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(It's happening right now.)
BBC link I'll look for a web link to follow this event on.
And just for Fortean interest, what significance do astrologers put on such a precise conjunction?
EDIT: Several links available, but internet traffic seems heavy! try this Dutch one
Showtime for Mercury
The planet Mercury is passing in front of the Sun as viewed from Earth.
The event, called a transit, occurs only about 12 times a century.
Mercury began the journey across the star's disc at just after 0510 GMT, depending on the viewing location on Earth - although astronomers stress no one should look towards the Sun with the unaided eye.
Some part of the five-hour trek is visible from the whole world except Antarctica and the western parts of the Americas. Europe, Asia and Africa are most favoured.
Skygazers without access to proper equipment are strongly recommended to watch the event only on the internet.
Venus show
The websites of several organisations, including the European Southern Observatory (Eso) and the Solar and Heliospheric Observatory (Soho), are streaming the transit live.
"People will see a small, perfectly round, black dot slowly moving across the solar disc," said US space agency eclipse expert Fred Espenak.
The planets Mercury and Venus are the only ones that appear to cross the face of the Sun, as seen from Earth, since both are closer to the star than Earth.
In the case of Mercury, transits occur either close to 7 May at intervals of 13 and 46 years or close to 9 November, which occur more frequently at intervals of 7, 13 and 46 years.
Venus transits are also rare, with just one pair eight years apart every 105 to 121 years.
"The last Venus transit was in 1882, so no one alive has seen one," said Espenak.
Scientific importance
PLANET MERCURY
57.9m km from Sun
Mercury year lasts 88 Earth days
Surface temperature is about 170C compared with Earth's 15C
"Happily, there will be a Venus transit on 8 June, 2004, so this year's Mercury transit can be taken as an appetizer for the main course."
Edmund Halley first realised that transits could be used to measure the Sun's distance, thereby establishing the absolute scale of the Solar System.
The 1761 and 1769 expeditions to observe the transits of Venus gave astronomers their first good value for the Sun's distance.
Spacecraft have visited Mercury only once - the US Mariner 10 mission in 1974-75.
Two future missions to Mercury are being planned.
The US Mercury Messenger probe is due for a 2004 launch and 2009 arrival. The European BepiColombo mission will be launched 2011-12 and arrive 2015-16.
UK astronomers, students and members of the public will be watching the transit of Mercury in an open event at the Royal Observatory Greenwich in London.
BBC link I'll look for a web link to follow this event on.
And just for Fortean interest, what significance do astrologers put on such a precise conjunction?
EDIT: Several links available, but internet traffic seems heavy! try this Dutch one