The TSX composite was lower, falling 53.21 points to 12,757.00 in mid-morning trading on Wednesday. The Dow was down 19.71 to 14,015.96, while NASDAQ lost 13.61 to 3,199.98.
First Majestic Silver Corp. (TSX: T.FR, Stock Forum) said it would not match a rival offer made by Coeur d'Alene Mines Corp. (TSX: T.CDM, Stock Forum) for Orko Silver Corp. (TSX: V.OK, Stock Forum) It had been competing with the U.S. silver miner to gain control of Orko's Mexico-based La Preciosa project and had to match the offer by Tuesday. In mid-morning trading, Orko fell 11.29% to $2.20 a share.
The price of gold dropped US$22.10 to US$1,582.78 an ounce, while silver slipped US$0.77 to U$28.69 an ounce.