Talk:Black Friday (1869)

Untitled

Found this very interesting, looked this up after reading an article in MENA paper on the black cohosh plant that flowers, which mentioned a lady that made a remedy for female conditions Lidia Pinkham she had to find a way to support her family during the this crash, she made millions by todays standards, looking up the economic crash of 1873 lead me here http://www.revelation13.net/economy.html jabborwock2001@aol.com

The following comment was made in the article by 68.53.82.200. I have moved it here.

This is a VERY interesting subject; not endowed with the details it deserves. It seems there are many ambiguities and/or lack of information concerning the "Black Friday" phenomenon. I know this isn't exactly a "forum", however I'd like to express my dissatisfaction with this(simplified) explanation. But, as a disclaimer: it seems these days >->history as well as reality is only a perception.

Moved by 12.116.162.162 19:10, 2 November 2006 (UTC)

Gold price correction

This paragraph was incorrect:

On September 20, 1869, Gould and Fisk started hoarding gold, driving the price higher. On September 24, the price of an ounce of gold was $30 higher than when Grant took office. But when the government gold hit the market, the price of gold plummetted within minutes. Investors scrambled to sell their holdings, and many of them, including Corbin, were ruined.

I changed it to:

On September 20, 1869, Gould and Fisk started hoarding gold, driving the price higher. On 24 September the premium on a gold Double Eagle (representing one ounce of gold bullion at $20) was 30 per cent higher than when Grant took office. But when the government gold hit the market, the premium plummetted within minutes. Investors scrambled to sell their holdings, and many of them, including Corbin, were ruined.

I think this is more accurate but needs further research by an expert. --mervyn 15:05, 10 September 2005 (UTC)

I made a minor edit so the names of Fisk and Gould appear in the same order throughout the article as in the name of the scandal - just a minor OCD twitch (wasn't signed in, redoing sig)--Legomancer (talk) 07:26, 23 November 2007 (UTC)

Funky title

The accompanying article is one of either

9 7 that have as title "Black Friday" ...

5 2 that have as title "Black Saturday" ... or

1 that have as title "Black Monday" ...

... (in each case) disambiguated by a parenthesized year. Since this is in contrast to all the other days of the week, that style probably is unneeded and reflects either ignorance of the acceptability of Dab-page entries like

Black Tuesday, September 11, 2001 attacks

or something like a lack of persistence in weighing possible titles. I have not investigated them individually; instead, i suggest review, of each article, by one or more editors with prior interest in its corresponding topic, with an eye to finding a title that either avoids the "Black ...day" or disambiguates it with something more evocative than a year. Years are good tools for helping users who happen to have seen a brief reference to "Black Friday" and have at least rough idea of the year involved, but giving priority to that case in titling the article, rather than letting the Dab page handle that job, is almost always an impediment to most users seeking the article. Almost certainly, most of the 15 10 should be renamed.
--Jerzy•t 06:16 & 06:39, 8 January 2009 (UTC)

Missing the Point?

Just trying to understand what this black friday was about, and i don't understand it.

On September 24 the premium on a gold Double Eagle (representing 0.9675 troy ounce of gold bullion at $20) was 30 percent higher than when Grant took office. But when the government gold hit the market, the premium plummeted within minutes.

So the goverment was selling gold before, then it started selling more gold and the market crashed. What was the scam, and why did the goverement selling more gold break it?

Gould was buying up tons of gold, that means it would of taken a lot of capital to do that, yet he survived the market crash and others didn't. Why? Did he just lose money and nothing else, where as the others had over extended their finances and couldn't tolerate the loss, or did Gould sell his gold off before the crash?

And i still don't see what his objective was by raising the price. Unless i'm being dim, this article seems to be written with the readers already knowning what black friday was about. —Preceding unsigned comment added by 60.234.222.222 (talk) 09:55, 3 December 2009 (UTC)

Gould wanted to make money on gold by cornering the gold market. He manipulated many people into the plot. The crime was not that the price of gold was raised, the crime was predatory manipulation of the United States government. Gould wanted Grant and Boutwell to not sell anymore gold in order to make huge profits. Gould and his partner Fisk willfully intented to defraud the United States Treasury. Grant became suspicious of their manipulation and increased the sale of government gold to stop the scam. Cmguy777 (talk) 19:02, 7 July 2010 (UTC)

Change title

The title should be changed to Gold Panic (1869). It accurately reflects the events that led to the price of gold crashing in September. Any objections? Cmguy777 (talk) 19:04, 7 July 2010 (UTC)