As most analyst expected last week, the Fed lowered interest rates by 25 basis points. Ironically, the expected seemed unexpected to Wall Street as the market reaction soured with disappointment – there was no early Christmas present of a larger cut.
Stocks closed lower Friday with renewed inflation worries and the fear it’ll prevent the Fed from lowering rates further and enough to help the housing and credit crisis.
Precious metals were lethargic for the most part. For the week:
- Platinum lost $1
- Silver lost $0.37
- and Gold closed down $20
Above is the CoinNews.net chart showing this week’s London Fix (PM) prices for silver, gold and platinum.
(The previous Friday is included for reference.)
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About time to make World Currencies to be backed by price of Gold, Silver, or Platinum? Why not? World Bankers are bunch of wimps, they love play around with people’s lives. Get real stop playing with Our lives and Do the right thing! Pay us back your money!