why further qe is unlikely, page-23

And where are banks 'investing' that money in the interim? The short side of markets like grains and precious metals is taking the brunt of things.

So QE can be deflationary ... BUT it is a short term effect with long term inflationary consequences as producers lose profitability and respond by reducing output. This is fertile ground for real physical shortages ... some would argue the physical silver market has already reached this point many years ago with the 'basis' (difference between real and futures prices) at record levels between actual physical prices and futures prices.