For December delivery, silver was climbing 2% to $19.24 per ounce on the COMEX this afternoon.
The price of the metal was receiving a lift from a weaker dollar today. Silver is more expensive to foreign investors when the dollar is strong.
Additionally, the Federal Reserve will meet on Tuesday and Wednesday. The Fed is expected to keep interest rates the same, but could give indications about future interest rates hikes, Reuters reports.
Precious metals such as silver and gold do not pay interest and struggle to compete with assets that bear a yield when interest rates are raised.
"The dollar overall is down a little, which is positive for precious metals and for gold in particular...But there is a risk the Fed could surprise and that would have negative consequences for precious metals," Peter Fertig, an analyst at Quantitative Commodity Research, told Reuters.
First Majestic is a Vancouver-based silver mining company engaged in the production, development, exploration and acquisition of mineral properties.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
But the team also finds weaknesses including disappointing return on equity and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AG