During the period from1636,65438+February to1637,65438+1October, the prices of tulip varieties rose across the board. Take a rare variety, Haoda, as an example. Its price was only 1.5 guilders/ounce at the end of 1634, and it only rose to 2 guilders/ounce at the end of 1636. With the formation of tulip speculative market, the price of Gundam fluctuates greatly. 1636 1 1, the price soared to 7 kilde, then fell back to 1.5 kilde, 12, and the price rebounded strongly again, reaching 1 1 kilde. After the new year, it plummeted to 5.5 gilds. Due to the participation of new speculators, the price rose sharply again, and 10/4 Kilde mark was broken on October 29th. These three ups and downs, each oscillation amplitude exceeded 400%. Compared with the lowest point of 65438+February 9th (1.5 Kilde) and the highest point of 65438+February 2nd (1 1 Kilde), the price rose nearly 10 times in three days. Excess profits attracted speculators from all directions. Perhaps some people have long suspected that the price of tulips as a flower has completely deviated from the routine, but the huge profits made many speculators lose their minds. By June, 1637, 1, even the price of common tulips has increased by more than 25 times. For example, the price of Switsers was lower than 1 Kilde in the first ten days of 1637 1, but it was fired to 14 Kilde at the end of the month, and rose to 30 Kilde on February 5th, which was more than 29 times in 30 days. During this period, almost every speculator was immersed in the dream of making a sudden windfall.
1637 Around the New Year, tulip futures contracts were heated up in Dutch inns. In February of 1637, profiteers gradually realized that it was time to deliver tulips. Once the bulbs of tulips are planted in the ground, it is difficult to sell them again. People began to wonder how much tulip bulbs bought at such a high price could be worth just for flowering. Not long ago, the rare commodity tulip contract suddenly became a hot potato. People who hold tulip contracts would rather have less than throw them to others. After people's confidence was shaken, the price of tulips immediately began to fall. The falling price has led to further loss of confidence in the tulip market. People who hold tulip contracts can't wait to get rid of them, but it's hard to find a "fool" at this juncture. The result of the vicious circle is the collapse of the tulip market.
The peak period in tulip bubble only lasted for more than a month. Because many tulip contracts have changed hands many times in a short period of time and have not been delivered so far, the last person holding tulip contracts began to recover the payment from the previous seller. The man asked the man in front for a debt again. The tulip market in the Netherlands has changed from a prosperous period in the past to a hell of bitterness and debt evasion.
1637 On February 24th, the flower shop held a meeting in Amsterdam, the capital of the Netherlands, and decided that the tulip contract signed before February 1636 must be delivered, and the buyer has the right to pay 10% less for the contract signed later. This decision not only did not solve the problem, but also aggravated the chaos in the tulip market. The relationship between buyers and sellers is very tangled. The Dutch government had to intervene and refused to approve the proposal. 1637 On April 27th, the Dutch government decided to terminate all contracts. A year later, the Dutch government passed a regulation allowing the final buyer of tulips to terminate the contract after paying 3.5% of the contract price. According to this regulation, if the ultimate holder of tulip has paid off the payment, his loss may exceed 96.5% of the original investment. If he hasn't paid the payment, but fortunately he only paid 3.5% of the contract price, then the person who sold him this contract will suffer very serious losses.
Under this blow, the Dutch tulip speculation market has collapsed.