What is "bullionism"

n. An economic theory that defines wealth by the amount of precious metals owned; a primitive form of mercantilism.

Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism. It was derived, in the 16th century, from the observation that the English state possessed large amounts of gold and silver, despite the fact that there was no mining of precious metals on English soil, because of its large trade surplus.