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LucasSloan comments on Harry Potter and the Methods of Rationality discussion thread, part 26, chapter 97 - Less Wrong
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Minerva and Griphook weren't surprised by the idea of taking raw gold and turning into coins. Presumably this happens sometimes; it's not the case that all the Galleons in the world were first minted thousands of years ago. So how did the gold in the wizard economy get there in the first place? And what is the mechanism that prevents it now but didn't prevent it then?
Are all wizards in the world unaware that Muggles possess gold at all? Surely not; Muggles probably own much more gold, and operate many more gold mines, than wizards do. If wizards ever went looking for un-mined gold, they'd encounter Muggle competition.
Wizards have an apparently trivial method of acquiring gold: Apparate into a bank vault, fill your Bag of Holding, Apparate away to Gringotts. It's doable by most wizards, carries no real risk, is unnoticeable by the bank, untraceable when they do notice the gold is missing, and the other wizards and goblins probably don't care if some Muggles were robbed by an unknown wizard.
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.