NEW YORK (TheStreet) -- Shares of First Majestic Silver (AG) - Get Report were dropping early Wednesday afternoon as silver prices declined.

Silver was dropping this afternoon as the dollar gained ahead of the Federal Open Market Committee's July meeting minutes, which are due out at 2 p.m. ET today.

The minutes could reveal the timing and pace of future interest rate hikes, MarketWatch reports.

Comments from the New York Fed President William Dudley on Tuesday indicated that a rate increase could occur as early as September. Silver does poorly in higher-rate environments as investors look for assets that provide a yield.

Also, a stronger dollar today means metals like silver are pricier and therefore less attractive to foreign investors.

Silver was down 1.28% to $19.62 per ounce on the COMEX.

First Majestic Silver, based in Vancouver, is a silver producer, developer and explorer.

Separately, 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.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.

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. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: AG

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