Silver Firms (PAAS) (SSRI) (MGN) (GPL) (AG) Trade Mixed as Silver Takes Beating

Even though silver prices got pummeled again Wednesday, silver producers Pan American Silver (NASDAQ:PAAS), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN), Great Panther (AMEX:GPL) and First Majestic (NYSE:AG) closed the trading day mixed, rebounding from recent losses.

The ongoing plunge in silver prices pressured commodities one Wednesday as investors sold holdings to take money off the table after weeks of prices rising in the sector.

Silver dropped $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver approached the elusive $50 an ounce mark last week.

Silver for July delivery dropped $2.820, at $39.765 per troy ounce.

Despite silver's three-day fall, the price is still 27.3 percent higher on the year.

Gold for June delivery, the most actively traded contract, fell $25.10 to $1,515.30 an ounce.

The U.S. dollar index lost 0.15 percent to $73.01.

Pan American Silver closed Wednesday at $34.53, gaining $0.70, or 2.07 percent.