- #1
Thread Owner
The Legend of Leon Trabuco's Gold
After decades of investigation by the treasure hunting community, the legend of Leon Trabuco's 16-17 tons of smuggled gold remains one of the Southwest's most controversial treasure stories. This report compiles theories, eyewitness accounts, documented evidence, and skeptical analysis from nearly 40 years of forum discussions, revealing a mystery far more complex than the simple "lost treasure" narrative suggests. (I have hiked and traveled many miles over the last 35 years looking for this treasure, and have decided to pass these conclusions on before I pass on.)
The Meeting and the Plan
According to the legend, on April 15, 1933 (or 1934—accounts vary), a meeting took place in Cuernavaca, Mexico. The attendees were:
The Accumulation
The group allegedly gathered 16-17 tons of gold:
The Pilot: Either "Red" Moiser (a real WWI Signal Corps aviator) or William C. Elliott (no records found) flew a Stearman crop duster with a 440 hp engine and extra fuel tanks.
The Flights: 10-16 flights (accounts vary) from Mexico to a landing strip near Farmington, New Mexico, carrying 1,500 pounds per trip. The final shipment allegedly arrived July 14, 1933.
The Burial: Pickup trucks transported the gold from the landing strip to burial sites on or near Conger Mesa in the Four Corners region. Trabuco never revealed the exact location and never made a map.
What Went Wrong
Six months later (January 1934): The Gold Reserve Act raised gold prices to $35/ounce—potential profit of $7 million. But FDR's Executive Order 6102 made private gold ownership illegal. The gold became a criminal liability instead of an asset.
The Deaths
In 1946, the U.S. Treasury Department opened an investigation. Trabuco hired an attorney. The Justice Department determined that Trabuco and partners had violated the Gold Act and smuggling laws. They offered a deal: reveal the location, allow government recovery, and he could sue for ownership afterward. Trabuco refused and allegedly never entered the U.S. again.
The 1952 Los Angeles Federal Grand Jury
In September 1952, a Federal Grand Jury convened in Los Angeles to investigate whether Trabuco and four financiers orchestrated the gold-buying scheme. TreasureNet researchers note:
THEORY 1: The Gold Was Real—Stayed at Conger Mesa Until 1951-1952, Then Moved South
Primary Source: TreasureNet user "Mike" (also known as "Gollum")
Mike claimed to possess a 5-inch thick research binder including:
THEORY 2: "Leon Trabuco" Never Existed—The Entire Story Is Writer's Fiction
Primary Sources: Treasure Hunters conducting genealogical research
Critical Findings:
THEORY 3: The California Connection—New Mexico Was Misdirection
Primary Source: TreasureNet user "Gary" (extensive researcher)
Gary conducted years of investigation and concluded the New Mexico story doesn't add up:
Gary's Evidence:
THEORY 4: Connection to the German Nazi LUE Treasure
Some researchers noted striking parallels between the Trabuco story and the LUE (a Nazi gold cipher treasure map):
Similarities:
THEORY 5: Ed Foster's Triangle Theory—The Traditional Search Area
Ed Foster searched for 35+ years and was featured on Unsolved Mysteries (1991). He identified three key landmarks forming a triangle:
1. Conger Mesa
Red Moiser: Real Person or Cover Story?
The Problem with Red Moiser: Treasure detectives discovered that "Red" Moiser was indeed a real, accomplished person:
William C. Elliott Alternative: Some versions name the pilot as W.C. Elliott from Salt Lake City, supposedly killed in a plane crash over England/Germany during WWII. Problem: There are no records in the National Archives of anyone by that name from the Salt Lake area being MIA or KIA in WWII.
Conclusion: Either the pilot's identity was deliberately obscured, or the entire flight narrative is fabricated.
Claims of Discovery and Recovery
The "It's Been Found and Moved" Claims
Aviation Concerns: "Places to secretly (unnoticed) land any kind of aircraft capable of carrying #1000 would be very scarce in 1933 northern New Mexico." The terrain and technology of the era make 16 secret flights highly improbable.
