Mondelez International

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Spain's Golden Reserves Hit Record High, Echoes of 'Moscow Gold' Linger

The Bank of Spain's gold and foreign exchange reserves soared to nearly €94 billion in 2025, a historic peak fueled by global demand. As bullion's role evolves, the nation's complex history with its gold—from the Civil War-era 'Moscow gold' controversy to modern monetary strategy—offers a poignant backdrop.