For September delivery, silver was decreasing 0.85% to $19.71 per ounce, while gold was declining 0.6% to $1,348.70 per ounce on the COMEX this afternoon.
The precious metals were dropping this afternoon as comments from Federal Reserve officials boosted prospects of an interest rate hike this year, Reuters reports.
Gold and silver are non-interest paying and can struggle to compete with assets that bear a yield when interest rates are hiked.
New York Fed President William Dudley said a rate raise in September was possible. Atlanta Fed President Dennis Lockhart said the U.S. economy was probably strong enough for at least one rate hike before the end of the year, Reuters noted.
Investors are awaiting the release of minutes from the central bank's July policy meeting, due out later this afternoon.
Silver Wheaton is a Vancouver-based mining company engaged in the sale of silver and gold.
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 robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
But the team also finds that the company's return on equity has been disappointing.
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: SLW