By Alan Fein

(AXcess News) New York - The silver composite lost more than 6.3% in mid-afternoon trading in New York Monday as investors continued to punish silver mining stocks with the price of silver futures now down below $10 per ounce.  Slowing demand is fueling the sell-off.

Silver contracts for December delivery on the CMX were down 10 cents per ounce at $9.20 in early afternoon trading.

Many silver mining stocks were down as well with shares of Hecla Mining (NYSE: HL) down 11 cents at $2.52.  Pan American Silver (Nasdaq: PAAS) lost 46 cents to trade at $10.49.  Shares of Silver Standard (Nasdaq: SSRI) gave up 5 cents to trade at $6.67.  Silver Wheaton (NYSE: SLW) lost 35 cents to trade at $3.09.

The global meltdown in leading consumer markets has caused commodity prices to tumble and silver, which stands on both sides of the economic stream as a 'poor man's' precious metal and a manufacturing resource has seen its price fade quickly.

Spot silver fell 26 cents to $9.11 per ounce for a decline of 2.77%.  Spot silver prices are now down 35.7% from year-ago levels.