The early 1890s were not kind to America’s gold reserves. The nation’s supplies of the precious metal swooned under the strain of the recently passed Sherman Silver Act as European investors, fearful that America was chucking gold for silver, increasingly sold their gold supplies overseas.Coupled with declining revenues triggered by various protective tariffs, the reserves plummeted, taking a severe toll on the economy.
Posts Tagged ‘Precious Metal’
This Day in Wall Street History 1895: U.S. gold supply running dry
February 9th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 1890s, Business Source, Desperation, European Investors, Financial Crisis, Foreign Investors, Gold Reserves, Gold Supply, Grover Cleveland, Handsome Profit, J P Morgan, Morgan And Company, Precious Metal, President Grover Cleveland, Protective Tariffs, Sherman Act, Source History, U S Gold, U S Treasury, Wall Street History 
Comments OffThis Day in Wall Street History 1878: Gold Exchange shuts down
December 18th, 2009 Before You Invest By 1878, the rise of the silver movement and rampant currency deflation had taken their toll on gold. The premium on the precious metal had virtually vanished, leaving gold traders with small work to do. So, rather than twiddle their thumbs and wait for a turnaround, leaders of the nation’s Gold Exchange chose to close shop on Dec.
Posted in Finance Fraud Tags: Business Source, Currency, Dawn, Deflation, Doors, Fortunes, Gold Exchange, Gold Traders, Precious Metal, Source History, Turnaround, Wall Street, Wall Street History No Comments »Hedge funds bank on gold
March 12th, 2009 Before You Invest Falling currency yields and continuing uncertainty over the worldwide economy have sparked a new gold rush in the global hedge fund industry. According to the Financial Times, investment pools that have traditionally avoided gold investments are buying up the precious metal at a sometimes record pace as a way of betting against central banks and paper currencies. These “gold bulls” include funds that last year bet against investment banks like Lehman Brothers being able to cover their exposure to a collapse in US house prices. One such fund manager, David Einhorn of Greenlight Capital, wrote to investors last week stating that he is buying gold because the US dollar is “being debased” as the Federal Reserve takes on more and more debt. ”Deflation will lead to further steps to debase the currency, while inflation speaks for itself,” he added. Peter Munk, the founder of the world’s largest gold miner Barrick, recently said that the price of metal’s price could break the $2,000-per-ounce barrier if central banks shift some of their dollar reserves into gold.
Posted in Finance Fraud Tags: Barrick, Central Banks, David Einhorn, Deflation, Financial Times, Global Hedge Fund, Gold Bulls, Gold Investments, Gold Miner, Gold Rush, Greenlight Capital, House Prices, Investment Banks, Investment Pools, Lehman Brothers, Paper Currencies, Peter Munk, Precious Metal, Record Pace, Worldwide Economy Comments Off
