• Type: spark (subtype: conversion)
• event_id: 2026-05-03-gold-crash-conversion
• Source: Production perspective — 2026-05-01-gold-crash (last refreshed 2026-05-01); prior version archived at 2026-04-10-gold-crash
• Shift: Perspective converted to research/ directory + log format on 2026-05-03 as part of perspective backfill. Production file kept as snapshot at 2026-05-01 last-refreshed state per the research/ isolation rule — no retroactive edits.
• Effect on thesis: None substantively. Operational change to enable per-shift calibration + cross-perspective affects: graph.
• Per-ticker (initial reads): GLD ↓ (broken safe haven), GDX ↓ (miners cracking), SLV ↑ (silver pivot vehicle), SIL ↑ (silver miners outperforming), UUP → (dollar softening slowly)

Pre-conversion frozen state (informational, not log entries)

The perspective accumulated thinking from 2026-04-10 onward. Kept as breadcrumbs:

• 2026-04-10 — initial spark, gold breakdown thesis (archive: 2026-04-10-gold-crash)
• 2026-04-14 — first reframe to "structurally dead safe haven" (embedded in production prose; not a separate file)
• 2026-04-16 — Theo industrial-demand silver thesis surfaces (input file referenced; cross-cutting signal)
• 2026-04-26 — perspective retrospective marked thesis HIT, demoted recovery branch
• 2026-05-01 — Friday EOW update finalized "pivot to silver" framing (production frozen at this state)

If we mass-backfill earlier shifts (deferred per master brief Stage 5), each prior refresh gets its own event entry.