From what I have read in this place it seems Pugnacious is basing his/her radical US$200 gold call on a crashing asset price deflation that takes everything down with it.
Have a look at inflation in Australia. It is picking up. As it is elsewhere.
Look at commodity prices. This is inflation rearing its head. NOT deflation.
Bail out followed by bail out followed by bail out followed by bail out.
Printing money. Printing money. Printing money.
This is not the recipe for deflation but very high inflation.
If the system was allowed to collapse without being bailed out then we could seriously consider deflation. But for politicians who want to get reelected that's not an option they can contemplate today.
As we have seen what we are getting are a series of bail outs, hand outs and printing of money.