Where is the sliver going to?
During the 16th century, during which international trade began its boom, China was the predominant buyer of silver in the world. China accepted from and traded for silver with numerous silver-exporting countries such as Japan and Spanish America. The importance and abundance of silver trade in China is accurately depicted in many writings and writers from the time period. For example, Godinho was a Chinese writer who described China as the world's silver suction pump. The Chinese particularly wanted this precious metal because the market value of silver throughout China was double its value
elsewhere, thus a valuable commodity.
Where is the silver going from?
The predominant sellers, or producers, of silver during the beginning of international trade were Spanish America, which included areas such as Mexico and Peru. These areas were able to produce up to 150,000 tons of silver between 1500 and 1800 because they had the greatest quantity of silver. In comparison to areas such as Europe, which may have exhausted their silver resources or never had them in the first place, silver reserves in Spanish America were plentiful. The indigenous already had mined for much of the silver, and they served as slaves. This increased labor in Spanish American mines led to a boom in production of silver in Spanish America.
Who are the major players in the silver trade?
In the beginning time period of the silver trade, the dominant players were the Spanish Americans, Europe, and China. During this period of time, the Europeans (most notably the Spanish) established colonies in Mexico and Peru. They forced the indigenous people to mine silver for them, and the silver that they extracted was sent to two major places. Much of the silver was sent straight back to European colonies, while lesser, though equally substantial, amounts were used in trade with China. Thus, China, the Spanish American Colonies, and Europe were major players in early silver trade.
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