Grounding cable snapped, can car catch fire?

[SlackerOfSociety]

Hello all. I have a 97 concorde LX w/3.5 engine. I opened up the hood and was looking around and noticed that there is a grounding cable hanging from the drivers side of the engine. It coonects to the side of the engine and just hangs down and is not connected to anything. The wire is like a mesh thin and wide. It looks like the end hanging has rusted and snapped from somewhere, but I cant see where it attached to the car frame??? Is this something I need to get fixzed asap, can this start an electrical fire or do permenant damage to the electrical system? I swear I smelled a burning smell today, like an electrical burning smell. Am I just being paronoid? Is this the only engine grounding cable, or are there two? I checked auto zone and andvanced auto and they dont carry the cable, so looks like I will have to go all the way to the nearest junk yard. I dont have an owners manual for the car yet ( i did just order one off ebay). Any ideas of where the the other end goes on the frame? Thanks in advance!