Hedge Fund Manager and former Goldman Sacs employee, William Kaye, believes Russia’s gold reserves are multiples of what they have reported. During an interview with Kingworld news, Kaye also forecasted that the tension in the Ukraine will be positive for gold in the short term.

“This is potentially very gold bullish in the short term because it escalates tensions, which has almost always been positive for precious metals. But more importantly, I think medium-to-longer-term it accelerates the day when gold goes bid only.”