[agere_contra]

There is not enough gold in the world to facilitate the global trade. Gold is also an inconvenient currency; it can't be electronically transferred.

There is enough Gold - the price just needs to rise to about $15,000 an oz.

Also: ownership of audited Gold can be electronically transferred. There are already debit cards (e.g. from GoldMoney.com) that allow transfer between account holders. These forms of account will (if the free market is allowed to act) lead to a de-facto precious metals standard.

[Texas Fossil]

ownership of audited Gold can be electronically transferred.

You might tell that to some of the MF Global customers who "owned" actual gold, but will never see it all again.