September 23-24, 1869
The Black Friday Gold Corner of 1869
On September 23, 1869, Jim Fisk entered New York's Gold Room with great flourish as part of his and Jay Gould's scheme to corner the gold market, driving prices up to 144.50 and scaring short sellers. The next morning, panic took hold as Fisk's buying pushed gold to 160 with no sellers in sight. The corner broke when a European banker sold a large block of gold into the panic, and word spread that the U.S. Treasury would sell gold to restore order. Prices collapsed within hours, closing the day at 131.25.
Real price levels from this episode
- Level after Fisk's entry, Sept 23 144.5
- Panic peak, Sept 24 — your decision point 160
- Where it closed that same day 131.25