You know, they still might be that stable. The price of a good toga and complete outfit used to be one ounce of gold. I think a bespoke suit and accoutrements can still be bought for that one ounce of gold.  Divinely set? I am not sure of that, but it certainly looks very stable to me.

Yes, prices were so stable that they were believed to be almost divinely set. 

Undisciplined

Yes, that may be true, but the stability supplied by gold and silver standards, imply that there was no *inflation* rather, **deflation** as the years went by. I think that there was the same sort of deflation in the US, even after the ‘49 gold rush.

Rothbardian_fanatic

econ

Could an Increase in the Supply of Gold Cause a Boom-Bust Cycle?

The magnitude of Spanish inflation was actually very low by modern standards, if I recall correctly. I think it was less than one percent a year.