Fed Cuts Interest Rates by Half Point
Associated Press 09.18.07, 2:17 PM ET
The Federal Reserve announces it is cutting its federal funds rate by a half-point to 4.75 percent, the first reduction in this key rate in four years. [...]
I'll have to check what the 30-year rate is, but it might be a good idea to refinance. I am not happy with my mortgage company. They require a bit of oversight. Of course, I'd apply any equity (of which there would be almost none) to my principle.
... but the news just keeps getting BETTER!!!Gold Rises to Highest Since 1980 as Dollar Slumps on Fed's Cut
By Pham-Duy Nguyen
Sept. 18 (Bloomberg) -- Gold futures rose to a 27-year high after the Federal Reserve cut interest rates, sending the dollar to a record low against the euro and boosting the appeal of the precious metal as a currency hedge.
Gold futures for December delivery jumped $11.70, or 1.6 percent, to $735.50 an ounce at 3:26 p.m. in electronic trading on the Comex division of the New York Mercantile Exchange. That marked the highest price for the most-active contract since Feb. 11, 1980. [...]OMFG!!
Gold closed at $714.70/oz! And silver closed just under $13.00/oz. I need to get to prospecting! Who's with me? Seriously! Who wants to go play in the dirt with me?