A few years ago, Peter Schiff and a few other Austrians (not all Austrians, as Mish was stating the opposite) were adamant about hyperinflation and Paul Krugman stated that it was like talking about fire problems during a flood, which made sense because of the credit crunch (the inverse problem). However, Schiff kept pointing to Zimbabwe and the Weimar Republic as examples of hyperinflation and even now, we're seeing it in Ukraine.
As far as Ukraine and Zimbabwe are concerned, neither appeared to have much gold before their hyperinflation. For instance, Ukraine has next to 0, if not 0 and Zimbabwe, from what I could find, had less than 5 metric tonnes. When I was looking online to see if anyone knew how much gold they estimate the Weimar Republic had, I couldn't find a figure and was curious if anyone knew, or could find a historic estimate?
The reason I ask this is because the United States owns the most gold in the world (and it's not a close competition), assuming we don't believe the people who think it's not there, and thus it's hard to believe that, unless the U.S. begins to liquidate its position, that it would face hyperinflation like these other countries even without a currency backed by gold because people know that in a really bad situation, it could trash the dollar, create a new currency backed by its gold (note that I'm not saying this would happen, but the US is hardly a country comparable to Zimbabwe when you consider its gold holdings).