The money quote from the Fed:

“purchasing additional agency mortgage-backed securities at a pace of $40 billion per month…If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability.”

Can it be said with a straight face the Fed asset purchases will ever stop?  Expect them to pick up speed next year!  Economic law:

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” ~Ludwig von Mises

Gold bugs always new this day would arrive, and it’s here later than expected.  But I’m still awestruck.  So are you:  two members sent me notes immediately following the announcement.

The chief beneficiary are hard assets, especially the precious metals complex.  I had planned an industrialization of China post for this afternoon, but it’ll have to wait until tomorrow.

The early point in the precious metal bull market can be illustrated in observing the mainstream wanting no part in this big picture discussion.  Seeking Alpha would not publish this, so it’s a instablog.

‘Best climate’ Don Coxe has ever seen for gold price increases at Mineweb.

Headed back into the banking system, Gold Just Became Money Again at Daily Reckoning.

Addicted is the correct word:  Financial Post.