Valid points, but I disagree with: "The Fed WANTS and NEEDS for the new money to go into anything other than commodities and goods and services."

The Fed understands these to be an integral part of a growing economy. Look to Germany, a country about the size of Iowa and Missouri combined, and it exceeds the US in total($) exports, and much of that is goods and services.

The equity markets receive a considerable amount of bashing from the metal bulls, as they continuing point to inflated prices.
Well, and so? Then why not participate in that which is inflating in value and has liquidity? Presently, it functions as a better hedge against inflation than metals. When or if that changes, then change.