At some point we will reach the resource-constraint boundary. Until then, let's take it for what it is as the heartless economic beasts that we are supposed to be in the market: It's bullish. Gold, as represented by SPDR Gold Shares ( GLD) likely will go up since QE3 has changed gold into a proxy for the U.S. economy. Gold used to be a hedge after the 2008 crisis. If the U.S. economy was bad, the Fed was expected to print money in one way or another, and gold was expected to rise. But QE3 changed this dynamic. Because QE3 is committed to infinity and a minimum monthly amount, continued bad economic data would cast doubt on the efficacy of QE3 while good data would imply higher inflation expectations. QE3/OMT high has worn off; depression will likely set in during the morning after. The downside risk has increased until either the supposed fiscal cliff comes to its resolution or we begin to see signs that the economy is improving. At the time of publication, Bo Peng was long gold. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.