Silver linked Atlantic treasure to Asian trade

The treasure system was not exclusively Spanish or confined to the Atlantic. Portuguese spice fleets offered another lucrative stream, while papal claims dividing overseas spheres did not prevent both Iberian powers from pursuing profitable routes. Some American silver remained in the colonies, much went to Europe, and a substantial share moved directly toward China in payment for goods. Cadiz belonged to an early modern global monetary network rather than standing alone as a convoy battle.