You're right. The positive impact of more and more new fiat has evaporated, but it allows them to maintain their positions of power and that's what they are doing. In fact, I recall reading about a study a couple of months ago that indicated that we have crossed over the threshold and are at the point to where these new infusions of money now have a seriously detrimental impact on the economy, probably as the result of further value depreciation, but with a mental degradation component as well.
When (and if, frankly) the dust settles insofar as the "cliff" is concerned, we would be foolhardy to expect anything like fiscal responsibility and ought to be prepared to deal with further monetary expansion. It really is the only arrow left in their quiver.
The only people that like the current situation regarding the metals is JPM. They may be able to salvage that losing position they've built if the pricing can be manipulated low enough. Then I would expect them to become the engine to accelerate the price of the metals to the upside.
But you should also be mindful of the upcoming further attack on your gun rights. It may be a tangentially related aspect of the upcoming economic default. Hint, Hint.