September 28, 2012

Colombia, 1852

Visit(s) in January 1852; 1860?  Tumbaga assumed to be 70% - 80% Gold, in natural Copper/Silver alloy; the Spot premium for archaeological Gold was about 5% over Intrinsic.

Colombian Gold was 11% higher in Panama than coastal Colombia; 25% higher than the inland Spot Price.

1852: 1 Troy Ounce Gold Alloy Pre-Colombian Artifact (.800 Au) = S$ 15.15
1852: 1 Ozt Gold Pre-Colombian Artifact Alloy  (.700 Au) = S$ 12.98
1852: 1 Ozt Gold Artifact Alloy, Intrinsic (.999 Au) = S$ 18.55 - 18.93 
1852: 1 Ozt Gold Ore, Intrinsic (.999 Au) = S$ 18.06

Citation: Amérique équatoriale; Jules Henri Onffroy de Thoron(1866)

1850: Population in Quibdo: 1,500 ; ~1,000 Blacks

Merchants received Gold-dust at discounted terms by trade arbitrage; cheap goods and usurious credit.  In this way, the local Spot price appears very high whereas Gold and platina accumulated as a monetary commodity sold in bulk to dealers on the cost at much lower terms.

Citation: Rough notes on an exploration for an inter-oceanic canal route ... ; John Cresson Trautwine (1854) p.37

Platina primarily found at San Pablo, Nóvita and Lloró.

Platina from San Pablo went to Cartagena

San Pablo: Prices of foodstuffs

Quibdo: Flour

Citation: Final Report of the Royal Commission Appointed to Inquire Into the Recent Changes in the Relative Values of the Precious Metals etc. (1888) UK

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