Small regulatory RNA molecules such as microRNA modulate gene expression through inhibiting the translation of messenger RNA (mRNA). Such post-transcriptional regulation has been recently hypothesized to reduce the stochastic variability of gene expression around average levels. Here we quantify noise in stochastic gene expression models with and without such regulation. Our results suggest that silencing mRNA post-transcriptionally will always increase rather than decrease gene expression noise when the silencing of mRNA also increases its degradation as is expected for microRNA interactions with mRNA. In that regime we also find that silencing mRNA generally reduces the fidelity of signal transmission from deterministically varying upstream factors to protein levels. These findings suggest that microRNA binding to mRNA does not generically confer precision to protein expression.