🟢 [E320] Negative case for gold requires threading needle: AI productivity gains slow enough to avoid unemployment, commodity constraints resolve quickly, and fiscal consolidation credible enough. Each low probability individually.

🟢 [E726] In deflationary spiral, gold might not escape liquidity cascade short-term (2008, 2020 pattern). But deeper the deflation, more nuclear the Fed Put must be (YCC, direct monetisation). Gold may take short-term nominal hit but purchasing power relative to everything else should go up.

🟢 [E756] The deeper the deflation from AI, the more nuclear the Fed Put has to be - yield curve control, direct monetisation, whatever. Gold might take short-term hit but purchasing power relative to everything else should continue up.