New York, Jan 31, 2026, 07:33 EST — Market closed
- First Majestic closed Friday at $20.84, tumbling roughly 17% in a single session
- The selloff followed a steep drop in precious metals and mining stocks
- Next week, watch for U.S. data on ISM and jobs, Fed minutes, plus First Majestic’s earnings and call on Feb. 19
First Majestic Silver Corp (NYSE:AG) dropped 17.2% to close at $20.84 on Friday, Jan. 30, hitting an intraday low of $20.59 amid heavy volume. (Yahoo Finance)
The sell-off followed sharp declines in gold and silver, with the U.S. dollar strengthening after President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. “No doubt this is a big move … this is possibly an overdue correction,” said Angelo Kourkafas, senior global strategist at Edward Jones. (MarketScreener)
First Majestic wasn’t the only one taking a hit. Hecla Mining tumbled 14.5%, Pan American Silver dropped 13.9%, and Coeur Mining plunged 16.8%. The Global X Silver Miners ETF also slipped, down 14.7%.
U.S. markets are closed for the weekend, leaving one key question for Monday: will silver hold its ground or keep sliding? Silver miners usually swing harder than the metal itself, both up and down.
First Majestic has doubled down on that leverage. On Jan. 15, the company reported Q4 2025 output of 7.8 million attributable silver-equivalent ounces from its four underground mines in Mexico. It also set 2026 guidance between 13.0 million and 14.4 million silver ounces. CEO Keith Neumeyer described 2025 as “truly a transformational year.” (Nasdaq)
Silver-equivalent ounces (AgEq) convert gold and base-metal byproducts into “silver” based on fixed price assumptions. If silver prices outpace zinc or lead, that conversion shifts, making headline unit costs per AgEq ounce seem volatile—even when cash flow remains steady.
Friday might have been only the start of the slide. Jeffrey Christian, managing director at CPM Group, told Business Insider he fears silver could plunge to $68 an ounce in a worst-case scenario. He cautioned that rapid sell-offs by speculators have repeated themselves time and again. (Business Insider)
The week kicks off Monday, Feb. 2, at 10:00 a.m. ET with the ISM manufacturing PMI for January. This report often shakes up rates and the dollar, with knock-on effects spilling into metals. (Investing)
The key macro event arrives Friday: the U.S. January jobs report drops Feb. 6 at 8:30 a.m. ET. (Bureau of Labor Statistics)
Fed watchers will turn to the minutes from the Jan. 27-28 meeting, released Feb. 18 at 2:00 p.m. ET, for new insights into the policymakers’ discussions on inflation and growth. (Federal Reserve)
First Majestic investors should mark Feb. 19 on their calendars. That’s when the company will roll out its unaudited Q4 2025 financial results and reveal the dividend for the quarter. An investor call is also set for 11:30 a.m. ET that day. (Firstmajestic)
