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Silver Leads Relief Rally, Then Declines

The close

After the close of the US day session, March silver on the COMEX was down $0.56 at $30.44, near the session low. New York spot prices closed at $30.10, with losses of $0.88 for the day.

Standard Bank warned that Friday's US employment report could further weigh on the metals market.

Bears continue to possess the near-term technical advantage as several support levels were breached with the post-rally decline. Solid technical support remains at $29.63, the December low. $31 is a level of first resistance.

Company news

First Majestic Silver (NYSE:AG,TSX:FR) named Salvador Garcia Ledezma its vice president of operations. The company said it created the position to reinforce its team for future growth in operations and new projects, all of which Ledezma will now be responsible for.

Santacruz Silver Miing (TSXV:SCZ) filed an updated technical report for its San Felipe project in Sonora, Mexico. A technical report was also filed for its Rosario project in San Luis Potosi, Mexico.

Rainbow Resources (TSXV:RBW,OTCQX:RIINF) reported that drilling in the Southern section of its Gold Viking property in British Columbia intersected near-surface, high-grade silver.

Highlights include a preliminary silver value of 1.9 oz/ton over 6.2 feet between a depth of 15.4 and 21.6 feet for drill hole GV-12-04. The also company reported that some samples returned over-limit silver grades; these are being re-assayed for precise silver values.

Homestake Resource (TSXV:HSR) closed its non-brokered private placement of flow-through units by issuing 4,852,500 flow-through units for gross proceeds of $970,500. It also closed the first tranche of its non-flow-through private placement by issuing 4,179,001 non-flow-through units for gross proceeds of $626,850, raising an aggregate of $1,597,350.


Securities Disclosure: I, Michelle Smith, do not possess equity interest in any companies mentioned in this article.

Related reading:

Silver Slides into the Holiday Season, but Upswing Expected in New Year

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