The further away the closest source of that resource to the capitol is what determines overall value. Gold isn't terribly valuable to Venice, because there's a gold mine in Zagreb. I get more money from the amber near Krakow than I do from the gold in Zagreb. However, playing Spain with the capitol in Valencia, I was getting 840 a turn on the gold in Timbuktu with a 7 finance merchant. There are no gold sources anywhere in western Europe. Silk is exceedingly valuable as Spain or England, but nearly worthless as Byzantium (there are 4 silk sources within a 2 turn move of Constantinople).
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