Black Friday: Gold Market Crashes When Government Sells
James Fisk and Jay Gould cornered the gold market by manipulating President Grant through his brother-in-law, driving prices to a 30% premium before the government flooded the market with $4 million in reserves. That sudden sale crashed values within minutes, ruining countless investors while leaving the conspirators largely untouched. This Black Friday panic exposed how easily political connections could destabilize the nation's currency and left a lasting scar on public trust in financial markets.
September 24, 1869
157 years ago
Key Figures & Places
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