In the late 1860s, a speculative battle erupted around gold as Jay Gould and James Fisk sought to control the market and inflate gold prices for enormous profit. Their deceptive tactics included attempts to corner the gold market, which promoted speculation and volatility. They hoped that through these means, they could create such high demand for gold that its price would spike, allowing them to sell at tremendous gains. However, the scheme depended largely on their ability to manipulate public perception and control supply in the market.

In response to this rampant speculation and manipulation, Ulysses Grant, the President of the United States, and his administration took decisive action. Concerned that the public and the financial institutions were being misled, Grant ordered the Treasury to sell large amounts of gold to stabilize the market. This move aims to break the stranglehold that Gould and Fisk had attempted to establish over gold prices.

The results were catastrophic; the influx of gold into the market led to a sharp collapse in prices - the value of gold plummeted from $162 to $135 in just hours. The panic among investors sparked a broader financial crisis that affected various sectors of the economy. People lost their fortunes, and the Wall Street market experienced a chilling moment that reverberated across the United States, making it an emblematic crash of the Gilded Age.