Volume Reality:
Timeline Problem: The gold was allegedly moved into the U.S. in July 1933, after FDR's Executive Order 6102 was signed (April 5, 1933) making gold hoarding illegal. Why smuggle gold into a country that just made it illegal to own? Some researchers argue the dates in the story don't make economic sense.
Current Value: At today's gold prices (~$2,000-2,600/oz), 16-17 tons would be worth approximately $500-700 million.
What Happened to Leon Trabuco?
Multiple conflicting accounts exist:
Account 1: Fled to Spain
After refusing the 1946 Treasury Department deal, Trabuco allegedly never entered the U.S. again and fled to Spain, where he died at an unknown date.
Account 2: Died After 1952 Grand Jury
The Los Angeles Federal Grand Jury investigated him but never indicted him. He reportedly died shortly after the hearings concluded.
Account 3: Final Words Theory
Before dying, he allegedly said the gold was "only a few miles from a major New Mexico landmark" (unverified).
Account 4: Attempted Black Market Sales
For 18 years (1934-1952), Trabuco reportedly tried to sell the gold on the black market. Among those he contacted:
After 1946, Trabuco reportedly never entered the U.S. again, conducting all business from Mexico.
The Caballo Mountains Connection
Several researchers believe the Trabuco gold, Doc Noss's Victorio Peak treasure, and Pancho Villa's loot are all connected:
Key Points:
My Assessment: Where Is The Gold (If It Exists)?
Based on decades of research, here are the most plausible scenarios ranked by likelihood:
SCENARIO 1: The Story Is Largely Fiction (60% Probability)
Evidence Supporting:
SCENARIO 2: The Gold Existed But Was Moved/Recovered 1951-1952 (30% Probability)
Evidence Supporting:
Evidence Supporting:
If you're convinced the gold is still buried in New Mexico, here's where to focus:
PRIMARY SEARCH AREA: Ed Foster's Triangle
Between Conger Mesa, the Mexican-style house, and Shrine Rock. Warning: This area has been heavily searched for 50+ years by skilled treasure hunters with advanced technology.
SECONDARY AREA: 30-60 Miles South of Conger Mesa
Where gold bars have historically surfaced. Some believe this is where Doc Noss found the gold he later claimed came from Victorio Peak.
LEGAL WARNINGS:
After nearly 90 years and thousands of hours of research. no verified recovery has been documented. The story contains all the elements of enduring treasure legends:
✓ Dramatic setup with historical context (Great Depression, FDR's gold policies) ✓ Mysterious deaths of all participants except one ✓ Lost maps and secret markers ✓ Conflicting details that keep the mystery alive ✓ Just enough verifiable facts (real people, real locations, real government investigations) ✓ A fortune large enough to justify the search
The Most Likely Truth: If any gold existed, it was probably:
The gold, if it ever existed, is either:
Compiled from TreasureNet.com forum discussions (1985-2024), Unsolved Mysteries episode research, FOIA documents (referenced but not publicly available), newspaper archives from the 1952 Los Angeles Federal Grand Jury hearings, and genealogical research in Mexican and U.S. records.
Final Note: The most experienced treasure hunters on TreasureNet agree on one thing: "The leading cause of failure to recover treasure is greed of various family, 'friends' and 'partners.'" If you believe you know where the gold is, keep it to yourself until you've secured it.
After decades of investigation by the treasure hunting community, the legend of Leon Trabuco's 16-17 tons of smuggled gold remains one of the Southwest's most controversial treasure stories. This report compiles theories, eyewitness accounts, documented evidence, and skeptical analysis from nearly 40 years of forum discussions, revealing a mystery far more complex than the simple "lost treasure" narrative suggests. (I have hiked and traveled many miles over the last 35 years looking for this treasure, and have decided to pass these conclusions on before I pass on.)
