The Golden Age of Spain saw the country become extremely wealthy through silver mining in Mexico in the 1500s, with Spain controlling vast colonial territories across the world by the late 1500s. However, maintaining large armies and conflicts in Europe drained Spain's resources, forcing King Phillip to declare bankruptcy in the 1570s and sign a peace treaty with France in 1598 recognizing their king.

1. The Golden Age of Spain By: Cory Schiefer

2. The Sun never Sets (1500-1572) In 1513, Balboa crossed the Panama, and led the first European expedition to see the Pacific Ocean from the west coast of the New World. In 1546 silver mines opened in Mexico making Spain one of the richest countries with $1.5 trillion in gold and silver. In 1565 the first permanent Spanish settlement in the Philippines was founded by Miguel Lopez. In 1572 Spanish took control of Guam, the Mariana Islands, and the Caroline Islands.

3. European Conflicts (1573-1600) In 1576 King Phillip had to accept bankruptcy because of his 80,000 man army. Committed to stopping Henry of Navarre from becoming King of France, the Spanish divided their army in the Netherlands and invaded France in 1590. King Phillip of Spain signed the Treaty of Vervins with France in 1598, recognizing Henry IV as king of France.