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The Wealth of Nations Book 1 Chapter 11 Part 3b - Variations in the Value of Gold and Silver
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Gold and silver have long been pillars of global trade and wealth, but their relative value has shifted over centuries. Before the discovery of American mines, gold was worth 10–12 ounces of silver, but by the mid-1700s, that ratio rose to 1:14 or 1:15 due to the abundant silver production in the Americas. This video dives into the economic forces behind these changes, examining the impact of silver exports to India, the market dynamics in Europe, and the role of taxation. Discover how varying ratios and demand in countries like China and Japan (where the gold-to-silver ratio remains closer to 1:10) reveal fascinating differences in market behavior. We also explore how taxation policies, mining difficulties, and societal wealth influence the long-term value of these precious metals. Whether you're interested in economic history or the evolving role of gold and silver, this video breaks it all down for you!
00:00 - Introduction to Gold and Silver Ratio’s
00:14 - Historical Value Comparison between Gold and Silver
00:51 - Market Dynamics for Precious Metals
02:23 - Regional Differences in Gold and Silver Prices
04:36 - Conclusion
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