At the end of 2025, Spain's gold and foreign exchange reserves reached €94 billion, the highest since records began, driven by increased global demand for gold amid geopolitical uncertainty. Historically, Spain's gold, particularly the controversial 'Moscow gold' transferred to the Soviet Union during the Spanish Civil War, has significant implications. This gold was used to finance the war effort, and misconceptions about its return have been debunked. Today, Spain holds around 281 tonnes of gold, reflecting a shift from a wartime asset to a financial stability tool.