On March 1, 1947, Song Ziwen was forced to resign due to the gold rush and was approved by the Supreme Council of National Defense.

Song Ziwen's gold policy failed, and factions within the Kuomintang that were dissatisfied with Song took the opportunity to attack him, setting off a wave of overthrow of Song, threatening to thoroughly investigate responsibility and punish those who failed in their duties. The sale of gold was directly reported to Song Ziwen by Bei Zuyi, president of the central bank, and Lin Fengbao, director of operations.

On February 16, the Supervisory Yuan decided to send He Hanwen and other four people to Shanghai for a thorough investigation. It was found that there were no legal procedures for the sell-off, but that Lin and Yang were only acting under orders. The market sell-off was actually handled by Zhan Liansheng, chairman of the Shanghai Gold Industry Association and manager of Tongfengyu. Zhan Liansheng used various methods to privately seize no less than 200,000 taels of gold. The Shanghai District Court then sentenced Zhan Liansheng, Lin Fengbao and Yang Anren. Bei Zuyi was dismissed, and Song Ziwen asked to resign under attack from all parties.