Silver reversed course after touching near-record levels overnight, falling from its peak of almost $83 per ounce to under $71 by mid‐afternoon ET. Gold also gave back gains, tumbling to roughly $4,322 per ounce by 10:30 a.m. ET. The pullback in both metals directly impacted First Majestic shares, which slid over 4% on the day, trimming earlier losses of nearly 7%.

First Majestic has been one of the top performers on the NYSE this year, with its stock up more than 217% since January. Despite today’s decline, the silver miner remains up over 200% for the year. The correction tests whether the recent surge represents a sustainable uptrend or a short‐term exhaustion of buyer enthusiasm.

Silver and gold sales accounted for 57% and 33% of First Majestic’s revenue through the first three quarters of 2025, underscoring the company’s sensitivity to precious metals prices. With shares trading at approximately 21.7 times operating cash flow, the stock trades below its five‐year average multiple of 24.9, suggesting a potential entry point for long‐term investors who believe in a metals price recovery.

The stock recently pulled back from its 52‐week high near $17.91, but analysts note that a floor has emerged around the $16 level. The 20‐day moving average is currently positioned to cushion further declines. Meanwhile, options activity has picked up sharply, with over 5,300 put contracts exchanged—roughly double the typical volume—indicating growing bets on continued volatility or downside risk.