The Meeting and the Plan
According to the legend, on April 15, 1933 (or 1934—accounts vary), a meeting took place in Cuernavaca, Mexico. The attendees were:
- Leon Trabuco - Rancher and large-scale miner from Chihuahua, Mexico (became group leader)
- Ricardo Artega (Arteaga) - Wealthy rancher from Torreon, Coahuila
- Carlos Sepulveda - Rancher from Chihuahua
- Rafael Borega (Borrega) - International banker for Spain and Mexico
- Professor Guzman Morada (Hilario Y Morado) - Economics counsel at the University of Mexico who devised the scheme
The Accumulation
The group allegedly gathered 16-17 tons of gold:
- Trabuco contributed: 12 tons (approximately 350,000 troy ounces)
- Additional purchases: 5 tons bought with millions of pesos from small Mexican private miners
- The gold was melted and recast into ingots at a makeshift Mexican foundry
The Pilot: Either "Red" Moiser (a real WWI Signal Corps aviator) or William C. Elliott (no records found) flew a Stearman crop duster with a 440 hp engine and extra fuel tanks.
The Flights: 10-16 flights (accounts vary) from Mexico to a landing strip near Farmington, New Mexico, carrying 1,500 pounds per trip. The final shipment allegedly arrived July 14, 1933.
The Burial: Pickup trucks transported the gold from the landing strip to burial sites on or near Conger Mesa in the Four Corners region. Trabuco never revealed the exact location and never made a map.
What Went Wrong
Six months later (January 1934): The Gold Reserve Act raised gold prices to $35/ounce—potential profit of $7 million. But FDR's Executive Order 6102 made private gold ownership illegal. The gold became a criminal liability instead of an asset.
The Deaths
- Rafael Borrega - Died in his Mexico office, 1939 (natural causes)
- Carlos Sepulveda - Killed in car crash near Monterrey, 1940
- Ricardo Arteaga - Gored to death by a fighting bull, 1940 (one source)
- Guzman Morada - Natural causes, 1940 (one source)
- William C. Elliott/Red Moiser - Allegedly killed in WWII over Germany, 1944 (no records confirm)
- Leon Trabuco - Died early-to-mid 1950s after refusing government deals
In 1946, the U.S. Treasury Department opened an investigation. Trabuco hired an attorney. The Justice Department determined that Trabuco and partners had violated the Gold Act and smuggling laws. They offered a deal: reveal the location, allow government recovery, and he could sue for ownership afterward. Trabuco refused and allegedly never entered the U.S. again.
The 1952 Los Angeles Federal Grand Jury
In September 1952, a Federal Grand Jury convened in Los Angeles to investigate whether Trabuco and four financiers orchestrated the gold-buying scheme. TreasureNet researchers note:
- Bernard G. Klepper produced escrow papers and affidavits at the hearing
- Trabuco was never indicted
- Newspaper articles mentioned "California and southwestern United States" but not specifically New Mexico
- Shortly after the hearings, Trabuco reportedly died (some say he fled to Spain)
THEORY 1: The Gold Was Real—Stayed at Conger Mesa Until 1951-1952, Then Moved South
Primary Source: TreasureNet user "Mike" (also known as "Gollum")
Mike claimed to possess a 5-inch thick research binder including:
- All Cosgrove-Meurer research from the Unsolved Mysteries episode
- 2 inches of FOIA documents showing Treasury and FBI reports
- Every FBI report went to "Chief" (J. Edgar Hoover's designation)
- A private investigator's findings from the 1990s
- The gold remained at Conger Mesa from 1933 until approximately 1951-1952
- When the Federal Grand Jury began investigating in Los Angeles (1952), the ranch caretaker moved the gold "somewhere South"
- Mike's friends spoke with the ranch caretaker in 1986, just before he died
- The caretaker didn't know the final location—only that he had moved it south
- Gold bars were engraved with map pieces and wrapped in canvas and red oilcloth
- Marker bars were hidden under large boulders in the area
- Mike found information suggesting the gold was moved to the Jicarilla Apache Reservation (directly north/south of Conger Mesa)
- A "perfectly straight line North" connects Mike's suspected location on the Jicarilla Apache Res to the ranch on Conger Mesa
THEORY 2: "Leon Trabuco" Never Existed—The Entire Story Is Writer's Fiction
