The horn of QE3 ready to leave dock…

Participants also exchanged views on the likely benefits and costs of a new large-scale asset purchase program. Many participants expected that such a program could provide additional support for the economic recovery both by putting downward pressure on longer-term interest rates and by contributing to easier financial conditions more broadly. In addition, some participants noted that a new program might boost business and consumer confidence and reinforce the Committee’s commitment to making sustained progress toward its mandated objectives.  –  FOMC Minutes

The commentary begins,

Gross: #Fed minutes make #QE3 and extended period language an 80% probability. Front-end curve friendly.

The gold market speaks,

And the QE3 (well, QE2) sounds the horn,

(click here if chart and video is not observable)