Author outlines three extreme macroeconomic scenarios that would be genuinely bearish for gold, implying current conditions do not meet these thresholds.

What constitutes a truly major bearish factor for gold? If the market trend were to truly reverse, it would necessarily satisfy one of the following three extreme scenarios: 1. The global economy finds a powerful new growth engine, ROI rises, able to digest debt through real economic growth, with high interest rates + strong USD + high growth coexisting. (Reference: Late 1990s Clinton era) 2. If the US government begins to significantly reduce deficits, truly achieving fiscal austerity, and the Federal Reserve firmly maintains ultra-high real interest rates, even at the expense of the economy and stock market. (Reference: Early 1980s Paul Volcker era) 3. Demand collapses, all asset bubbles burst, the globe enters a deflationary spiral similar to 1929, a phase of extreme deflation where cash is king. (Reference: Early stage of the 2008 subprime mortgage crisis)