ON THIS DAY IN UNITED STATES HISTORY
September 24, 1789
Gold Prices Plummet in What is Known as Black Friday
On this day in 1869, a financial panic caused gold prices to plummet when the United States government, under
Ulysses S. Grant began selling off its gold.
This action by the government was in response to two speculators by the names of James Fisk and Jay Gould trying to
corner the gold market. At first, the prices rose but when the government began dumping its gold on the market, the
price plummeted within minutes. Many investors were ruined