No, this isn't because 'it's cyclical', this is a simplistic explanation. The issue is that this currency will probably be manipulated. And while central banks

No, this isn't because 'it's cyclical', this is a simplistic explanation. The issue is that this currency will probably be manipulated. And while central banks issued currencies can be protected by central banks themselves (at a cost, when they are reactive enough), it's impossible to protect gold from manipulation. Especially if US and EU authorities don't care, or pretend not to. And now, some want to peg a currency to gold prices? It's like pegging a currency to the bitcoin, except with a bitcoin on a blockchain that non one can audit. Look into how France broke the gold standard (without really meaning to I heard from my grandfather, the goal was to pressure the US and protect the 'new franc')