Australia's The Privateer said on Sunday: "On March 18 ... U.S. Fed announced plans to begin to buy U.S. government debt paper with Federal Reserve Notes (a.k.a. U.S. Dollars) created out of thin air. ... On our Web site, we announced that decision as the 'END GAME.' That is precisely what it is." See Privateer Web site.

Even more impressive: the reaction of less committed gold gazers. The Gartman Letter, which had been debating shorting gold a few days earlier, remarked:

"We thought 'quantitative easing' was a matter of time, a matter of 'when, not if.' Yesterday, 'when' came." And Gartman bought a significant gold position.

Dow Theory Letters' Richard Russell was even more dramatic. On Friday he said: "I've written in the past that if you want to make 'BIG' money in the market, you have to take an over-sized position and be dead right on the trend. The last time I did that was in late 1958. ... I did extremely well on that fateful ride, and I never again had the nerve to take that large a position -- until now.