For December delivery, silver was down 2.35% to $17.28 per ounce on the COMEX in midday trading.
Silver prices were dropping as the dollar was stronger today. Precious metals such as silver and gold are more expensive to foreign currency holders when the greenback is higher.
Growing expectations that the Federal Reserve will increase interest rates by the end of the year pushed the dollar up, Reuters reports.
Silver does not pay interest and can struggle to compete with assets that bear a yield when interest rates are hiked.
A strong jobs report tomorrow could solidify the case for an interest rate increase in December, Reuters noted.
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