First Majestic Shares Fall 4.1% as Silver Tumbles to $71/Oz and Gold to $4,322
First Majestic shares fell 4.1% today after silver dropped from $83 to under $71 per ounce and gold slid to $4,322, trimming the stock’s 2025 gain to 217%. Silver and gold accounted for 57% and 33% of Q1–Q3 revenue; shares trade at 21.7× cash flow versus five-year average of 24.9×.
1. Shares Pull Back on Silver and Gold Weakness
First Majestic stock slipped 4.1% today after an earlier drop of 6.9%, following a steep intraday decline in both silver and gold prices. Silver tumbled from nearly $83 per ounce in overnight trading to under $71 by early afternoon, while gold retreated to approximately $4,322 per ounce. Despite more than a 217% gain year–to–date, the stock’s correlation to precious‐metals pricing drove the pullback.
2. Strong 2025 Performance and Fundamental Profile
The company has been one of the best performers on the NYSE in 2025, with shares up over 200%. In the first three quarters of the year, silver and gold sales accounted for 57% and 33% of total revenue, respectively. First Majestic reports a market capitalization of $8.6 billion, a gross margin of 25.72%, and a dividend yield of 0.12%. Shares currently trade at 21.7 times operating cash flow, below the five‐year average multiple of 24.9.
3. Elevated Options Activity Signals Caution
Today, options volume on First Majestic saw an exchange of 5,364 puts—twice the typical intraday flow—indicating increased hedging or bearish positioning. The most active trades include the April 30 calls and the January 16, 2026 20‐strike calls. Meanwhile, technical indicators suggest a new support floor around the 20-day moving average.