The Disappearance of Spain’s Gold: The Moscow Gold Incident
In 1936, as the Spanish Civil War raged, the Republican government secretly moved 510 tonnes of gold—72.6% of Spain’s reserves—from the Bank of Spain in Madrid to the Soviet Union. The operation was ordered by Finance Minister Juan Negrín and approved by Prime Minister Francisco Largo Caballero, aiming to safeguard the reserves from advancing Nationalist forces.
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