Spain obtained most of its gold and silver from the mines in the New World (Latin America).
And now, more specifically
Spain obtained most of its gold and silver from the mines in the New World, specifically from areas that are now known as Mexico, Peru, and Bolivia. These metals were extracted by indigenous people and forced laborers brought from Africa to work in harsh conditions under Spanish rule.
According to historian Hugh Thomas, “By 1650, nearly 200 tons of gold and 16,000 tons of silver were imported into Spain from America, truly making it the century of the conquistador.” The influx of precious metals fueled Spain’s economy and enabled it to become one of the most powerful countries in the world in the 16th and 17th centuries.
The importance of gold and silver in Spain’s economy can be seen in the fact that the country established the Casa de Contratación, a government agency responsible for overseeing trade with the New World and collecting the royal fifth, or quinto real, which was a tax imposed on all gold and silver extracted from the region.
Some interesting facts about Spain’s gold and silver trade include:
- The extraction of these metals from the New World led to a significant increase in international trade and helped pave the way for globalization.
- The wealth generated from this trade helped fund Spain’s military efforts, including the famous Armada that battled England in 1588.
- The discovery of massive silver deposits in Potosí, Bolivia, in the mid-16th century led to a spike in silver production that helped fuel inflation across Europe.
- The search for gold and silver also led Spanish explorers to discover other valuable commodities, such as tobacco, chocolate, and potatoes, which they then introduced to Europe.
A table summarizing Spain’s gold and silver trade might look like this:
| Year | Amount of Gold Imported (in tons) | Amount of Silver Imported (in tons) |
|---|---|---|
| 1550 | 14.5 | 142.2 |
| 1600 | 106.2 | 1044.8 |
| 1650 | 198.2 | 1603.8 |
| 1700 | 249.6 | 2225.8 |
Overall, the extraction of gold and silver from the New World played a significant role in Spain’s rise to power and had a lasting impact on the global economy. As historian William Bernstein notes, “The Spanish conquest of the Americas was probably the most important event in the history of the world.”
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After subjugating the Aztec and Inca Empires, the Spanish began mining the ample gold and silver in Mexico, Central America, and South America. Over the next 300 years, Spain’s wealth grew as they plundered the resources of the Americas, transporting the goods back to Europe to fuel a global economy of trade.
Almost overnight, Spain became very rich taking home unprecedented quantities of gold and silver. These were stolen from the Incas and the mines that the Spanish came to control. The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars.
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Keeping this in consideration, Where did Spain get most of its gold from?
The response is: Almost overnight, Spain became very rich taking home unprecedented quantities of gold and silver. These were stolen from the Incas and the mines that the Spanish came to control. The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars.
Secondly, Where did Spain get all their silver? Answer to this: After they conquered America in the 16th century, the Spanish exploited the considerable silver resources of Peru and Mexico. Every year, nearly 300 tons of silver were extracted from New World mines. The result was an intensive production of silver coinage minted in Peru or in Mexico.
Why did the Spanish have so much silver?
Answer: Spaniards at the time of the Age of Discovery discovered vast amounts of silver, much of which was from the Potosí silver mines, to fuel their trade economy. Potosí’s deposits were rich and Spanish American silver mines were the world’s cheapest sources of it.
How much gold did Spain take from America?
Response will be: Between 1500 and 1650, the Spanish imported 181 tons of gold and 16,000 tons of silver from the New World. In today’s money, that much gold would be worth nearly $4 billion, and the silver would be worth over $7 billion.
Simply so, Why did the Spanish buy gold? Answer: The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars. Therefore, gold started to trickle out to other European countries who benefited from the Spanish wealth. The Spanish also were able to purchase an unprecedented quantity of imported goods from around the world – including Europe and China.
Also question is, Where did the Spanish mine gold in South America? As a response to this: Precious metal mines were opened and exploited by the Spanish across South America for all they were worth. Major mines included the Cauca Valley mines in Colombia (opened in 1540), Potosí (1545) and Oruro (1595) in Bolivia, and the Castrovirreyna (1555) and Cerco de Pasco (1630) mines in Peru.
Keeping this in view, What was the consequence of Spain gaining gold from the Incas?
The response is: There’s an interesting chapter about the consequence of Spain gaining a large quantity of gold and silver from the Incas during the Sixteenth Century. Almost overnight, Spain became very rich taking home unprecedented quantities of gold and silver. These were stolen from the Incas and the mines that the Spanish came to control.
In this regard, Why was Spain so rich?
Response will be: Almost overnight, Spain became very rich taking home unprecedented quantities of gold and silver. These were stolen from the Incas and the mines that the Spanish came to control. The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars.
Furthermore, Why did the Spanish buy gold? Response: The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars. Therefore, gold started to trickle out to other European countries who benefited from the Spanish wealth. The Spanish also were able to purchase an unprecedented quantity of imported goods from around the world – including Europe and China.
Herein, What percentage of the New World Gold went to Spain?
One researcher estimates that 10 to 15 percent of the New World gold intended for Spain never got there due to theft, piracy, or other mishap. Nonetheless, that leaves 85 to 90 percent that did make it, along with tons of silver, which began to be mined in quantity toward the end of the 16th century. Where did it go?
Subsequently, What was the consequence of Spain gaining gold from the Incas?
Response will be: There’s an interesting chapter about the consequence of Spain gaining a large quantity of gold and silver from the Incas during the Sixteenth Century. Almost overnight, Spain became very rich taking home unprecedented quantities of gold and silver. These were stolen from the Incas and the mines that the Spanish came to control.
Consequently, Why was Spain so rich? In reply to that: Almost overnight, Spain became very rich taking home unprecedented quantities of gold and silver. These were stolen from the Incas and the mines that the Spanish came to control. The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars.