LucasSloan comments on Harry Potter and the Methods of Rationality discussion thread, part 26, chapter 97 - Less Wrong
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Serious problem: http://en.wikipedia.org/wiki/List_of_countries_by_gold_production = 2700 metric tons annually produced today. If there are one million wizards in the world, it takes 1000 tons of gold to have one kilogram of gold / 200 Galleons per person (~$50K at today's prices). Or they have to produce a ton a year for a thousand years. How much gold was in pre-industrial e.g. Aztec civilization?
A little digging suggests less than a thousand tons. Most of the metal wealth extracted by the Spanish empire was in the form of silver, not gold. The spanish were able to mine about a ton a year from hispanola for some unknown period, and the inca paid a ransom of 24 tons for their king.