There isn't enough Gold in the ground to allow the manipulation of the monetary system which the major world powers now engage in. There is a finite amount of Gold which means fiscal restraint and a monetary system which is not easily manipulated by any one country.
Must I remind you that getting this new gold out of the ground is fairly expensive with the most recent figures of about $1200 per ounce of Gold. How much does it cost to print a Billion US dollars on paper vs mining a billion dollars of Gold?
having a limited supply of gold that is hard and expensive to get out of the ground are not points in it's favor