New York, January 12, 2026, 12:08 EST — Regular session
- Shares of First Majestic Silver jumped roughly 8% after silver reached a fresh all-time peak
- Precious metals surged anew following the Justice Department’s action against Fed Chair Powell, which weighed on the dollar
- Traders are now eyeing Tuesday’s U.S. CPI report as the next potential market mover
First Majestic Silver Corp. shares jumped roughly 8% to $20.42 by midday, following a strong surge in silver prices. The stock climbed as high as $20.60 during the session, with trading volume exceeding 16 million shares.
Silver’s surge grabbed attention as it hit a fresh record, with the market turning sharply toward macro themes again. Investors are leaning on bullion as a shield against policy shifts and geopolitical risks. Spot silver climbed to $85.75 an ounce, finishing up about 6.9%, while spot gold surged past $4,600. “Elevated uncertainty plays directly into the gold market,” said Michael Haigh, global head of commodities research at Societe Generale. (Reuters)
That uncertainty traces back to Washington. The dollar fell following Federal Reserve Chair Jerome Powell’s revelation that the Justice Department subpoenaed the central bank, raising fresh worries over political interference in U.S. monetary policy. “This just ended the dollar’s New Year bounce,” noted Marc Chandler, chief market strategist at Bannockburn Global Forex. (Reuters)
Other silver-linked miners followed suit. Hecla Mining jumped roughly 9%, Coeur Mining added around 7%, and Pan American Silver inched up about 3% by midday.
First Majestic, a leading silver producer, runs mines mainly in Mexico but holds assets in the U.S. too. Investors see a straightforward play here: rising silver prices can quickly boost both revenue and margins, though the stock tends to amplify the metal’s volatility. (First Majestic Silver)
Rate expectations have shifted. J.P. Morgan now sees the Fed’s next rate hike coming in 2027, with several other banks pushing their projections for cuts further into 2026. Traders, for the most part, are bracing for a hold at the Fed’s late-January meeting. (A basis point equals one-hundredth of a percentage point.) (Reuters)
The calendar is packed. The Fed’s next policy meeting is set for Jan. 27–28, with currency and metal markets showing mixed positioning ahead of it. (Federal Reserve)
The rally carries a sharp risk: hotter-than-expected inflation data could reverse rate-cut bets in a flash, sending the dollar higher and wiping out silver’s gains just as fast. On top of that, mining stocks face their own hurdles—rising costs, ore grades, and geopolitical risks all loom large.
Traders have their eyes on Tuesday’s December U.S. consumer price index, due out at 8:30 a.m. ET. This data could shift expectations for interest rates—and influence silver prices along with miners like First Majestic. (Bls)
