The price of silver is down another 17% in 24 hours.
The metal is down 35% since setting an all-time high two weeks ago.
Traders say market volatility has been driven by concern at the weakness of the recovery of economies in Europe and the United States.
Oil prices also fell, with US light, sweet crude down another 4.5%, after a 5% fall on Wednesday.
The BBC reports silver has been at the forefront of the commodities rally over the past year. Many speculators see it as a cheaper alternative to gold.
Lead, copper, aluminium and tin were all down another 2% - 3% by mid-afternoon trading in Europe on Thursday.
