Dollar drops below 97 yen, gold pops above $1020/oz

$1 = 96.7 yen = 1.58 euro

The inter-meeting Fed cut in the discount rate to financial institutions two (2) days ahead of the FOMC meeting, coupled with the rock-bottom value assigned to the still-warm carcass of Bear Stearns, have intensified credit fears beyond the level felt on Friday.