There is a correlation between commodities and QE2, to wit: "The following chart says it all. The Fed’s aggressive Treasury monetization has been the causa proxima (90-percent correlation) to the peddle-to-the-metal Minsky Meltup in commodities. I suspected this would be the effect but confess I did not believe the Fed and government could be so irrational as to attempt it, especially with the blowback evident by year end." Short but great.