As the euro fell, so did gold. Silver, which was tracking the yellow metal, also declined. In the absence of any drivers to push the market higher, silver continues turning to gold; as gold has also been under pressure recently, it has tended to lead silver in negative directions.The close At the end of Thursday's US floor session, December silver on the COMEX was down $0.31 at $32.91, near the session low. The final New York spot price was $32.82, with silver down $0.38. The downside breakout price objective for bears lies below $32, a solid technical support level. For an upside breakout, bulls are looking for a close above a solid technical resistance level of $34.38. “We need a close back above $33.59 to remove the negative bias,” Scotiabank said earlier this week. Company news Black Mountain Resources (ASX:BMZ,LSE:BMZ) intersected high grades of silver at its Conjecture project in Idaho. “Not only have we confirmed the presence of previously known areas of high grade silver mineralisation, thereby strengthening our confidence in the accuracy of previous work but we have also identified very promising new targets within our patented claims,” said CEO John Ryan. Southern Silver Exploration (TSXV:SSV) issued 96,000 bonus shares at a deemed price of $0.05 per share pursuant to two loan agreements providing the company with $48,000. 66,000 bonus shares were go to Atherton Enterprises, controlled by director Scott Hean. Sveinson Mineral Services, partly owned by consultant Frederick Sveinson, will receive 30,000 shares. Trading of the securities is restricted until February 18, 2013. Sunset Cove Mining (TSXV:SSM) announced that it closed the second tranche of a private placement for $102,855 and therefore revised the total of proceeds raised to $309,940. The funds are to be used for operations in Peru and Canada. The company was awaiting final approval from the TSXV for the private placement, which is subject to the press release and other conditions.
Dia Bras Exploration (TSXV:DIB) started another resource expansion drilling program at the Yauricocha mine in Peru.“This second drilling programme being conducted by the Company is designed to expand the mine's resources and demonstrate how extensive mineralization is in the Yauricocha Central Mine Area. We expect to increase our resources and issue an updated resource calculation early next year,” said Daniel Tellechea, president and CEO. Securities Disclosure I, Michelle Smith, do not hold equity interest in any companies mentioned in this article. Silver's Price Decline Continues from Silver Investing News