{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019de511-426b-76c9-aee2-20d918fe9c17",
  "slug": "aa2a60e168e71cecd961da0c34e29d05",
  "title": "VanEck Merk Gold Trust | Market Presentation Deck | 24 slides",
  "subtitle": "Merk Funds · 2021-07",
  "author": "Merk Funds",
  "date": "2021-07-01 00:00:00",
  "pageCount": 24,
  "kind": "conference-presentation",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "document": {
    "id": "019de511-426b-76c9-aee2-20d918fe9c17",
    "slug": "aa2a60e168e71cecd961da0c34e29d05",
    "title": "VanEck Merk Gold Trust | Market Presentation Deck | 24 slides",
    "rawTitle": "VanEck Merk Gold Trust | Market Presentation Deck | 24 slides",
    "authorId": "vaneck-merk-gold-trust",
    "authorName": "Merk Funds",
    "authorDisplay": "Merk Funds",
    "kind": {
      "slug": "conference-presentation",
      "label": "Conference presentation"
    },
    "sourceType": {
      "slug": "investor_relations",
      "label": "Investor relations"
    },
    "fileName": "2021-07__vaneck-merk-gold-trust__market__aa2a60e1.pdf",
    "sourceUrl": "https://www.slidebook.io/company/vaneck-merk-gold-trust/presentation/aa2a60e168e71cecd961da0c34e29d05/",
    "sourceDate": null,
    "presentationDate": "2021-07-01 00:00:00",
    "ingestedAt": "2026-05-01 19:43:26.911133+00",
    "status": "ready",
    "pageCount": 24,
    "orientation": "landscape",
    "aspectRatio": 1.2938006,
    "targetCompany": null,
    "targetTicker": null,
    "metadata": {
      "corpus": "slidebook",
      "industry": null,
      "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2021-07__vaneck-merk-gold-trust__market__aa2a60e1",
      "image_width": 1920,
      "image_format": "jpg",
      "deck_type_raw": "Market Presentation Deck",
      "deck_type_slug": "market",
      "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/"
    }
  },
  "coverage": {
    "pageCount": 24,
    "pagesIndexed": 24,
    "pagesWithImages": 24,
    "pagesWithMetadata": 24,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 108,
    "chartCount": 15,
    "metricSlides": 0,
    "toolMatches": 11,
    "documentToolMatches": 0,
    "frameworkMatches": 2,
    "arcMatches": 1,
    "beatMatches": 4,
    "loopMatches": 2,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
        "evidence": "The presentation follows a sparkline narrative shape, starting with the current market situation, highlighting the potential complications, and ending with a solution.",
        "isPrimary": true,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 03:29:18.831853+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 4,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 1,
        "name": "What Is",
        "beatId": "25957d13-b589-49df-9ad5-8eeb84d19a33",
        "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
        "beatType": {
          "name": "What Is",
          "slug": "sparkline-what-is-1",
          "status": "active",
          "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation starts with an overview of the U.S. business cycle and dollar index cycles.",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Setup",
          "slug": "setup",
          "status": "active",
          "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
          "version": 1,
          "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 9,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 5,
        "name": "What Is",
        "beatId": "a7ab3d13-5713-49ab-92cc-89a341be2273",
        "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
        "beatType": {
          "name": "What Is",
          "slug": "sparkline-what-is-3",
          "status": "active",
          "canonId": "019dd9b8-2701-72ba-a477-4121f4fb5d33",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates.",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Complication",
          "slug": "complication",
          "status": "active",
          "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
          "version": 1,
          "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 12,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 10,
        "name": "What Could Be",
        "beatId": "5fad987c-325b-4d82-a991-72783a96b97b",
        "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
        "beatType": {
          "name": "What Could Be",
          "slug": "sparkline-what-could-be-2",
          "status": "active",
          "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation discusses the potential implications of the current market situation on investors' portfolios.",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 17,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 13,
        "name": "New Bliss",
        "beatId": "ddb59f93-7e77-4901-8ae2-4525e945daa3",
        "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
        "beatType": {
          "name": "New Bliss",
          "slug": "sparkline-new-bliss",
          "status": "active",
          "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors.",
        "position": 3,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Resolution",
          "slug": "resolution",
          "status": "active",
          "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
          "version": 1,
          "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      }
    ],
    "loops": [
      {
        "to": 20,
        "from": 20,
        "loop": {
          "name": "27_cost_of_inaction",
          "slug": "27-cost-of-inaction",
          "status": "active",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "description": "Quantify what happens if the audience does nothing",
          "familyLabel": null,
          "categoryName": "Urgency",
          "categorySlug": "urgency"
        },
        "matchId": "c12c6f42-bba9-4e49-a6a7-1057164da491",
        "evidence": "The presentation highlights the potential risks of not being prepared for market changes.",
        "position": 0,
        "objective": "What are the potential costs of not adjusting one's portfolio?",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:18.98321+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 14,
        "from": 14,
        "loop": {
          "name": "11_golden_circle",
          "slug": "11-golden-circle",
          "status": "active",
          "bestFor": "Visionary leadership, brand positioning, mission statements",
          "canonId": "019dd956-6a50-7202-882d-505fcb9922ed",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
          "description": "Invert the typical pitch by starting with why you exist, rather than what you do",
          "familyLabel": null,
          "categoryName": "Vision",
          "categorySlug": "vision"
        },
        "matchId": "a56afc06-9f15-4e35-ae7a-fcf607e79190",
        "evidence": "The presentation introduces the VanEck Merk Gold Trust as a way to profit from the rise of hard currencies vs. the U.S. dollar.",
        "position": 1,
        "objective": "Why should investors consider the VanEck Merk Gold Trust?",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:19.013721+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "tools": [
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "c0331741-f2f6-4c23-b03d-630a31860cef",
        "evidence": "chart/line: Coincident Economic Indicators Index",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.108982+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 3,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "145e8f39-e883-432f-8fc4-f42120a90c00",
        "evidence": "chart/line: Dollar Index performance over time with recession shading",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.193302+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "c48e0518-6735-4437-abc4-73f71b5782ac",
        "evidence": "chart/line: Time series of G10 currency valuations",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.360707+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "acacd709-ab51-41a4-8461-91ce57311a39",
        "evidence": "table/data: Monthly 1/31/1982 - 7/19/2021 currency valuation data",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 01:13:45.319284+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "1dc2b4bf-198f-4356-95d4-31995bb4c5b8",
        "evidence": "chart/line: Historical central bank benchmark rates for G10 countries",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.443408+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 7,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "998edc14-9106-449e-8b2b-35fc2cec43ef",
        "evidence": "chart/line: Historical 10-year bond yields for G10 countries",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.528268+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 8,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "374f4839-0af2-4a26-b199-586d01cc21b5",
        "evidence": "chart/line: Line chart showing real rates for US, UK, Japan, and Germany",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.611456+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "80fc6538-95b3-42e1-85d7-199c50da1c3a",
        "evidence": "chart/line: Dual-axis line chart showing USD/JPY and 10yr Real IRD",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.693776+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "6a0b35e1-7612-4c56-a385-1ab192a0ff98",
        "evidence": "chart/line: Line chart showing trends of global PMIs and the U.S. Dollar Index",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:45.776232+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 11,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "72503b30-b3a0-4b11-b083-8a1021840b78",
        "evidence": "Dual-axis line chart showing Gold price and US 10yr Real Rate",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:13:54.668103+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 12,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: Cover",
          "slug": "cover-slide",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3",
          "version": 1,
          "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65",
