On October 14, 2014, First Majestic announced that it had produced 3.5 million ounce of silver in the third quarter and that it was postponing the sale of 934,000 ounce of silver inventory.
Later in a widely circulated You Tube interview, First Majestic CEO Keith Neumeyer also called for other silver miners to band together and hold back production recommending that a to be formed cartel of silver miners should “pick a month in 2015” during which the silver miners would put out a collective press release announcing that they were holding back silver production for thirty days.
The price of silver has long been suspected of price manipulation by the bullion banks. The announcement by First Majestic that they were holding back some of their silver mining production and the call for a silver mining cartel was widely hailed among long suffering silver stackers.