Fed's balance sheet hits record $4.7 trillion

The US Federal Reserve's balance sheet expanded to record $4.7 trillion this week, having increased by $356 billion in the previous week. That was the largest weekly increase ever, according to Charlie Bilello, founder and CEO of Compound Capital Advisors.

The sudden surge could be associated with the $1.5 trillion repo operation the bank conducted last week. 

The balance sheet expansion seen during the previous crisis had boded well gold. At press time, the yellow metal is trading at $$1,477 per Oz, representing a 0.40% gain.