The tremendous wealth of gold that the Spaniards stole from the Aztec of Central America and the Inca of South America led them to hope more precious metals would be found in North America.
When the Franciscan priest, Marcos de Niza, told the Spanish government in Mexico City that he had actually seen the fabled Cibola, they wanted to believe him. “It is situated on a level stretch on the brow of a roundish hill,” the
friar said. “It appears to be a very beautiful city, the best that I
have seen in these parts.” That's pretty specific, and he was willing to act as a guide to the very location itself.
In 1541, when conquistador Francisco Vazquez de Coronado and his men got to the site all they found was a lil' ol' adobe pueblo. (How embarrassing! To sail all the way from Spain! only to find a mud hut!)
Well, no quitter was Coronado. He spent the next two years searching the American southwest for those cities made of gold. He and his men - in those metal suits of armor conquistadors wore back then - traveled thousands of miles on horseback and by foot in search of gold. They went as far as present-day KANSAS! No gold. Sorry, guys. It was like buying a lottery ticket nowadays: 1 in 475,000,000 chance to win!
Actually, it was worse. Coronado had to go back to Spain empty handed, flat broke and deep in debt. I'll bet that was a miserable sail back across the Atlantic!! Worse still, he had to tell the investors back in Spain, who went into debt themselves to finance the expedition, that he had found nada. The gold was there, they just didn't look underground in, oh, say, Colorado!
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