“There simply isn’t enough gold out there.”
That has absolutely nothing to do with a gold backed currency. 1000 pounds would be enough. The only thing that matters is that “X” amount of currency equals “Y” amount of gold. It isn’t about whether or not you have a gold coin to bite. It is that there is a hard limit on how much currency can be created.
A gold backed currency does not require gold coins in citizen pockets to function.
“That has absolutely nothing to do with a gold backed currency. 1000 pounds would be enough. “
How long would that last? The core of the gold standard is convertibility. Owners of paper money need to be able to exchange it for metal.
A large hedge fund could use that to drain any nation’s gold reserves in a few weeks if a real gold standard was in place.