          "description": "The first ten seconds. Build it deliberately.",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "746b4625-ffd1-49fd-858a-9e6c57f4b809",
        "evidence": "Convenient and cost-efficient way to buy and hold gold through an exchange traded product. Option to take delivery of physical gold if and when desired.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 01:13:54.728494+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 13,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "20f63e34-16cf-4d91-a734-6726e72b4f2f",
        "evidence": "The slide explicitly mentions PPP as the framework for valuation.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 10:05:40.523+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "frameworkName": "Purchasing Power Parity"
      },
      {
        "matchId": "2ffa4d35-d568-46b1-9a8e-6a2aeb93598f",
        "evidence": "Uses a pressure cooker to represent Federal Reserve economic policy.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 10:05:41.731+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 20,
        "frameworkName": "metaphor-analogy"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/dYa3yvZL6LDdYAzRjhqViN2VFjw3k4EmMDYkp9Ktp50/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hYTJhNjBlMTY4ZTcxY2VjZDk2MWRhMGMzNGUyOWQwNS9wMDAxLmpwZw",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 29,
        "componentCount": 4,
        "textChars": 193,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:38.366+00",
          "seconds": 2.033,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/1",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-1",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.7,
            "x": 0.15,
            "y": 0.89
          },
          "kind": "disclaimer",
          "text": "Please read important risk disclosure information towards the end of this presentation.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:38.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "977dbc6c-2f92-46ff-bd94-3d7933cecf17",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.03,
            "y": 0.03
          },
          "kind": "image",
          "text": "Merk Funds",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:38.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "adff20f8-4366-4dc2-9890-f4761b6013d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.5,
            "x": 0.12,
            "y": 0.48
          },
          "kind": "list",
          "text": "Outlook on Markets & Economy\nU.S. Dollar, Gold, Currency Dynamics\nMerk Funds",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:38.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91b9492f-f54d-49fd-ab1d-d89d4d4760ab",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.12,
            "y": 0.33
          },
          "kind": "title",
          "text": "Merk Outlook Webinar",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:38.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5cba58b1-36f5-4717-8276-acaa30de5a76",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "What Is",
          "beatId": "25957d13-b589-49df-9ad5-8eeb84d19a33",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of the U.S. business cycle and dollar index cycles.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/-OsW8beFPx_z_GmE0EzwbUw77JWJciPWorrm5hrgyCw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hYTJhNjBlMTY4ZTcxY2VjZDk2MWRhMGMzNGUyOWQwNS9wMDAxLmpwZw",
      "imagePathAlt": "https://imgproxy.kitesheet.com/9LcbBtw_4ULF_JLGt78npWdq2-GvZb0mZo9rs8yr7II/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hYTJhNjBlMTY4ZTcxY2VjZDk2MWRhMGMzNGUyOWQwNS9wMDAxLnBuZw",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/3iffj8OlJ05SetcgqSzaV55naoqvNoDLsNMH6-4O_lA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hYTJhNjBlMTY4ZTcxY2VjZDk2MWRhMGMzNGUyOWQwNS9wMDAxLnBuZw"
    },
    {
      "page": 2,
      "type": "setup",
      "function": "other",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 75,
        "componentCount": 6,
        "textChars": 2589,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.01+00",
          "seconds": 3.438,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/2",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-2",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "disclaimer",
          "text": "OUNZ must be preceded or accompanied by the prospectus. Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which is available at www.merkgold.com/prospectus. Please read the prospectus carefully before you invest.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.01+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5c0e9332-fb45-4e58-a335-396ad4919de5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.32,
            "w": 0.92,
            "x": 0.04,
            "y": 0.52
          },
          "kind": "disclaimer",
          "text": "Commodities and commodity-index linked securities may be affected by changes in overall market movements and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities. Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the gold held by the Trust (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor's ongoing expenses, the amount of gold represented by each Share will decline over time. Investing involves risk, and you could lose money on an investment in the Trust. The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take considerable time depending on your location.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.01+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6c0fa432-9f0a-4292-b8a9-ceaef44e7c25",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.85
          },
          "kind": "disclaimer",
          "text": "For a more complete discussion of the risk factors relative to the trust, carefully read the prospectus. The sponsor of the Trust is Merk Investments LLC (the \"Sponsor\"). VanEck and Foreside Fund Services, LLC, provide marketing services to the Trust.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.01+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d9587f85-a506-4624-9948-4807326583fe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.92,
            "x": 0.04,
            "y": 0.31
          },
          "kind": "disclaimer",
          "text": "Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the investment Company act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (\"NAV\"). Brokerage commissions will reduce returns.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.01+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f2ece31e-c4dd-4380-be8d-50c9450018a8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.42,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "image",
          "text": "MERK FUNDS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.01+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a9d2473-6e7e-4242-baef-59610398b74b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.45,
            "x": 0.51,
            "y": 0.08
          },
          "kind": "title",
          "text": "VanEck Merk Gold Trust (\"OUNZ\") Disclosure",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.01+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9abebce7-901b-4cdc-938c-f1cea5389d1f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "What Is",
          "beatId": "25957d13-b589-49df-9ad5-8eeb84d19a33",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of the U.S. business cycle and dollar index cycles.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "appendix",
      "title": "The chart uses a logarithmic scale on the y-axis.",
      "function": "establish_context",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 28,
        "componentCount": 4,
        "textChars": 106,
        "nDataPoints": 3,
        "notes": "The chart uses a logarithmic scale on the y-axis.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:39.746+00",
          "seconds": 2.851,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/3",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-3",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.88,
            "x": 0.06,
            "y": 0.22
          },
          "kind": "chart",
          "text": "Coincident Economic Indicators Index",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.746+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82ace294-41aa-4f8f-b1e2-f18437473912",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.46,
            "x": 0.03,
            "y": 0.03
          },
          "kind": "image",
          "text": "MERK FUNDS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.746+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eceb1447-2405-4d7c-bda8-5d1531145fa3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.06,
            "y": 0.885
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.746+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "020b64dd-492d-4e95-bc6e-70df546dc672",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.488,
            "x": 0.512,
            "y": 0.025
          },
          "kind": "title",
          "text": "U.S. Business Cycle",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.746+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "23878c3a-d20f-407b-bf5c-fa3c210b6475",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "c0331741-f2f6-4c23-b03d-630a31860cef",
          "evidence": "chart/line: Coincident Economic Indicators Index",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.108982+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 3,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "What Is",
          "beatId": "25957d13-b589-49df-9ad5-8eeb84d19a33",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of the U.S. business cycle and dollar index cycles.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "type": "appendix",
      "title": "The chart uses arrows to suggest cyclicality and ends with a question mark regarding future direction.",
      "function": "analyze_data",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 47,
        "componentCount": 5,
        "textChars": 250,
        "nDataPoints": 1,
