Obviously, gold and (I believe) silver become money. If only a small fraction of existing money is converted to these metals, the rise in valuations is almost beyond imagination. So many things go wrong and fracture in such a circumstance, that no one wants to contemplate it.
Most gold bugs (including me), believe that the risk of global financial collapse is still a few years away. In the meantime, we expect a deflationary episode that takes down the price of everything including gold. We could be wrong...no deflation occurs...and there is an immediate global currency crisis.
None of this could happen if we had a responsible political system supported by the Hedge Tax.