First Majestic CEO Explains Decision to Postpone Silver Sales

Future Money Trends interviewed Keith Neumeyer, president and CEO of First Majestic Silver Corp. (TSX:FR,NYSE:AG). The company recently announced plans to postpone the sale of about 934,000 ounces of silver.

Explaining that decision, Neumeyer said:

I didn’t like selling silver under $17, for one … the third quarter [of] 2014 was the second-worst quarter in five years. Silver prices are down 19 percent in the quarter and that compares to the only other worst quarter in the last five years, and that would’ve been the second quarter of 2013 where silver prices were down 26 percent. We also held back ounces in that quarter — we didn’t hold back as much, we held back about 700,000 ounces then. But this time around I just decided to hold back a little bit more.

He also touched on whether he believes other producers should take the same route as First Majestic. Watch the video below to find out Neumeyer’s thoughts (or view it on the Future Money Trends website).