So the demand from this small percentage of society was enough to make up for the bakers, farmers, and teachers who no longer demanded gold as payment for their goods and services?
Currently 1% of the world's population owns something like 98% of the wealth (maybe it's not 98% but I do know it is an unbelievably high percentage). So is it so hard to believe that these people, the ones who would be concerned about preserving their wealth vs. the ones who live paycheck to paycheck, would be buying up all the gold?