I’m under the impression that a great deal of the world’s gold and silver is in India. It is traditional to give gifts of precious metals for Hindu weddings and the Indians tend to hang onto their gold rather than sell it.
No matter whom is in possession of the resource, moving to a standard where you are dependent on that resource means that you are in a position to be held economically hostage by those who hold the resource (see Oil situation).. It is one of those reasons why I have never jumped on the Gold Standard bandwagon.. It would be a good alternative IF we first make ourselves more independent in our supply of the resource.