        "notes": "The chart uses arrows to suggest cyclicality and ends with a question mark regarding future direction.",
        "elementsJson": null,
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:39.735+00",
          "seconds": 2.507,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/4",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-4",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Dollar Index performance over time with recession shading",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.735+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c2565390-55fd-453d-9900-1b94deabe985",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.15,
            "x": 0.03,
            "y": 0.03
          },
          "kind": "image",
          "text": "Merk Funds logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.735+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6adf6302-63fb-4396-bfca-15942d841dc9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.2,
            "x": 0.625,
            "y": 0.3
          },
          "kind": "legend",
          "text": "Monthly 12/31/1984 - 7/19/2021; Dollar Index (R1) 92.9; U.S. Recessions on 6/30/21 (L1) 0",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.735+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7b6783f3-0133-4d46-b4e4-4aba36e5c0a3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.06,
            "y": 0.89
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.735+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d011dad8-0f1d-410e-9da3-a33d49184898",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.06,
            "y": 0.22
          },
          "kind": "title",
          "text": "Dollar Index Cycles and Recession Turning Points",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.735+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86e1c052-b76e-4e1a-9547-e363484ae363",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "145e8f39-e883-432f-8fc4-f42120a90c00",
          "evidence": "chart/line: Dollar Index performance over time with recession shading",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.193302+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "What Is",
          "beatId": "25957d13-b589-49df-9ad5-8eeb84d19a33",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of the U.S. business cycle and dollar index cycles.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "analysis",
      "title": "The chart uses a green/red area fill to indicate overvaluation (positive) and undervaluation (negative).",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 4,
        "textChars": 305,
        "nDataPoints": 2,
        "notes": "The chart uses a green/red area fill to indicate overvaluation (positive) and undervaluation (negative).",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.523+00",
          "seconds": 3.253,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/5",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-5",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.85,
            "x": 0.05,
            "y": 0.25
          },
          "kind": "chart",
          "text": "US Dollar Valuation (G10 Avg Relative PPP (CPI))",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Area chart",
              "slug": "area",
              "status": "active",
              "canonId": "019de52c-ff89-71e0-911e-5cab78b90f53",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "area",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.523+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6511dd90-5451-43f8-95ef-4c7cf13b2586",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.35,
            "x": 0.56,
            "y": 0.12
          },
          "kind": "paragraph",
          "text": "The U.S. dollar is currently modestly overvalued based on relative PPP. Framework: Nominal exchange rates tend to gravitate toward their long-run purchasing power parity (PPP) equilibrium values.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.523+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "389069c0-e89c-403f-b198-43d41743395a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.523+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d26e6f7d-d56c-42b5-9d13-b792d1a74954",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.56,
            "y": 0.05
          },
          "kind": "title",
          "text": "U.S. Dollar Valuation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.523+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "130a2e75-4c38-4687-8fe2-8b760f6ed0ac",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "20f63e34-16cf-4d91-a734-6726e72b4f2f",
          "evidence": "The slide explicitly mentions PPP as the framework for valuation.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 10:05:40.523+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "frameworkName": "Purchasing Power Parity"
        }
      ],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 5,
          "name": "What Is",
          "beatId": "a7ab3d13-5713-49ab-92cc-89a341be2273",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-3",
            "status": "active",
            "canonId": "019dd9b8-2701-72ba-a477-4121f4fb5d33",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 6,
      "type": "analysis",
      "title": "The chart illustrates the 'law of one price' concept by tracking deviations of exchange rates from long-run PPP equilibrium values.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 66,
        "componentCount": 5,
        "textChars": 614,
        "nDataPoints": 10,
        "notes": "The chart illustrates the 'law of one price' concept by tracking deviations of exchange rates from long-run PPP equilibrium values.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.719+00",
          "seconds": 3.424,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/6",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-6",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.06,
            "y": 0.27
          },
          "kind": "chart",
          "text": "Time series of G10 currency valuations",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.719+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cbd31140-f1af-4241-87cd-44d10012ed78",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.43,
            "x": 0.515,
            "y": 0.085
          },
          "kind": "paragraph",
          "text": "Relative purchasing power parity (PPP): Nominal exchange rates tend to gravitate toward their long-run purchasing power parity (PPP) equilibrium values. The foundation for PPP is the so-called \"law of one price,\" which suggests that identical goods should trade at the same price across countries when valued in terms of a common currency. Relative PPP extends the law of one price to a broad range of goods and services and takes into account trade impediments.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.719+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82b1fe3e-3738-4a4d-8efd-a5a2adf103cc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.06,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.719+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d60e723-2f46-4fa1-b947-eb00bb2f1dcc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.17,
            "x": 0.2,
            "y": 0.62
          },
          "kind": "table",
          "text": "Monthly 1/31/1982 - 7/19/2021 currency valuation data",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.719+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29f07179-e62d-4081-92dd-cca20e4a879f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "title",
          "text": "G10 relative CPI PPP",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.719+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ed906f9e-644e-4a50-823c-8443a694fb06",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "c48e0518-6735-4437-abc4-73f71b5782ac",
          "evidence": "chart/line: Time series of G10 currency valuations",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.360707+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "acacd709-ab51-41a4-8461-91ce57311a39",
          "evidence": "table/data: Monthly 1/31/1982 - 7/19/2021 currency valuation data",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 01:13:45.319284+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 5,
          "name": "What Is",
          "beatId": "a7ab3d13-5713-49ab-92cc-89a341be2273",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-3",
            "status": "active",
            "canonId": "019dd9b8-2701-72ba-a477-4121f4fb5d33",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 7,
      "type": "appendix",
      "title": "The chart displays a significant downward trend in interest rates across all represented countries following the 2008 financial crisis.",
      "function": "analyze_data",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 49,
        "componentCount": 5,
        "textChars": 226,
        "nDataPoints": 11,
        "notes": "The chart displays a significant downward trend in interest rates across all represented countries following the 2008 financial crisis.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:39.692+00",
          "seconds": 2.35,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/7",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-7",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.88,
            "x": 0.06,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Historical central bank benchmark rates for G10 countries",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.692+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4110d669-2cca-4c2c-adc8-09c95dcee1b0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.2,
            "x": 0.03,
            "y": 0.03
          },
          "kind": "image",
          "text": "Merk Funds logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.692+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d4f4d687-cbd7-48c7-88d2-10cdc06d5f8f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.18,
            "x": 0.46,
            "y": 0.29
