the situation you describe is not a problem for the all-knowing gold standard capitalized or not
economic activities ramp and goodness all about => gold gets revalued in terms of such activities and goodness => anyone with gold would be able to juice up the system with more valuable gold-backed credit, ad infinitum
no matter, i expect and fear and relish that we shall have an opportunity to watch and experience gold standard in action, and learn much more than we can now speculate
that is why we must try our best to speculate more
just throwing some numbers around as example of what could pass for line of thought
at pricing of usd 60k per oz (all measure in current day federal reserve note basis, i.e. not tomorrow's or thereafter), gold should be adequate as backing for all circulating money in usa
at pricing of x, the world
figure world to be at 3-4 x usa today, if so, either (i) gold at 240k makes sense, or (ii) usa shrivel to 6% of global gdp is rational
let us see where the path eventually leads us
if it is reasonable to talk about gold extraction cost (400 - 2000) in relation to gold purchasing value (1300-1600), then it should be equally sensible to discuss fiat paper money creation (0) and purchasing value (1 - 1000 - 100,000,000,000, depending on gps coordinate)
using gold as money is sensible, for it otherwise is of no serious use
using platinum as money is nonsensical, for its 1/4 living room-ful of global stock is truly limited, supply constrained, and besides, it is too useful
using silver can make sense, though silver is useful for other application
using paper is just comical, until tragedy strikes and hard, inevitably
must choose our money carefully, because the choice matters - it is a matter of beauty and finess
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