I am a bit surprised that PM's did not show a little buzz, maybe it will come late as Cowboy seems to be interpreting charts as having bottomed for the near term. I cannot understand the impact of the increased dollars available for spending when compared to the contraction due to less lending by banks which is diminishing dollars available via the fractional reserve requirement. Another inflationary push is coming from offshore holders of bonds and dollar investments reducing their exposure as they lose faith in the government's and central banks ability to keep trust, the only thing backing the dollar. It is going to shake out over time and I am quite certain the dollar will continue to lose value.
What I find equally compelling is the negative sentiments on miners, given how close to the cost of production most are running at the moment. Not that I disagree with anything that you said above, but there is financial 'reality' and then there is real 'reality'. At some point, there is a 100% chance that PMs will go up from around here...they simply have to. As well, if Putin makes good on forcing the EU to ante up for Ukraine's gas bill, that could very well be a game changer.