          },
          "kind": "legend",
          "text": "List of countries and their current benchmark rates as of 7/19/2021",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.692+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87e3154e-7920-4fa3-b7a5-2c0df273aa90",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.06,
            "y": 0.89
          },
          "kind": "paragraph",
          "text": "Source: Bloomberg, © Merk Investments LLC. CB means central bank.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.692+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bceea3e7-9e04-4fd6-a10a-7bebf953d8ce",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "title",
          "text": "G10 CB benchmark rates",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:39.692+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "32517955-8af0-47b4-bba5-d3a36313a387",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "1dc2b4bf-198f-4356-95d4-31995bb4c5b8",
          "evidence": "chart/line: Historical central bank benchmark rates for G10 countries",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.443408+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 7,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 5,
          "name": "What Is",
          "beatId": "a7ab3d13-5713-49ab-92cc-89a341be2273",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-3",
            "status": "active",
            "canonId": "019dd9b8-2701-72ba-a477-4121f4fb5d33",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "appendix",
      "title": "The chart displays a long-term downward trend in interest rates across major developed economies.",
      "function": "analyze_data",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 46,
        "componentCount": 5,
        "textChars": 185,
        "nDataPoints": 10,
        "notes": "The chart displays a long-term downward trend in interest rates across major developed economies.",
        "elementsJson": null,
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.543+00",
          "seconds": 3.005,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/8",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-8",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.88,
            "x": 0.06,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Historical 10-year bond yields for G10 countries",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.543+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "45ee0c27-a58c-4803-8578-46dfb119c7c2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.25,
            "x": 0.03,
            "y": 0.03
          },
          "kind": "image",
          "text": "Merk Funds logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.543+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3caa7457-0a3d-48ba-8d49-ccd46b132a43",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.16,
            "w": 0.16,
            "x": 0.64,
            "y": 0.275
          },
          "kind": "legend",
          "text": "Monthly 1/31/1995 - 7/19/2021 with country list and current values",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.543+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8005e158-9062-4b2e-93d4-373cf0d0c726",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.06,
            "y": 0.89
          },
          "kind": "subtitle",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.543+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3bed782a-8520-4c05-80ba-135541697904",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "title",
          "text": "G10 10yr Yields",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.543+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bc1bd8bc-be26-449d-aa2e-7327ad5c5354",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "998edc14-9106-449e-8b2b-35fc2cec43ef",
          "evidence": "chart/line: Historical 10-year bond yields for G10 countries",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.528268+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 8,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 5,
          "name": "What Is",
          "beatId": "a7ab3d13-5713-49ab-92cc-89a341be2273",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-3",
            "status": "active",
            "canonId": "019dd9b8-2701-72ba-a477-4121f4fb5d33",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 9,
      "type": "appendix",
      "title": "The chart illustrates the calculation of real rates as nominal rates minus breakeven inflation rates.",
      "function": "analyze_data",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 63,
        "componentCount": 5,
        "textChars": 558,
        "nDataPoints": 4,
        "notes": "The chart illustrates the calculation of real rates as nominal rates minus breakeven inflation rates.",
        "elementsJson": null,
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.313+00",
          "seconds": 3.598,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/9",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-9",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.86,
            "x": 0.07,
            "y": 0.26
          },
          "kind": "chart",
          "text": "Line chart showing real rates for US, UK, Japan, and Germany",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dda295b6-e00a-4898-8429-957b468526c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.22,
            "x": 0.075,
            "y": 0.705
          },
          "kind": "legend",
          "text": "Weekly 1/1/2010 - 7/19/2021: US (-1.08), UK (-2.89), Japan (-0.08), German (-1.65)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0565c4d2-d8a1-4631-9471-9edd9030061a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.86,
            "x": 0.07,
            "y": 0.885
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC. Real interest rates are 10 year sovereign bond yields versus the so-called breakeven rate (market based inflation measure based on inflation-linked bond). G4 = U.S., U.K., Germany, and Japan",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "39d26850-1646-4332-89ef-46e624fb4456",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.515,
            "y": 0.08
          },
          "kind": "subtitle",
          "text": "Real rates account for inflation expectations. A negative real rate suggests that inflation will be higher than the nominal interest rate.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63093a79-0780-487a-941e-768033b167d1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.39,
            "x": 0.07,
            "y": 0.235
          },
          "kind": "title",
          "text": "Real G4 Rates (10yr nominal - 10yr breakeven)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ece7a45-3160-4c95-8b5c-fb8588380f42",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "374f4839-0af2-4a26-b199-586d01cc21b5",
          "evidence": "chart/line: Line chart showing real rates for US, UK, Japan, and Germany",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.611456+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 5,
          "name": "What Is",
          "beatId": "a7ab3d13-5713-49ab-92cc-89a341be2273",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-3",
            "status": "active",
            "canonId": "019dd9b8-2701-72ba-a477-4121f4fb5d33",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 10,
      "type": "analysis",
      "title": "The chart uses two y-axes on the right to plot two different data series over time.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 60,
        "componentCount": 5,
        "textChars": 498,
        "nDataPoints": 2,
        "notes": "The chart uses two y-axes on the right to plot two different data series over time.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.479+00",
          "seconds": 2.579,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/10",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-10",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.25,
            "x": 0.54,
            "y": 0.67
          },
          "kind": "callout",
          "text": "Weekly 12/31/2004 - 7/19/2021. USD.JPY (R2) 109.45. 10yr Real Interest Rate Differential (R1) -1.00",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.479+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "725dabf6-70b1-4e75-a644-f96998d85ecb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.86,
            "x": 0.07,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Dual-axis line chart showing USD/JPY and 10yr Real IRD",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.479+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "26b3c732-ee3b-4703-95a6-3802e7f7cc67",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.42,
            "x": 0.51,
            "y": 0.08
          },
          "kind": "paragraph",
          "text": "Real rates adjust nominal interest rates for inflation expectations. A negative real rate suggests that inflation will be higher than the nominal interest rate.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.479+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "50282737-a51a-44f8-8662-c3b021ede5aa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.58,
            "x": 0.07,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC. Real interest rates are 10 year sovereign bond yields versus the so-called breakeven rate. IRD = Interest Rate Differential",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.479+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63a79729-da24-4cd6-ac2e-39f437ac0903",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.21,
            "x": 0.07,
            "y": 0.24
          },
          "kind": "title",
          "text": "JPY - 10yr Real IRD",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.479+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86b7fdc5-44ed-4e18-a0f6-ecde1c941187",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "80fc6538-95b3-42e1-85d7-199c50da1c3a",
          "evidence": "chart/line: Dual-axis line chart showing USD/JPY and 10yr Real IRD",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.693776+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 10,
