![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
Fed Cut Funds Rate to 1%
Contrarian Profits (October 30th, 2008) Writes:
Fed cuts rates 50 BPS!… Currencies rally Big!… 3rd QTR GDP to go negative?… I.O.U.S.A. … And Now… Today’s Pfennig!
Good day… And a Tub Thumpin’ Thursday to you! It certainly was a Tub Thumpin’ Wednesday for the currencies, foreign stocks, commodities, and the Philadelphia Phillies! This by no means that the deep dense fog that has hung over the markets for 3 months has lifted for good… It did, however, lift for one day, and what a day it was!
Oh, and the Fed did indeedly do cut their Fed Funds rate to 1%, which works out great since Fed Funds had been trading at 1% anyway! I had a reported from Dow Jones call me a few minutes after the rate cut and ask me my opinion on what the dollar was doing, which at the time was rallying back a bit… I said it looked like a classic case
...Addison Wiggin, Bank Of Japan, Big Al Greenspan, Big Ben Bernanke, BRL, Carlos Santana, China, contrarian profits, DKK, Dow Jones, EUR, fed-funds, Federal Reserve System, Franz, Gbp, HANS, HKD, HUF, I.O.U.S.A., INR, International Monetary Fund, Jpy, Kate Incontrerra, Koruna, Market Commentary, Patsy Cline, Peso, Philadelphia Phillies, PLZ, SEK, Sp 500, THB, United States, USD, ZAR
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.