November 27, 2018

Colombia, 1832

A Colombian argued against the current and long-standing 'state monopoly asset price' for something closer to the local black market Bulk Spot-Price. (We can infer the largest platina producers were foward-selling at this rate.) 

The actual Black Market Export Price is unstated here, but probably 50-100% over the set rate.

1 Libra = 460.020416 Grams = 14.79 Ozt = 1.01417145 Lbs avd.

Sept, 1832: 1 Troy Ounce platina (@ Choco, Specific Gravity 22)  = C$ 0.5409

"Mi parecer es, que se deje libre la esportacion de la platina á los mismos mineros:que se ponga el precio de ocho pesos á cada libra: que se prohiba á los particulares la sompra de ella, i se verà abundar este metal, porque entónces los mineros tendrán utilidad en lavarla i escejarla, como hacen con el oro."

"My opinion is let the export of the platina by the same miners  be free; that the price  be fixed per Libra at eight pesos; that private business in its trade be forbidden to individuals, and this metal will be abundant, because then the miners will have utility in washing it and cleaning it, as they do with gold. "

Citation: Gaceta Oficial de Nueva Grenada, Supplement, No.51, 9/20/1832, p1




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