          "name": "What Could Be",
          "beatId": "5fad987c-325b-4d82-a991-72783a96b97b",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation discusses the potential implications of the current market situation on investors' portfolios.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 11,
      "type": "appendix",
      "title": "The chart uses a dual y-axis system (R1 and R2) to plot disparate data scales on the same timeline.",
      "function": "analyze_data",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 57,
        "componentCount": 5,
        "textChars": 365,
        "nDataPoints": 12,
        "notes": "The chart uses a dual y-axis system (R1 and R2) to plot disparate data scales on the same timeline.",
        "elementsJson": null,
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:46.084+00",
          "seconds": 7.98,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/11",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-11",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.88,
            "x": 0.06,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Line chart showing trends of global PMIs and the U.S. Dollar Index",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.084+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6e335fb4-d795-4e83-a3df-072125bce6c2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.06,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.084+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d8f8ece9-297f-4d1a-adcf-33770f8c6bbf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.45,
            "x": 0.48,
            "y": 0.08
          },
          "kind": "subtitle",
          "text": "PMI = Purchasing Managers Index. The Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.084+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c0937671-4ad4-423f-a20e-2166aaa41dc7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.25,
            "x": 0.07,
            "y": 0.58
          },
          "kind": "table",
          "text": "Legend and data values for PMIs and U.S. Dollar Index",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.084+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a32f1e81-e8c6-4f6f-8d03-0473e0e9b51d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "title",
          "text": "Dollar vs Global Manufacturing PMIs",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.084+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "79c8b999-d95c-428a-a6ef-fd2195d72619",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "6a0b35e1-7612-4c56-a385-1ab192a0ff98",
          "evidence": "chart/line: Line chart showing trends of global PMIs and the U.S. Dollar Index",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:45.776232+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 11,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 10,
          "name": "What Could Be",
          "beatId": "5fad987c-325b-4d82-a991-72783a96b97b",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation discusses the potential implications of the current market situation on investors' portfolios.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 12,
      "type": "appendix",
      "title": "The chart uses an inverted axis for the real rate (R1) and a logarithmic scale for gold (R2).",
      "function": "analyze_data",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 60,
        "componentCount": 5,
        "textChars": 494,
        "nDataPoints": 2,
        "notes": "The chart uses an inverted axis for the real rate (R1) and a logarithmic scale for gold (R2).",
        "elementsJson": null,
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.685+00",
          "seconds": 2.524,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/12",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-12",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.078,
            "y": 0.26
          },
          "kind": "chart",
          "text": "Dual-axis line chart showing Gold price and US 10yr Real Rate",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.685+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a8b6922d-492e-4716-a7c4-38ea7cfe98ef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.25,
            "x": 0.18,
            "y": 0.33
          },
          "kind": "legend",
          "text": "Daily 12/28/2017 - 7/19/2021; Gold (R2) 1808; U.S. 10yr Real Rate (TIPS Yield) (R1) -1.09",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.685+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ba73e90b-f333-48b3-849c-944a0c325755",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.06,
            "y": 0.89
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, © Merk Investments LLC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.685+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7f45a74c-3264-4629-adc9-41564bfad112",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.65,
            "x": 0.31,
            "y": 0.86
          },
          "kind": "subtitle",
          "text": "Real interest rates is 10 year Treasury yields versus the so-called breakeven rate (market based inflation measure based on inflation-linked bond). US Treasuries are backed by full faith and credit of the US Government. Gold price mentioned in the above chart is in dollars ($).",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.685+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "56dd9297-67d4-4bb1-8fab-d042714e3345",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.078,
            "y": 0.238
          },
          "kind": "title",
          "text": "Gold vs US 10yr real rate",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.685+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "51c1ccd4-a331-4629-bfb8-9ac105f9a276",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "72503b30-b3a0-4b11-b083-8a1021840b78",
          "evidence": "Dual-axis line chart showing Gold price and US 10yr Real Rate",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:13:54.668103+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 12,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 10,
          "name": "What Could Be",
          "beatId": "5fad987c-325b-4d82-a991-72783a96b97b",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation discusses the potential implications of the current market situation on investors' portfolios.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 13,
      "type": "setup",
      "function": "front_matter",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 31,
        "componentCount": 4,
        "textChars": 223,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.851+00",
          "seconds": 2.535,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/13",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-13",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.5,
            "w": 0.25,
            "x": 0.05,
            "y": 0.38
          },
          "kind": "image",
          "text": "Gold bar graphic",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Illustration",
              "slug": "illustration",
              "status": "active",
              "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "illustration",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.851+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e1548bb6-c2dd-44e2-859a-0f2019d1fe0b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.6,
            "x": 0.35,
            "y": 0.4
          },
          "kind": "list",
          "text": "Convenient and cost-efficient way to buy and hold gold through an exchange traded product. Option to take delivery of physical gold if and when desired.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.851+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "df71610c-3a01-472f-bf3f-f66cd3cfecf0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.28
          },
          "kind": "title",
          "text": "THE GOLD ETF THAT DELIVERS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.851+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "76b9faf3-93e6-4abe-b740-c53501a0577d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.2
          },
          "kind": "title",
          "text": "VANECK MERK GOLD TRUST (OUNZ)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.851+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4ec432ed-e9b1-48b7-80ec-a8052a02f11b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: Cover",
            "slug": "cover-slide",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3",
            "version": 1,
            "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65",
            "description": "The first ten seconds. Build it deliberately.",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "746b4625-ffd1-49fd-858a-9e6c57f4b809",
          "evidence": "Convenient and cost-efficient way to buy and hold gold through an exchange traded product. Option to take delivery of physical gold if and when desired.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 01:13:54.728494+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 13,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 17,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 13,
          "name": "New Bliss",
          "beatId": "ddb59f93-7e77-4901-8ae2-4525e945daa3",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 14,
      "type": "setup",
      "function": "front_matter",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 28,
        "componentCount": 4,
        "textChars": 171,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:40.78+00",
          "seconds": 2.373,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/14",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-14",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.84,
            "x": 0.08,
            "y": 0.77
          },
          "kind": "callout",
          "text": "Seeks to profit from rise of Hard Currencies vs. the U.S. dollar",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.78+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "832c82dd-22cd-458d-819f-0d5fdd94896f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.4,
