Mittwoch, 14. Mai 2014

London Silver Market: 1600-2000

London Silver Market Timeline

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London Silver Market Timeline
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London Silver Market: 1600-2000
Silveprice£0.2pet.oz.16001601First voyage of the East India Companytakes 80,000 t.oz/2.48 m.t from London toIndia.1602United Dutch East India Company founded in Amsterdam, then London's rival for shipments to India.1618East India Company authorised to ship400,000 t.oz/12.44 m.t annually.1660Official silver imports into Spain from the Americas since 1600 had totalled 303.7million t.oz/9,446 m.t. Spanish
 or piecesof eight were preferred coins in Amsterdamand London markets.1661East India Company got exclusive tradingrights in the east, making it the largestsilver buyer in London for the next twocenturies.1671Moses Mocatta set up in London, foundingthe firm that later became Mocatta &Goldsmid, the oldest members of the market.Nine generations of the family worked in themarket. He shipped silver and gold to Indiato pay for diamonds.1694Bank oEnglanfounded.1696/7The Great Re-coinage in England duringwhich the Royal Mint issued 15 milliont.oz/466.56 m.t of silver coin, much of whichwas remelted and shipped to India.1700Silveprice: £0.2pet.oz.1703East India Company shipped 3.9 milliont.oz/121 m.t.1707Mocatta opened silver account at Bank of England and soon became the Bank'sexclusive silver broker until 1840.1717Failed attempt to corner the silver market byunknown speculator wrongly anticipating theofficial price of gold to be reduced. Left withposition of 1.1 million t.oz/34.21 m.t in Bankof England's vault, which Mocatta unwoundover seven months.1721Mocatta confirmed exclusive silver broketo Bank of England and, in 1732, to EastIndia Company.1732Bank of England opened its BullionWarehouse (later Bullion Office) whichbecame crossroads of precious metal for over a century.1733Mexican silver output rising fast to 9 milliont.oz/280 m.t annually, later to over 15million t.oz/466.56 m.t.1779 Abraham Mocatta took Asher Goldsmid aspartner. Lowndes London Directory recorded:Mocatta & Goldsmid (Brokers), Grigsby'sCoffee House.1785Bank of England's Warehouse changeitsname to the Bullion Office.1789Bank of England opened special account for silver crowns brought by French fleeing theRevolution. Mocatta Goldsmid bought£33,000 in crowns for the Bank.

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