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<p>[QUOTE=&quot;GDJMSP, post: 8200143, member: 112&quot;]I don&#039;t know what article you&#039;re reading, what your source is, but that isn&#039;t what happened. But I do know there are other articles that made the same mistake of using that number per ounce. The price of gold wasn&#039;t $132.50 an ounce, it was $132.50 of paper money per $100 in gold specie.</p><p><br /></p><p>From this source - <a href="https://www.britannica.com/biography/Jay-Gould" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.britannica.com/biography/Jay-Gould" rel="nofollow">https://www.britannica.com/biography/Jay-Gould</a></p><p><br /></p><p>The four men’s attempt to corner the market in loose gold caused the panic of “Black Friday” (September 24, 1869), when the price, in <u>paper money</u>, of $100 in <u>gold specie</u>, after being driven up to $163.50 by market bidding, fell to $133 when the U.S. Treasury placed $4 million in specie on the market.</p><p><br /></p><p>Of course this was all only possible because the govt. had suspended payment in gold and silver for what were considered to be &quot;worthless greenbacks&quot; in 1862. And once that happened it allowed the &quot;theoretical&quot; or paper trading of gold to begin. </p><p><br /></p><p>But the actual spot price of gold per ounce, this chart shows what that was at the time. and as you can see the price per ounce in 1869 was $25.11 - </p><p><br /></p><p>[ATTACH=full]1436872[/ATTACH]</p><p><br /></p><p><br /></p><p>That was high, but it quickly dropped back to normal levels by 1870.</p><p><br /></p><p>You can see the 200 years historical spot price of gold here - </p><p><br /></p><p><a href="https://onlygold.com/gold-prices/historical-gold-prices/" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://onlygold.com/gold-prices/historical-gold-prices/" rel="nofollow">https://onlygold.com/gold-prices/historical-gold-prices/</a>[/QUOTE]</p><p><br /></p>

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