Primary Sources: Treasure Hunters conducting genealogical research
Critical Findings:
- No birth, baptism, marriage, or death records found for "Leon Trabuco" in Mexico
- Extensive searches in Chihuahua state records found nothing
- No U.S. border crossing records for anyone named Leon Trabuco
- Two other conspirators (Artega and Sepulveda) did appear in Mexican records as real people
- Some researchers believe "Leon Trabuco" was created by writers W.C. Jameson and others using "artistic license"
- "Leon" - A place in Mexico (León, Guanajuato)
- "Trabuco" - A place in California (Trabuco Canyon, Orange County) and Spanish word for "blunderbuss" (a type of firearm)
- The name appears constructed from place names rather than being a real Mexican surname common to the region
THEORY 3: The California Connection—New Mexico Was Misdirection
Primary Source: TreasureNet user "Gary" (extensive researcher)
Gary conducted years of investigation and concluded the New Mexico story doesn't add up:
Gary's Evidence:
- Every verifiable person in the story was from California, not Mexico:
- The pilots were from California
- People approached to sell the gold were from California
- Deliveries were arranged for a California mint
- At least 4 participants were involved in California mining/gold transactions
- They all lived "a stone's throw apart" in California
- The 1952 Grand Jury newspaper articles mentioned "California and southwestern United States" but never specifically mentioned New Mexico
- Gary's Conclusion: "I believe that 'Trabuco' was an alias for someone else"
- Emil Holmdahl (American captain on Pancho Villa's staff) searched for Villa's hidden gold for 20+ years after the Mexican Revolution
- Holmdahl and Doc Noss were documented to have spent time together (newspaper evidence)
- In 1952, Secret Service agents questioned Holmdahl about $20 million in gold ingots smuggled across the border
- Holmdahl and Odo Stade reportedly brought approximately 30 tons of gold into the U.S. for arms deals on Villa's behalf
- Gary theorized that Villa's loot, the Victorio Peak gold, and the Trabuco story might be the same cache surfacing in different narratives
THEORY 4: Connection to the German Nazi LUE Treasure
Some researchers noted striking parallels between the Trabuco story and the LUE (a Nazi gold cipher treasure map):
Similarities:
- Both stories involve Mexican gold smuggled into New Mexico in the 1930s
- Both involved secret airplane landings on mesas in the Four Corners region
- Both involve German/European connections
- Some theorized the two stories might be the same cache or related operations
- The LUE cipher supposedly points to gold hidden in the Four Corners area
THEORY 5: Ed Foster's Triangle Theory—The Traditional Search Area
Ed Foster searched for 35+ years and was featured on Unsolved Mysteries (1991). He identified three key landmarks forming a triangle:
1. Conger Mesa
- Location of the alleged 1933 landing strip
- Native American witnesses (including a woman who was 6 years old in 1933) remembered planes landing repeatedly
- They recalled several Mexican men living on the Navajo Reservation—"very unusual for a Mexican to move out here"
- Located 20 miles west of Conger Mesa
- Unlike any other structure on the reservation
- Has windows, front door, back door, and a veranda
- Ed believed it was built as a guard post to protect the gold
- "This house would look good in Tijuana, Mexico, but not on the Navajo reservation"
- A stone outcropping with a carved inscription: "1933 16 Ton"
- Ed believed this was a marker left by Trabuco's men
Red Moiser: Real Person or Cover Story?
The Problem with Red Moiser: Treasure detectives discovered that "Red" Moiser was indeed a real, accomplished person:
- WWI Army Signal Corps aviator
- Test pilot in Colorado Springs
- City Manager of Oklahoma City from 1933-1937 (during the alleged gold flights!)
- Later became Vice President of Braniff and American Airlines
William C. Elliott Alternative: Some versions name the pilot as W.C. Elliott from Salt Lake City, supposedly killed in a plane crash over England/Germany during WWII. Problem: There are no records in the National Archives of anyone by that name from the Salt Lake area being MIA or KIA in WWII.
