it's also interesting to look at the Commodies Index Before & After the QE announcements (March 18, 2009 for QE1, November 3, 2010, for QE2).
the dollar fell 6%+ vs. gold during the 24 hours after QE1 was announced. and fell 5%+ during the weeks after QE2 was announced.
for people who are interested in studying commodities more, there's something fun
(i called it fun, now you know it's boring) called the Commitment of Traders report.
http://www.cftc.gov/MarketReports/Commi ... /index.htmit tells the number of longs & shorts in various industry categories - it's a weekly report.
took me about a year to partially understand it.