            "x": 0.05,
            "y": 0.12
          },
          "kind": "image",
          "text": "MERK FUNDS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.78+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82d355ef-c8f2-4df4-a957-bc93b6158cfb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.4,
            "x": 0.52,
            "y": 0.35
          },
          "kind": "list",
          "text": "Basket of Hard Currencies\nHedge U.S. dollar risk\nActive management",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.78+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "58f7b1fd-499b-45b1-8e11-5d4b8b52c7d6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.45,
            "x": 0.52,
            "y": 0.05
          },
          "kind": "title",
          "text": "Merk Hard Currency Fund (MERKX)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:40.78+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "36764ca7-e9c4-47cc-8c69-e54eb19ce451",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 17,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 13,
          "name": "New Bliss",
          "beatId": "ddb59f93-7e77-4901-8ae2-4525e945daa3",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 14,
          "from": 14,
          "loop": {
            "name": "11_golden_circle",
            "slug": "11-golden-circle",
            "status": "active",
            "bestFor": "Visionary leadership, brand positioning, mission statements",
            "canonId": "019dd956-6a50-7202-882d-505fcb9922ed",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
            "description": "Invert the typical pitch by starting with why you exist, rather than what you do",
            "familyLabel": null
          },
          "matchId": "a56afc06-9f15-4e35-ae7a-fcf607e79190",
          "evidence": "The presentation introduces the VanEck Merk Gold Trust as a way to profit from the rise of hard currencies vs. the U.S. dollar.",
          "position": 1,
          "objective": "Why should investors consider the VanEck Merk Gold Trust?",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:19.013721+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 15,
      "type": "setup",
      "title": "Includes fund objective, historical returns, and standard regulatory disclaimers.",
      "function": "other",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 58,
        "componentCount": 4,
        "textChars": 832,
        "nDataPoints": 4,
        "notes": "Includes fund objective, historical returns, and standard regulatory disclaimers.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.81+00",
          "seconds": 3.336,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/15",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-15",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.038,
            "w": 0.585,
            "x": 0.355,
            "y": 0.303
          },
          "kind": "callout",
          "text": "Seeks to profit from a rise in hard currencies relative to the U.S. dollar",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.81+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "822ee299-3b6b-45cf-acfb-84a77edaf457",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.89,
            "x": 0.07,
            "y": 0.56
          },
          "kind": "disclaimer",
          "text": "All performance figures greater than 1-year are annualized unless otherwise specified. Performance data represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Please visit www.merkfunds.com for most recent month end performance. The expense ratio for MERKX is 1.36% for Investor Shares.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.81+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ee842f1d-fa2b-4905-8029-c0933aa08012",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.89,
            "x": 0.07,
            "y": 0.45
          },
          "kind": "paragraph",
          "text": "Through 06/30/2021, the Merk Hard Currency Fund Investor Shares (MERKX) had a 1-year return of 5.99%, a 5-year return of -0.07%, a 10-year return of -2.05%, and a return of 1.24% since inception on 05/10/2005.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.81+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "494f0c22-90b3-407a-b0d4-e952f57d9d63",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.45,
            "x": 0.51,
            "y": 0.08
          },
          "kind": "title",
          "text": "MERKX Standardized Performance",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.81+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "49f443da-1cb4-47be-9670-beb1dae7356c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 17,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 13,
          "name": "New Bliss",
          "beatId": "ddb59f93-7e77-4901-8ae2-4525e945daa3",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 16,
      "type": "analysis",
      "title": "Includes a combination of a line/bar combo chart for returns, a bar chart for risk comparison, and a pie chart for currency allocation.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 68,
        "componentCount": 7,
        "textChars": 275,
        "nDataPoints": 35,
        "notes": "Includes a combination of a line/bar combo chart for returns, a bar chart for risk comparison, and a pie chart for currency allocation.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.211+00",
          "seconds": 2.623,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/16",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-16",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.35,
            "w": 0.3,
            "x": 0.28,
            "y": 0.58
          },
          "kind": "chart",
          "text": "Risk Comparsion (since inception)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f0fae287-1354-4acb-b14b-b13f21853da4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.7,
            "x": 0.28,
            "y": 0.2
          },
          "kind": "chart",
          "text": "Monthly and Cumulative Return (since inception)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1ef23753-8680-4d84-8b96-7179fa9e33c6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.35,
            "x": 0.6,
            "y": 0.58
          },
          "kind": "chart",
          "text": "Currency Allocation (as of 06/30/2021)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Pie chart",
              "slug": "pie",
              "status": "active",
              "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pie",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3626c992-2526-4825-8142-c0c0c02aa746",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.95,
            "x": 0.03,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "Performance data represents past performance and is no guarantee of future results.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bf4dd0e1-0e8c-413c-9a00-3b3b996ad306",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.25,
            "x": 0.03,
            "y": 0.2
          },
          "kind": "table",
          "text": "Risk and Return (since inception) table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "522d068d-065a-4408-8ac4-5144ac9e4ca8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.03,
            "y": 0.7
          },
          "kind": "table",
          "text": "Fund Details table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fcf3e60c-ab74-44ca-b33b-95fcbed08725",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.55,
            "y": 0.05
          },
          "kind": "title",
          "text": "MERKX Performance",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "010bc2ec-f7e2-460d-9062-6a56d2d7b385",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 17,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 13,
          "name": "New Bliss",
          "beatId": "ddb59f93-7e77-4901-8ae2-4525e945daa3",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 17,
      "type": "analysis",
      "title": "The chart shows MERKX performance relative to the U.S. Dollar.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 65,
        "componentCount": 5,
        "textChars": 548,
        "nDataPoints": 12,
        "notes": "The chart shows MERKX performance relative to the U.S. Dollar.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.28+00",
          "seconds": 2.587,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/17",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-17",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.88,
            "x": 0.07,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Bar chart showing annualized performance of currencies and MERKX",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.28+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "49f62aca-75b0-4378-8e59-1862b82d4394",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.96,
            "x": 0.02,
            "y": 0.87
          },
          "kind": "disclaimer",
          "text": "Performance data represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.28+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ebe68703-6a99-48fd-ad89-fd000d77708f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.07,
            "y": 0.23
          },
          "kind": "paragraph",
          "text": "Annualized performance – since inception (05/10/05 – 06/30/21)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.28+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dc563df1-fd81-44b8-8ad7-8d0e1dec5ea5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.6,
            "x": 0.07,
            "y": 0.76
          },
          "kind": "source-note",
          "text": "Source: Merk Investments, Bloomberg. All calculations are based on daily data. All currencies performance are calculated relative to U.S. Dollar. USD: U.S. Dollar Currency Index (DXY); XAU: Gold Spot as U.S. Dollar per Troy Ounce",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.28+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a7a572ff-21ce-45b6-9c86-1544d4048f13",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.4,
