The spot silver price is 1.55% higher at 31.08.

The spot gold price is a percent higher on the day at 1631.

Gold and silver prices are the only bright spots on a depressed market today.

As equities and other risk associated products head lower gold and silver have staged somewhat of a bounce.

Indeed, gold and silver prices both fell sharply yesterday and closed on their lows.

"Investors in the two precious metals remain understandably nervous given the severity of the sell-off since the middle of last week. Gold has now corrected to levels last seen in mid-July while silver is now back to where it was in February," says David Morrison at GFT.

Bullish silver investors have been very badly bruised as they have had to endure two sell-offs of over 30% in five months.

Both metals rallied in early trade today, and remain in positive territory at the time of writing despite pulling back from earlier highs.

Once again, further falls are possible as we approach the end of the third quarter.

Many funds have suffered terribly this quarter (see Man Group's results yesterday) and this has led to a general commodity liquidation in anticipation of investor cash calls.