Were Jay Gould and Jim Fisk successful in cornering the gold market?

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2026-02-27 01:45

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Yes, Jay Gould and Jim Fisk were initially successful in cornering the gold market in 1869. They orchestrated a scheme to manipulate gold prices by buying large amounts of gold and creating artificial scarcity, which drove prices up. However, their plan unraveled when the government intervened by selling gold from its reserves, leading to a market crash known as "Black Friday" on September 24, 1869, ultimately resulting in significant financial losses for Gould and Fisk.

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