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Learning From the Most Ruthless Robber Baron (Jay Gould) | Greg Steinmetz
Forward Guidance
The Most Reprehensible Thing About J. Gould
Gould is best known for his Black Friday in 1969, where he blew up the gold market and then sent a corner at it. He tried to get President Grant to buy into a scheme of letting the gold press go up after Gould had bought a bunch of it. The way he ran it up was his buddy Jim Fisk entered into a bunch of trades to buy gold. It drove the gold price way up while it was high,. Gould was able to liquidate; when people started to doubt his friend's ability to honor those contracts, the price crashed.
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