what's the meaning of it?
speculators in New York tried to capitalize the inflated price of gold in relation to paper currency by cornering the gold market.

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Answer

For a few years, gold has been worth more than it should.  People in New York bought gold and kept it to sell when they thought it was as high as the price would go.  Then they sold it - or returned their money to paper money (bills USD)  It was probably more complicated than that.  This is a simplified version of what they did.

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