AUS
NZ
UK
CA
USA
IND
Thursday, September 24, 2024—a significant date in the annals of Wall Street. This day marks the anniversary of a notorious event in financial history: the failed attempt to corner the U.S. gold market, which resulted in economic upheaval and is often referred to as “Black Friday.”
On this day in 1869, financiers Jay Gould and James Fisk orchestrated a scheme to manipulate the gold market, using their connection with Abel Corbin, who was married to the sister of President Ulysses S. Grant. Their goal was to gain insight into the U.S. government’s plans regarding gold sales aimed at alleviating debt from the Civil War.
Gould and Fisk had been covertly accumulating significant amounts of gold in anticipation of a rise in its price. They aimed to influence the Grant administration, hoping to convince it to halt its bi-weekly gold sales. Their strategy almost succeeded when President Grant sent a letter to Treasury Secretary George S. Boutwell, which led to a temporary suspension of gold sales. However, as Gould and Fisk continued to purchase gold, suspicions arose within the administration.
Realizing the manipulation at play, Grant ordered Boutwell to flood the market with $4 million in government gold on September 24, causing the gold price to plummet. This decision not only affected the gold market but also destabilized the U.S. dollar, resulting in potential economic disaster. Ultimately, the ambitions of two individuals for financial gain nearly plunged the nation into a severe depression.
Fortunately, there is no need for market manipulation to access valuable pre-market information today. Comprehensive insights into the ASX are readily available, allowing stakeholders to stay informed without excessive searching.
Commodity, Forex, and Crypto Market Prices:
- Gold: US$2,628.96 (+0.28%)
- Silver: US$31.00 (-0.55%)
- Nickel (3-month): US$16,172/t (+0.42%)
- Copper (3-month): US$9,393/t (no change)
- Zinc: US$2,868/t (-0.07%)
- Oil (WTI): US$71.55 (+0.79%)
- Oil (Brent): US$75.02 (+0.73%)
- Iron 62% Fe: US$90.30/t (-1.49%)
- AUD/USD: 0.6825 (+0.25%)
- Bitcoin: US$63,763.70 (+0.21%)
Key Discussions:
What lies ahead for dividends this fiscal year? Eddy Sunarto engaged with Morningstar to shed light on this topic in the latest edition of Hot Money Monday.
ASX Small Cap Leaders:
The following small-cap stocks have shown significant performance:
- 88 Energy Ltd (ASX:88E) - Up 25%
- Adavale Resources Ltd (ASX:ADD) - Up 20%
- Amplia Therapeutics (ASX:ATX) - Up 19%
- Avecho Biotech Ltd (ASX:AVE) - Up 25%
- BPM Minerals (ASX:BPM) - Up 22%
- Carnavale Resources (ASX:CAV) - Up 25%
- Cycliq Group Ltd (ASX:CYQ) - Up 25%
- Emperor Energy Ltd (ASX:EMP) - Up 41%
- Errawarra Resources (ASX:ERW) - Up 32%
- Estrella Resources Ltd (ASX:ESR) - Up 22%
Among the prominent small-cap winners yesterday, Motio Ltd (ASX:MXO) drew attention with an investor update revealing a 27% rise in revenue for FY24, suggesting positive growth trends.
ASX Small Cap Laggards:
Conversely, several small-cap stocks faced challenges, including:
- Activex Limited (ASX:AIV) - Down 17%
- Auking Mining Ltd (ASX:AKN) - Down 14%
- Blue Star Helium Ltd (ASX:BNL) - Down 25%
- Burley Minerals (ASX:BUR) - Down 26%
- Coda Minerals Ltd (ASX:COD) - Down 14%
Trading Halts:
A number of companies are in trading halts, including:
- Power Minerals (ASX:PNN) - Awaiting news on the Nióbio Project expansion.
- Site Group International (ASX:SIT) - Pending an announcement regarding an equity raise.
- Astral Resources (ASX:AAR) - Waiting for details on a capital raising.
- West Cobar Metals (ASX:WC1) - Anticipating drilling results from the Bulla Park project.
- Nordic Nickel (ASX:NNL) - Awaiting a proposed capital raising announcement.
As the ASX opens today, stakeholders can engage with this robust information, navigating the market landscape with clarity and insight.