            "x": 0.55,
            "y": 0.05
          },
          "kind": "title",
          "text": "MERKX Performance since inception",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.28+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a0497cb8-92b1-42b2-b73a-88882dd5b78d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 17,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 13,
          "name": "New Bliss",
          "beatId": "ddb59f93-7e77-4901-8ae2-4525e945daa3",
          "matchId": "2e90532b-3ad5-4755-8b05-cd253ba70cf2",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 18,
      "type": "analysis",
      "title": "The chart highlights MERKX in blue compared to other assets in grey.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 35,
        "componentCount": 3,
        "textChars": 323,
        "nDataPoints": 13,
        "notes": "The chart highlights MERKX in blue compared to other assets in grey.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.305+00",
          "seconds": 2.589,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/18",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-18",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.86,
            "x": 0.07,
            "y": 0.22
          },
          "kind": "chart",
          "text": "Annualized volatility – since inception (05/10/05 – 06/30/21)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.305+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "95344cc2-ef93-4dfd-b9f0-675e586b2fd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.6,
            "x": 0.07,
            "y": 0.78
          },
          "kind": "source-note",
          "text": "Source: Merk Investments, Bloomberg. All calculations are based on daily data. All currencies performance data calculated relative to U.S. Dollar. USD: U.S. Dollar Currency Index (DXY); XAU: Gold Spot as U.S. Dollar per Troy Ounce",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.305+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e872ff16-0a9f-4089-9ca5-b21ffb09eff3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.45,
            "x": 0.51,
            "y": 0.05
          },
          "kind": "title",
          "text": "MERKX Volatility since inception",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.305+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ff5d713d-9b93-45a7-914d-31a4b94ee0bc",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 19,
      "type": "analysis",
      "title": "The table uses color-coding to highlight positive (blue) and negative (red) correlations.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 70,
        "componentCount": 5,
        "textChars": 702,
        "nDataPoints": 44,
        "notes": "The table uses color-coding to highlight positive (blue) and negative (red) correlations.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:46.532+00",
          "seconds": 7.678,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/19",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-19",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.04,
            "w": 0.96,
            "x": 0.02,
            "y": 0.91
          },
          "kind": "paragraph",
          "text": "Correlation: a statistical measurement that gives the degree of relationship between two variables. In a diversified portfolio, correlation represents the degree of relationship between the price movements of different assets in a portfolio. Fund inception: 05/10/2005.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.532+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c090afa-465d-4ca6-83c6-486ba04351cf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.07,
            "y": 0.75
          },
          "kind": "source-note",
          "text": "Source: Merk Investments, Bloomberg. All calculations are based on daily data as of 06/30/2021. All currencies performance data calculated relative to U.S. Dollar. USD: U.S. Dollar Currency Index (DXY); XAU: Gold Spot as U.S. Dollar per Troy Ounce",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.532+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c4bbe4b5-1dd4-4664-94ec-5500132efd49",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.07,
            "y": 0.23
          },
          "kind": "subtitle",
          "text": "Correlation matrix – as of 06/30/2021",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.532+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c834157a-74ae-40db-9fc7-a8d96e863394",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.38,
            "w": 0.56,
            "x": 0.07,
            "y": 0.32
          },
          "kind": "table",
          "text": "Correlation matrix of MERKX vs various assets (AUD, CAD, CHF, EUR, GBP, JPY, NOK, NZD, SEK, SGD, USD, XAU) across four time periods.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.532+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c54aabf9-f044-459b-bcff-1b957dc68c60",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.35,
            "x": 0.58,
            "y": 0.08
          },
          "kind": "title",
          "text": "MERKX Correlation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:46.532+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6dddd5d3-523a-4989-ab41-81ce75f38e3c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 20,
      "type": "setup",
      "title": "The slide uses a visual metaphor (political cartoon) to frame the problem of Federal Reserve policy impact on portfolios.",
      "function": "frame_situation",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "version": 1,
          "description": null
        },
        "function": "frame_situation",
        "functionCanon": {
          "name": "Frame situation",
          "slug": "frame_situation",
          "status": "active",
          "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 26,
        "componentCount": 4,
        "textChars": 141,
        "nDataPoints": 0,
        "notes": "The slide uses a visual metaphor (political cartoon) to frame the problem of Federal Reserve policy impact on portfolios.",
        "elementsJson": null,
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.731+00",
          "seconds": 2.872,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/20",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-20",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.6,
            "x": 0.2,
            "y": 0.2
          },
          "kind": "image",
          "text": "Political cartoon of a person sitting on a pressure cooker labeled 'FED PRESSURE COOKER'",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Illustration",
              "slug": "illustration",
              "status": "active",
              "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "illustration",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.731+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "821a166f-56a6-4ebf-9762-fad0a86dc4bb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.4,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "other",
          "text": "MERK FUNDS logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": {
              "name": "Unclassified",
              "slug": "unclassified",
              "status": "active",
              "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "unclassified",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.731+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1aea6976-b610-48cc-ae46-67422ed71b92",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.2,
            "x": 0.4,
            "y": 0.85
          },
          "kind": "paragraph",
          "text": "ALL CONTAINED?",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.731+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ee8bc5dd-dfdf-4acb-b228-5ba102c05699",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.45,
            "x": 0.51,
            "y": 0.05
          },
          "kind": "title",
          "text": "Is Your Portfolio Ready?",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.731+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a7961bd-adea-4599-b228-d8ca51a17e16",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "2ffa4d35-d568-46b1-9a8e-6a2aeb93598f",
          "evidence": "Uses a pressure cooker to represent Federal Reserve economic policy.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 10:05:41.731+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 20,
          "frameworkName": "metaphor-analogy"
        }
      ],
      "arcBeats": [],
      "loops": [
        {
          "to": 20,
          "from": 20,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "c12c6f42-bba9-4e49-a6a7-1057164da491",
          "evidence": "The presentation highlights the potential risks of not being prepared for market changes.",
          "position": 0,
          "objective": "What are the potential costs of not adjusting one's portfolio?",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:18.98321+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 21,
      "type": "appendix",
      "title": "This is a standard appendix slide providing definitions for technical financial terminology and indices referenced in the deck.",
      "function": "appendix",
      "rawType": "appendix",
      "block": null,
      "metadata": {
        "slideType": "appendix",
        "slideTypeCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-0762-71f8-b564-89ab863301cc",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 20,
        "componentCount": 3,
        "textChars": 200,
        "nDataPoints": 0,
        "notes": "This is a standard appendix slide providing definitions for technical financial terminology and indices referenced in the deck.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:41.045+00",
          "seconds": 2.182,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/21",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-21",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.35,
