Silver Edges Up as Federal Reserve Cuts Rates by Half a Point

Silver is up slightly as of noon EST, as the news of the half point rate cut by the U.S. Federal Reserve and several other central banks around the world gave it a temporary spike before settling down.

In the U.S., prime rates were cut to 1.5 percent. Also approved by the Fed was a halp point cut in the discount rate to 1.75 percent.

Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the swiss National Bank, The Bank of Canada and the Swedish Riksbank.

At mid-day, silver is up by 0.19 to $11.75 an ounce.