The fate of “Kolchak’s gold” - part of the gold reserves of the Russian Empire, which fell into the hands of the whites in 1918 - is one of the most famous and exciting mysteries of Russian history of the 20th century. Based on materials from American, British and Russian archives, historian Oleg Budnitsky managed to solve this mystery and trace the movement of money received from the sale of gold, which was spent until the end of the 1950s. The point of such a historical “investigation” is not only to put an end to the protracted debate about the fate of “Kolchak’s gold”. This plot serves as the core on which the problems of the history of the White movement and its foreign financing, the relationship between the Whites and their allies, Russian “diplomacy in exile”, Russian emigration and others are “strung”. Ultimately, this is another attempt to answer the key question of Russian history of the 20th century: why the Reds and not the Whites won the Civil War. Oleg Budnitsky - Doctor of Historical Sciences, Professor, Director of the International Center for the History and Sociology of the Second World War and Its Consequences, Higher School of Economics , Member of the European Academy; specialist in the field of Russian history of the second half of the 19th–20th centuries.