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They have all the gold!
One time I overdid it, and it made my economy implode to hyperinflation.
Like the real-world Spain.
Don't forget to colonise Africa and create trade companies, especially Cape to get another merchant.
Before he edited it, his post said "as England." I don't know why the OP made that change.
I've never had an issue with Spain either, you're usually too big as them for it to matter. But I have had crazy high inflation playing as the Aztecs and the like.
Specifically, capturing Tidore and Ternate is possibly one of the biggest single province gold gains in the entire game because they are both Spice producers that have unique flat bonuses to Local Products Produced. Put them into a trade company immediately and then build the two trade company buildings that give +production efficiency and the special 1000 ducat building that gives +10% trade value to the region.
When fully built out properly, Tidore and Ternate can give 8 ducats a month almost each, which is insane for your economy when you get there early. It's also easy to fabricate claims on both with a single colony - just colonize the empty connecting island between the two.
1. Buy a province in Ivory Coast using the Charter Company option (if available, not sure if that's DLC locked). Later in the game, build the +50% Trade Steering unique trade company building here and dominate the node with light ships, ensuring nearly full control of all of the ducats from Africa and Asia to your choice of European end node.
2. A province in Cape of New Hope. It doesn't steer, so it isn't worth going insane here, though it can ♥♥♥♥ over other people's colonial range hops if you get here very early.
3. Massachusetts or Manhattan, whichever is bordering more Native American tribes. Fabricate claims on them and attack them, annexing them and then coring four of their provinces. I usually build 5 infantry in the colony once it is done. Combined with your starting province, this will form a colonial nation without placing any further colonies. Continue to attack Native American tribes, now using your new 'Concede Colonial Eastern America' peace option to take huge swathes of land very quickly (for some reason they don't consider it annexation...). Don't bother placing further colonies in this region. Your new colonial nation will handle that, and their starting position will be so insanely strong you can have them win any colonial wars for what's leftover easily.
4. As many as you can get in the Caribbean. grumpygorrila is right - this is pretty key - and the AI loves to lose colonial wars here so it's harder to get later.
5. Cartagena. Directly bordering Cartagena to the southeast is the four-province nation of Musica. Conveniently, this is exactly the number of provinces you need to core to form a colonial nation in Colombia. This is extra great because Cartagena is a trade center province. It's literally win-win!
6. Xicaque. This is my preferred province of choice for jumping off into a Colonial Mexico conquest spree. It can be better to start this early. The AI colonizers will usually wait on Mexico until later, ironically, the problem is actually development. If you wait, the Native Mexican nations will consolidate their development, which is actually somewhat bad. Fully formed/conquered Colonial Mexico when done late-ish (say, 1650) can have over 900 development. Their Liberty Desire level will be insane until you can get to the Splendor ability in the Age of Revolution to limit Liberty Desire from development level.
7. A mix of colonies and conquering in Brazil and La Plata.
8. Chitimacha (i.e. New Orleans). Later on, after some tribes have consolidated, this should be bordering or nearly bordering some Native American tribes. Depending on their location, you may have to use a mix of colonies and conquering to form the colonial nation.
9. A single colony placed in Colonial Peru next to Inca/Cusco/whoever. War them and steal all their gold provinces and annex all their neighbors. This will actually take a bit of an army usually.
10. Some stuff in Canada/California/Cascadia/Alaska. As usual, use native provinces as free cores to count towards your colonial nation formation, then immediately move on to the next area. Put more priority into Canada if your nation uses the North Sea or Bordeaux trade nodes. Otherwise, Canada's not super important right now. The provinces there are pretty awful.
11. Take intermediary islands as needed to get to Southeast Asia. (If you're built up in Brazil enough, you can just go through Hawaii.)
12. Take the island between Tidore and Ternate and then annex both.
13. Hawaii. This single province will let you control the majority of the Pacific trade node.
14. Colonize Australia.
15. Take huge swaths of Southeast Asia, India, Africa, and even Japan or China as you desire. Obviously, you can sort of go nuts here as you're finally at a point where your Aggressive Expansion gains are spread out enough that you can be in a state of constant war all the time, limited only by your transport ships, your army movement (although do be warned that colonizers will get AE gains if they put a colony near your conquest sites), and rebellions from overextension.
This is just what I do and what works for me. I haven't watched a ton of videos or guides on the subject, though I have played a metric crapton of EU4. Also, I don't always do this in the same order; it varies based on what the other colonizers are doing. If I see them expand into a colonial region, I usually move to match so that I can make my colonial nations declare colonial wars on them later to get the territory back.