This day in market history: J.P. Morgan ships in gold to bail out the U.S.
“Morgan’s final effort was to coordinate the import of gold from London. A boat carrying $7 million of gold arrived Nov. 6, and another with $10 million arrived shortly after. The market began to rebound Nov. 16.”
USAGOLD note: JP Morgan once said that “gold is money, everything else is credit.”
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