Conclusion: Either the pilot's identity was deliberately obscured, or the entire flight narrative is fabricated.
Claims of Discovery and Recovery
The "It's Been Found and Moved" Claims
- Gold bars surfacing from the Caballo Mountains (30 miles west of Victorio Peak):
- Multiple reports over the years
- Some posters' friends allegedly held bars from the area
- Connection to Doc Noss treasure theories
- Government confiscation theories:
- Rumors the gold was moved to Fort Knox
- Claims the U.S. Army recovered it in the 1960s-70s
- Speculation it went to LBJ's ranch in Texas
- The gold stayed local:
- Some believe it was moved to the Jicarilla Apache Reservation
- Others think it's within 60 miles of Conger Mesa
- Theory: It's still buried under large boulders with marker bars nearby
- Federal Grand Jury aftermath:
- Mike reported that several jury members from the 1952 Los Angeles hearing moved to the Aztec, New Mexico area to actively hunt the treasure
- This suggests they believed the gold was real and close
Aviation Concerns: "Places to secretly (unnoticed) land any kind of aircraft capable of carrying #1000 would be very scarce in 1933 northern New Mexico." The terrain and technology of the era make 16 secret flights highly improbable.
Volume Reality:
- 17 tons of gold = approximately 0.83 cubic feet per 1,000 pounds
- The entire 16-17 tons would fit in a space roughly 3' x 3' x 3' (1 cubic yard)
- While compact, this still represents immense weight requiring multiple vehicles and workers
Timeline Problem: The gold was allegedly moved into the U.S. in July 1933, after FDR's Executive Order 6102 was signed (April 5, 1933) making gold hoarding illegal. Why smuggle gold into a country that just made it illegal to own? Some researchers argue the dates in the story don't make economic sense.
Current Value: At today's gold prices (~$2,000-2,600/oz), 16-17 tons would be worth approximately $500-700 million.
What Happened to Leon Trabuco?
Multiple conflicting accounts exist:
Account 1: Fled to Spain
After refusing the 1946 Treasury Department deal, Trabuco allegedly never entered the U.S. again and fled to Spain, where he died at an unknown date.
Account 2: Died After 1952 Grand Jury
The Los Angeles Federal Grand Jury investigated him but never indicted him. He reportedly died shortly after the hearings concluded.
Account 3: Final Words Theory
Before dying, he allegedly said the gold was "only a few miles from a major New Mexico landmark" (unverified).
Account 4: Attempted Black Market Sales
For 18 years (1934-1952), Trabuco reportedly tried to sell the gold on the black market. Among those he contacted:
- A former Gestapo officer living in Mexico
- Swedish industrialist Axel Wenner-Gren (one of the world's wealthiest men) All refused to touch the illegal gold.
After 1946, Trabuco reportedly never entered the U.S. again, conducting all business from Mexico.
The Caballo Mountains Connection
Several researchers believe the Trabuco gold, Doc Noss's Victorio Peak treasure, and Pancho Villa's loot are all connected:
Key Points:
- The Caballo Mountains are located between Sonora, Mexico and Santa Fe along the Rio Grande
- Doc Noss allegedly found gold bars in the Caballos before "discovering" Victorio Peak
- Gold bars have periodically surfaced from the Caballos for decades
- Noss's granddaughter Letha and partner Jerry actively hunted the Caballos
- The Caballos are only 30 miles from Victorio Peak
- Some believe Noss "salted" Victorio Peak with gold actually recovered from the Caballos
My Assessment: Where Is The Gold (If It Exists)?
