First Majestic (AG) Falls Along with Silver Prices

First Majestic (NYSE:AG) dropped in Wednesday trading, as silver prices plunged again in the extremely volatile market.

The most-actively traded silver contract, for July delivery, settled down $2.971, or 7.7 percent, at $35.515 per troy ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery was down $2.971, or 7.7 percent, at $35.509.

Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.

Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.

Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.

First Majestic Silver Corp. participates in the production, development, exploration, and acquisition of mineral properties with a focus on silver in Mexico.

First Majestic (AG) closed Wednesday at $18.10, falling $1.62, or 8.22 percent.