New York, Jan 27, 2026, 10:56 EST — Regular session
- First Majestic dropped in early New York trading, mirroring sharp moves in spot silver, which hovered close to record highs.
- Retail traders rushed into silver ETFs on Monday, intensifying an already crowded trade, according to Vanda Research.
- Feb. 19 earnings and a dividend update are next up as key catalysts for investors.
Shares of First Majestic Silver Corp dropped Tuesday as silver’s recent rally appeared to lose momentum following a tough climb.
The Canada-based miner slipped roughly 2.8% to $25.01 by 10:41 a.m. ET, following a session range of $24.43 to $26.57.
Why it matters now: silver’s become a momentum play, with miners amplifying every move. That boosts gains on the upside but can slash them just as quickly on the downside.
The rally has drawn a surge of retail cash, visible not only in coins and bars but also in heavy ETF trading and crowded positions that could reverse sharply.
Spot silver was trading at $111.71 an ounce by 8:45 a.m. ET, rising $2.17 compared to Monday at the same time, according to Fortune.
Retail investors snapped up roughly $171 million of iShares Silver Trust on Monday—almost twice the single-day record set during the 2021 “silver squeeze,” according to Vanda Research. “The chase in silver is now more intense than the classic AI trade,” said Ashwin Bhakre, Vanda’s head of product. Reuters
Vanda pointed out a surge in wagers betting against the rally, noting the frenzy spilled over into mining stocks. Hecla Mining and Coeur Mining topped the list of the most actively traded names.
First Majestic has capitalized on the stronger prices, increasing its dividend formula and releasing 2026 production and cost forecasts earlier this month. The company is set to report fourth-quarter results and declare its dividend on Feb. 19.
The company forecasted 2026 all-in sustaining costs (AISC) — covering operating expenses and sustaining capital — at $26.15 to $27.91 per payable silver-equivalent ounce.
Right now, the metal is carrying most of the weight for the stock, though some analysts warn the rally looks overstretched. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, told pv magazine he expects silver to “put in a high this year to last for years.” Rhona O’Connell, StoneX’s head of market analysis for EMEA & Asia, described it as a “self-propelled frenzy” and cautioned that the decline “could be as precipitous as the rise.” pv magazine International
O’Connell highlighted concerns about potential U.S. tariffs or quotas on silver, now classified as a critical mineral, as a key driver behind the surge into U.S. inventories. Traders remain alert to this issue as policy developments continue to evolve.
Investors now watch to see if silver can stay above $100 an ounce and how long retail demand remains strong. First Majestic faces a key date on Feb. 19, when its management will report quarterly results, dividend info, and an updated cost outlook.
