The absense of American gold and silver in Europe must have some consequences too, but I'm not quite sure of what kind. I'm not sure the precious metals brought much else than inflation and the Iberians growing fat and lazy?
It changed the Asian trade patterns massively. Europe became a much more important player not just because of its naval power projection but possibly even more so as a customer not just of spices, dyestuffs and gems, but also of textiles, ceramics, saltpetre and other bulk goods. A good part of the thriving economies that supported the Mughal, late Ming and Qing dynasties was based on this unprecedented shopping spree based on American gold and silver. Especially the textile manufacturing sector realised huge profits. Without that source of revenue, the legendary riches of the orient would come to look a bit more domesticated (though the place would still be rich).
Another effect was the brutal social divide that opened un in Europe through an unholy alliance of customer price inflation and wage stagnation. In many places, labour wages had been fixed in the fifteenth century at relatively generous levels. By the sixteenth, population growth began to pick up and put pressure on labour markets. At the same time, consumer prices began their century-long climb. A job which in 1450 could comfortable support a family would by 1600 have paid a starvation wage, even if nominal pay had risen (which, in many cases, it did not, wages being subject to tradition). It is by this time we see something like an urban proletariat appear in significant numbers.
Another factor was investment capital. There was significant capital sloshing around Europe in the sixteenth and seventeenth centurioes, and while it is hard to quantify how much of it was sourced from the Americas, a good deal of it likely was. That money went into private landholdings (despite historically illiterate economists claiming the opposite, the true tragedy of the commons was their privatisation), livestock, machinery, ships, and buildings. I do wonder how much of the industrial boost of that era was not so much down to invention as to the unique combination of cheap labour, cheap credit and exploding demand for goods.