Based on decades of research, here are the most plausible scenarios ranked by likelihood:
SCENARIO 1: The Story Is Largely Fiction (60% Probability)
Evidence Supporting:
- No genealogical records for "Leon Trabuco" in Mexico
- The name appears constructed from place names
- Red Moiser's verified biography makes his participation impossible
- No records for William C. Elliott's existence or WWII death
- Every verifiable person in the story was Californian, not Mexican
- The timeline doesn't make economic sense (smuggling after gold was made illegal)
- First historical mention is by writer W.C. Jameson, known for embellished treasure tales
SCENARIO 2: The Gold Existed But Was Moved/Recovered 1951-1952 (30% Probability)
Evidence Supporting:
- Mike's extensive FOIA documentation showing Treasury and FBI involvement
- Reports going directly to J. Edgar Hoover suggest federal interest in something real
- The 1952 Los Angeles Federal Grand Jury convened for a reason
- Multiple jury members moved to New Mexico to search afterward
- Ranch caretaker's deathbed information to Mike's friends
- Periodic gold bar discoveries in the Caballo Mountains region
- Native American eyewitness accounts of planes and Mexican men in 1933
- Jicarilla Apache Reservation (Mike's straight-line north theory)
- Caballo Mountains (30-60 miles south of Conger Mesa)
- Within 60 miles of original site (far enough to evade searchers, close enough for 1950s transport)
- Recovered by U.S. government in secret operations 1960s-1970s
- Dispersed and sold piecemeal over decades through back channels
Evidence Supporting:
- Every verifiable participant was Californian
- Grand Jury was in Los Angeles, not New Mexico
- People approached to sell gold were Californian
- Deliveries arranged for California mint
- New Mexico may have been deliberate misdirection
- Connected to legitimate mining operations used as cover
- In the mountains of San Diego, Orange, or Riverside Counties
- Trabuco Canyon area (the name connection)
- Long since recovered and sold through California networks
If you're convinced the gold is still buried in New Mexico, here's where to focus:
PRIMARY SEARCH AREA: Ed Foster's Triangle
Between Conger Mesa, the Mexican-style house, and Shrine Rock. Warning: This area has been heavily searched for 50+ years by skilled treasure hunters with advanced technology.
SECONDARY AREA: 30-60 Miles South of Conger Mesa
- Jicarilla Apache Reservation
- Approaching the Caballo Mountains
- Look for large boulder formations (if Mike's "marker bars under boulders" account is accurate)
Where gold bars have historically surfaced. Some believe this is where Doc Noss found the gold he later claimed came from Victorio Peak.
LEGAL WARNINGS:
- Much of this land is on Native American reservations
- Treasure hunting without tribal permission is illegal
- Federal land requires permits
- Metal detecting and digging can result in arrest and equipment seizure
- The Antiquities Act protects archaeological resources
- 17 tons would be buried at least 3-6 feet deep
- Would likely require vehicle access (follow old ranch roads)
- Large boulder fields are the most credible marker locations
- Canvas and red oilcloth wrapping would have long since deteriorated
- Gold bars would be heavily oxidized and difficult to detect
After nearly 90 years and thousands of hours of research. no verified recovery has been documented. The story contains all the elements of enduring treasure legends:
✓ Dramatic setup with historical context (Great Depression, FDR's gold policies) ✓ Mysterious deaths of all participants except one ✓ Lost maps and secret markers ✓ Conflicting details that keep the mystery alive ✓ Just enough verifiable facts (real people, real locations, real government investigations) ✓ A fortune large enough to justify the search
The Most Likely Truth: If any gold existed, it was probably:
- A much smaller amount than 16-17 tons
- Connected to Pancho Villa's looted Mexican wealth
- Moved by Emil Holmdahl and associates in the 1920s-1930s
- Gradually sold off through California networks
- Possibly connected to the Doc Noss discoveries in the Caballos
- Embellished by writers into multiple treasure legends
The gold, if it ever existed, is either:
- Long gone (recovered and sold)
- In government hands (confiscated and stored)
- Still buried in a location no one has correctly identified
- Never existed at all except in writers' imaginations
Final Note: The most experienced treasure hunters on TreasureNet agree on one thing: "The leading cause of failure to recover treasure is greed of various family, 'friends' and 'partners.'" If you believe you know where the gold is, keep it to yourself until you've secured it.
