And that whole silver : tea/silk/porcelain transaction encouraged the Spaniards to industrialise the mining of Cerro Rico (rich mountain) otherwise known as Potosi, in the 17th &18th centuries. The production of which, was shipped north to Acapulco, then on to Manila. From where it was traded at the Canton hongs for luxury goods bound for Europe.
Chinese got the silver, i think called a Tael to pay their soldiers. The Europeans got their luxury goods. And an awful lot of native people died, whilst in near slavery, mining somewhere in modern day Bolivia
it would take some serious rupture in global trade for silver/gold to permanently fall below 50:1. As the Chinese don't pay their soldiers in Silver anymore.
MYL Price at posting:
9.8¢ Sentiment: None Disclosure: Held
