In this week’s commentary, Frank Holmes asks what the game changer for gold will be. As we watch Janet Yellen take over as chairman of the Federal Reserve, we note how much higher the Fed’s balance sheet is today compared with when Ben Bernanke became chairman in 2006. Even with the tapering of the bond purchases that began in late 2013, the Fed’s balance sheet remains on an upward trajectory and much higher than the price of gold. This suggests we should see much higher prices in the yellow metal.