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When most of us think of Black Friday, we think of the massive shopping discounts available the day after Thanksgiving. However, the origin of the “true” Black Friday is far from a shopping day. This day is actually about a big financial crisis in the past that was all about gold – not about shopping. Tavex explains why and on what date Black Friday falls in 2023!
Black Friday happens at the end of November, right after Thanksgiving, which is on the fourth Thursday of that month. This year, Black Friday begins at midnight on the 24th of November and then continues for 24 hours.
Stores begin offering discounts and deals earlier that week, starting on Monday, November 20th, which is part of what’s now called Black Week!
The year was 1869. Jay Gould and James Fisk, a couple of sharp businessmen, found an opportunity to make a fortune on the gold market. With the help of insider information and corruption, they attempted to gain a monopoly on the U.S. gold market. By purchasing massive amounts of gold, they hoped the price would soar.
Gould and Fisk used their strong connections with the then-president Ulysses S. Grant. By bribing the president’s brother-in-law, they could gain access to confidential information about the government’s gold reserves. With this information, they could anticipate what the government would do and manipulate the gold price to their liking.
All this came to a head on Friday, September 24, 1869, a day that would go down in history as “Black Friday.” Gould and Fisk had successfully driven the price of gold to incredible heights. But when the government caught on to what was happening, they stopped it by putting a lot of gold up for sale. This led to a sudden and dramatic drop in the gold price.
Within a matter of hours, the gold market had completely collapsed. Those who had invested their savings in gold lost everything. The economic damage was big and affected the whole country:
This event from 1869 that originally gave the name “Black Friday.” As years passed, it changed from being about a money crisis to the start of Christmas shopping, known for big sales.
So, the next time you stand in a long queue at a store on Black Friday to get the latest deal, think of its historical roots. Once upon a time, this day was not about shopping but about one of the largest money scandals in the history of the United States and above all, gold!
Today, gold is one of the smartest and best ways to invest your money. Read more about how to invest in gold with our extensive guide here.