Legendary investor George Soros was a major buyer of gold ( GLD , quote ) late in 2011. Even though gold closed the year at a six-month low, Soros and other gold bulls such as Steve Cohen of SAC Capital will be rewarded if Federal Reserve Chairman Ben Bernanke launches into a third round of quantitative easing.

When this happens, all dollar-denominated commodities, including oil, United States Oil ( USO , quote ), and silver, iShares Silver Trust ( SLV , quote ) will rise with gold, just as happened with the last quantitative easing campaign in 2010.

Jim Rogers, the former partner of George Soros as the Quantum Fund, contends that a so-called QE3 or third easing round has already begun, as evidenced by the rise in M2 in August.

Furthermore, as reported in The Wall Street Journal by Kelly Evans in the recent article, "New Stimulus Dovetails With Shift at Fed," the new composition of the Federal Reserve Open Market Committee will become even more inclined to buy more Treasury bonds, which will weaken the greenback.

This will naturally drive commodity prices upward in dollar terms while encouraging investors in China, India and around the globe to deepen their commodity-buying efforts due to the loss of faith in the fiat currencies of the United States and Europe.

As we saw in 2010 with quantitative easing 2, this will strengthen the price of gold (GLD), silver (SLV), and oil (USO).