At the end of 2025, the Banco de España recorded gold and foreign exchange reserves were valued at nearly €94 billion, the highest figure since comparable statistics became available. The increase reflects, above all, the rising demand for gold on the international market — recent dips aside — as a safe-haven asset in a year marked by geopolitical and financial uncertainty. But in Spain, gold is never just an accounting figure. It is also a matter of historical memory. And few expressions are