Try this.
Gold does that now. But this is priced in a fiat currency. We’d need to see historical records to evaluate the question you’ve placed on the table.
A more practical problem might be that there isn’t enough gold in existence to account for the book money wealth of the world. “Voodoo economics” actually ended up working and it spirited the book money wealth of the world past the amount of gold it had.
Fiat currencies are counterintuitive, but under at least some circumstances they work. They work by means of belief, at least; nobody cares if it was the government that just printed that money out of thin air as long as anyone else will still accept it after trading their own goods for it. As long as government does not do things that are so stupid they create scarcity problems, like try to set prices, fiat currencies will keep on working. One could say that instead of being backed by gold or silver, they are backed by the breadbasket.
Now if there is some more desirable state of affairs then I’m not arguing against going there. But gold is not going to be up to the task.
Now if somebody manages to find an astounding vein of new gold in a mine, he will happily accept fiat money to purchase it and he will get very rich. That’s an independent issue.
More muddle-headedness.
It doesn’t take much gold to run a gold standard.
Anyone who says “there isn’t enough gold” is betraying total ignorance of economics and the nature of money.
Good point. I often watch Gold Rush on Discovery. Folks that are actually digging for gold every day. Once they get it, they can't wait to turn it into dollars. But if you look at the bigger picture, you'll realize that gold or dollars have no value at all without the work that goes along with getting either of them.
Search his other writings on Constitutional matters for more.