Xbox Live Gold has had its price cut to $39.99 in North America and £34.99 in Europe for a 12 month subscription.
The discount's for a "limited time" says Microsoft, and is available to all current and new free Silver subscribers.
In its statement, MS said it's "currently running a promotion in-dash that gives Silver members a special opportunity to upgrade to the full benefits of Gold membership at a reduced price for a limited time."
When we jumped on the e-mail Microsoft UK had nothing to share on when the offer will conclude. Better get in quick then if you're a Silver member.