After the Bell-Before The Fed Dec 13th QE3 or No QE3?

What happens when the FED monetizes things? More dollars are printed and chase after the same amount of product, thus increasing the products price and decreasing the value or purchasing power of the money.
So, in a QE3 scenario, that would mean Gold goes higher, US dollar goes lower against a rising Euro dollar.

Stocks and Bill Gross from Pimco and other Wall St players are convinced the FED is soon to begin QE3. But as we see in the charts below, GOLD investors, and currency traders so far seem to think otherwise.

So who is correct??????????? Your guess is as good as mine.

Tim Kathlina