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Gold/Mining/Energy : Gold Price Monitor
GDXJ 117.61+3.0%Dec 19 4:00 PM EST
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To: E. Charters who wrote (82944)3/6/2002 5:27:43 PM
From: c.hinton  Read Replies (2) of 116815
 
It was primarily silver that arrived from the new world not gold and why do you think they needed a sea route to the east,because the land route was closed to them,do not put the cart before the horse.. Silver was the key to trade with the east.It also allowed incredibly profitable arbitrage with the far east where silver was relativly more valuble and gold less.Perhaps you are not aware of the importance of the gold trade from africa that closed with the advance of islam.Please look into the finacial history of the spanish empire and its non spanish bankers who controlled the flow of silver and gold.It will show you that JPM and BIS are doing nothing really original.
PS silver was perfered over gold in europe until the advent of american silver which had a huge inflationary affect in favor of gold.You also fail to take into account production and population .Check out the War of Jenkins Ear between spain and england in1739.England may have had a lousy army but they had first class sailors and financiers.Luck had little to do with it,controll of the seas and generouse subsidies of gold to reluctant allies was the key.
The price of gold was officially manipulated in england to permit the export of silver.Bad money driving out good,the bad money being gold.I am not making this up.Read some economic history!Do you really think that puny england could defeat the combined forses of europe under napoleon by luck alone?Get real.
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