            "x": 0.05,
            "y": 0.03
          },
          "kind": "image",
          "text": "Merk Funds logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.045+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fadf7bad-5136-4a46-ad1b-a7f0ce470732",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "Indices and terms referred to in this presentation may include the following: U.S. Dollar (DXY) Index... [list of definitions] ... Other indices as defined on the respective pages.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.045+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8aa10ffa-b554-4e74-b26c-22a15e0db4ec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.15,
            "x": 0.705,
            "y": 0.06
          },
          "kind": "title",
          "text": "Notes",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:41.045+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7403b138-f999-4433-a069-420a087ff31b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 22,
      "type": "appendix",
      "title": "This slide provides definitions for various financial benchmarks and asset classes.",
      "function": "appendix",
      "rawType": "appendix",
      "block": null,
      "metadata": {
        "slideType": "appendix",
        "slideTypeCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-0762-71f8-b564-89ab863301cc",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 46,
        "componentCount": 3,
        "textChars": 1745,
        "nDataPoints": 0,
        "notes": "This slide provides definitions for various financial benchmarks and asset classes.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:42.945+00",
          "seconds": 4.075,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/22",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-22",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.4,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "image",
          "text": "MERK FUNDS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:42.945+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d6e2d00e-60f0-4c44-a930-67417ef73d6e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "Singapore dollar (SGD): official currency of Singapore. Spot Gold (XAU): current market price at which an asset is bought or sold for immediate payment and delivery. Russell 2000 Index: a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. S&P 500 Index: a capitalization-weighted index of 500 stocks designed to measure performance of the broad U.S. domestic economy. S&P 500 Financials Index: a capitalization-weighted index of S&P 500 stocks that represent the financial sector. VIX Short-Term Futures Index: an index that measures the return from a daily rolling long position in the VIX futures contract. U.S. 10Y Treasury Bonds: represented here by calculating the inverse of Bloomberg's U.S. Generic Government 10 Year Yield Index. Spain 10Y Treasury Bonds: represented here by calculating the inverse of Bloomberg's Spanish Generic Government 10 Year Yield Index. G10: refers to 10 countries/currency areas: Australia (AUD), Canada (CAD), Switzerland (CHF), Eurozone (EUR), United Kingdom (GBP), Japan (JPY), Norway (NOK), New Zealand (NZD), Sweden (SEK), and United States (USD). US Corp IG Bonds: represented here by Bloomberg US Corporate Bond Index. EM USD Bond Aggregate: represented here by Bloomberg Barclays EM USD Aggregate TR Index Unhedged USD. U.S. Mortgage Backed Securities: represented here by Bloomberg Barclays US MBS Index TR Value Unhedged USD. Pan-European IG Bond Aggregate: represented here by Bloomberg Barclays Pan-European Aggregate TR Index Value Unhedged EUR. Pan-European HY Bond Aggregate: represented here by Bloomberg Barclays Pan-European High Yield TR Index Value Unhedged EUR. G4: G4 or Group of Four refers to the U.S., U.K., Germany, and Japan",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:42.945+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1c66bdd8-2e68-4eb7-a008-84413ebbe776",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.58,
            "y": 0.08
          },
          "kind": "title",
          "text": "Notes (continued)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:42.945+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "182f1e94-06c3-4074-92c2-a874f7835c09",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 23,
      "type": "setup",
      "function": "other",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 62,
        "componentCount": 5,
        "textChars": 789,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:45.758+00",
          "seconds": 6.83,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/23",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-23",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.86,
            "x": 0.07,
            "y": 0.23
          },
          "kind": "disclaimer",
          "text": "Information contained herein may discuss Fund performance and holdings. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:45.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "20eabce0-e5ee-4996-810e-b4fb89cac6ea",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.86,
            "x": 0.07,
            "y": 0.68
          },
          "kind": "disclaimer",
          "text": "Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 1-866-MERK FUND or visiting the Fund's website.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:45.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ec15c3b8-abcc-4b9c-9399-3481220073c6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.86,
            "x": 0.07,
            "y": 0.39
          },
          "kind": "disclaimer",
          "text": "Since the Fund primarily invests in foreign currencies, changes in currency exchange rates affect the value of what the Fund owns and the price of the Fund’s shares. Investing in foreign instruments bears a greater risk than investing in domestic instruments.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:45.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "efdc3475-a256-4381-8c03-cc86556b2fe0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.16,
            "w": 0.43,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "image",
          "text": "Merk Funds logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:45.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fe40873c-3bc6-49e6-bcdd-d4073d0c3884",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.45,
            "x": 0.51,
            "y": 0.08
          },
          "kind": "title",
          "text": "Mutual Fund Risk Disclosure",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:45.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8dac614e-6edd-4335-88a1-7d871816d3be",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 24,
      "type": "setup",
      "title": "This appears to be a template slide or a closing/divider slide.",
      "function": "front_matter",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 9,
        "componentCount": 3,
        "textChars": 28,
        "nDataPoints": 0,
        "notes": "This appears to be a template slide or a closing/divider slide.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 10:05:44.268+00",
          "seconds": 5.246,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de511-426b-76c9-aee2-20d918fe9c17/24",
        "deck": "/decks/019de511-426b-76c9-aee2-20d918fe9c17",
        "deckAnchor": "/decks/019de511-426b-76c9-aee2-20d918fe9c17#slide-24",
        "deckJson": "/decks/019de511-426b-76c9-aee2-20d918fe9c17.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.4,
            "x": 0.55,
            "y": 0.35
          },
          "kind": "image",
          "text": null,
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Illustration",
              "slug": "illustration",
              "status": "active",
              "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "illustration",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:44.268+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "57ddae66-58e3-4822-a8e0-b4b06a5c6196",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.03,
            "y": 0.03
          },
          "kind": "image",
          "text": "MERK FUNDS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:44.268+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2ebf82e-b2a1-4715-8cf3-73a155a8aa43",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.15,
            "x": 0.09,
            "y": 0.78
          },
          "kind": "other",
          "text": "Social media icons",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": {
              "name": "Unclassified",
              "slug": "unclassified",
              "status": "active",
              "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "unclassified",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 10:05:44.268+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6b7ed224-fd5c-41b6-8410-ac33d51fd7f3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 4,
      "label": "What Is",
      "description": "The presentation starts with an overview of the U.S. business cycle and dollar index cycles."
    },
    {
      "from": 5,
      "to": 9,
      "label": "What Is",
      "description": "The presentation provides data on U.S. dollar valuation, G10 relative CPI PPP, and G10 CB benchmark rates."
    },
    {
      "from": 10,
      "to": 12,
      "label": "What Could Be",
      "description": "The presentation discusses the potential implications of the current market situation on investors' portfolios."
    },
    {
      "from": 13,
      "to": 17,
      "label": "New Bliss",
      "description": "The presentation introduces the VanEck Merk Gold Trust (OUNZ) as a potential solution for investors."
    }
  ],
  "loops": [
    {
      "from": 20,
      "to": 20,
      "label": "Cost Of Inaction",
      "description": "What are the potential costs of not adjusting one's portfolio?"
    },
    {
      "from": 14,
      "to": 14,
      "label": "Golden Circle",
      "description": "Why should investors consider the VanEck Merk Gold Trust?"
    }
  ]
}