For December delivery, silver was retreating 0.82% to $17.52 per ounce on the COMEX this afternoon.
Silver prices were down today as the dollar was strengthened. Precious metals are more expensive to foreign investors when the greenback is rising.
Additionally, there are higher expectations for an interest rate hike in December, according to the Wall Street Journal.
Fed-funds futures, which are used to bet on central bank policy, today showed investors and traders gave a 70.2% likelihood of a rate raise in December vs. about 50% in the middle of last month, the Journal added.
Silver is non-interest paying and can have difficulty competing with assets that offer a yield when interest rates are increased.
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 "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its 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