectations of a rate cut. A potential rate cut could weaken the US dollar, making it easier for overseas buyers to invest in precious metals like silver and gold.

First Majestic Silver Corp. (NYSE:AG), known for its silver production focus, saw positive drilling results at the San Dimas Silver/Gold mine in Durango, Mexico. CEO Keith Neumeyer expressed excitement over high-grade silver and gold intercepts, emphasizing growth opportunities at San Dimas.

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Read more at Yahoo Finance: First Majestic (AG) Jumps to New High as Silver Prices Soar