For September delivery, silver was retreating 2.26% to $18.88 per ounce on the COMEX this afternoon.
The price of the metal hit a seven-week low today as comments from Federal Reserve officials lifted expectations for an interest rate hike this year, Reuters reports.
Precious metals such as silver and gold are non-interest paying and can have difficulty competing with assets that offer a yield when interest rates are raised.
Fed policymaker Stanley Fischer said yesterday that the central bank is close to reaching its targets for full employment and 2% inflation, Reuters noted.
Last week, New York Fed President William Dudley said a rate increase is possible at the Fed's policy meeting in September.
First Majestic is a Vancouver-based mining company that is engaged in silver production, development, exploration and acquisition.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. 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.
But the team also finds weaknesses including 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