[Analysis of the Economic Impact of Gold Stability Five]
Five, Unsustainable Challenges and Internal Contradictions
1. Supply Rigidity vs Economic Elasticity
The annual supply growth of gold is only 1.5%, far below the global economic potential growth rate of 3%. If forcibly anchored, either the economy stagnates or the gold standard becomes a mere formality (as seen later in the Bretton Woods system).
2. Financial Innovation's Corrosion of the System
Gold derivatives (futures, ETFs) may detach from physical support, repeating the 2008 'paper gold' bubble. The CME inventory's sudden increase from 500 tons to 1000 tons in a 'soft squeeze' is a warning sign.
3. Risk of Technological Disruption
If AI-driven productivity revolutions, like DeepSeek, occur, the value scale function of gold may malfunction. For example, during the electrical revolution from 1870 to 1890, deflation and growth coexisted under the gold standard, but social contradictions intensified.