I could see that as small niche.

The problem with that is you don't have control of the gold, it has to be insured, it has to have storage cost. So theoretically, say gold stayed $1,000 and never moved, eventually that contract aka your gold would be worth $0 due to years of fees. Costs lots of money to store physical gold and insure it.  

But that could be a great stable payment system/coin. Low volatility and not meant for store of value but 1 year or less type thing. aka checking account.