Shares of silver and gold miner First Majestic Silver (NYSE: AG) advanced strongly on Aug. 4, rising just shy of 12% at one point and finishing the day with a 9.4% gain. The move higher was driven by two factors: Q2 results and rising precious metals prices.

As a precious metals producer, First Majestic's top and bottom lines are driven by the price of silver and gold. Simplifying things, it makes the difference between its production costs and the prices for which it can sell what it produces. Both silver and gold were higher today, boosting investors' view of the companies that produce these metals. That was tailwind No. 1.

In addition to rising commodity prices, First Majestic also reported second-quarter 2022 results today. Although the company's adjusted loss was $0.02 per share, down materially from a profit of $0.05 per share in the prior-year period, there were a few material positives in the quarter. For example, production was higher by 20% year over year and up 7% sequentially from Q1.

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Source Fool.com