During the war, Portugal was the second largest recipient of Nazi gold, after Switzerland and this came through the sale of Wolfram (as tungsten was called), with the German armaments industry nearly entirely dependent on the supplies from Spain and Portugal.^[15] Initially the Nazi trade with Portugal was in hard currency, but in 1941 the central Bank of Portugal established that much of this was counterfeit and Portuguese leader António de Oliveira Salazar demanded all further payments in gold.^[16]