WebOct 4, 1985 · 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? WebThe Spanish mined American gold and silver at minimal cost and flooded the European market with an abundance of specie. This influx caused a relative decrease in the value of these metals in comparison with agricultural and craft products. [4] Furthermore, depopulation – specifically in southern Spain – resulted in a high rate of inflation. [4]
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