According to @EricBalchunas, the arguments used by critics of gold are the same ones used against a newer, attention-getting asset, and he views both as alike and fighting the same fight with different tools, indicating overlapping store-of-value theses that traders track for allocation decisions, source: Eric Balchunas, X post, Dec 5, 2025, https://twitter.com/EricBalchunas/status/1996918777062011067. For traders, this highlights that narrative convergence between defensive assets can influence relative positioning and flow-driven volatility across store-of-value exposures, source: Eric Balchunas, X post, Dec 5, 2025, https://twitter.com/EricBalchunas/status/1996918777062011067. He added that he heard the unnamed speaker at a conference and the message was consistent, reinforcing that this narrative has been persistent in market discussions, source: Eric Balchunas, X post, Dec 5, 2025, https://twitter.com/EricBalchunas/status/1996918777062011067.