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DanArmak comments on Harry Potter and the Methods of Rationality discussion thread, part 26, chapter 97 - Less Wrong Discussion
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Hypothesis: The muggles don't possess much gold. Most of the huge stacks of gold in places like Fort Knox are clever magical replicas, and have been for a very long time. Any wizard can easily see through the ruse, but the muggles are clueless.
How do we have gold that we use as a conductor? Perhaps when a muggle handles fake gold, it gets magically swapped with real gold from a small supply elsewhere. Or else, maybe fake magic gold is a really good conductor.
If most of the gold we think is in the Muggle economy is really in the wizarding economy, then wizards possess up to 170,000 tons of gold. 100,000 tons of gold divided between 1 million wizards is 100 Kg = 20,000 Galleons per wizard on average.
We actually observe that 100,000 galleons is a princely ransom and a rich fortune. Lord Malfoy is one of the richest people in Britain and he probably has on the order of a million Galleons. This seems compatible but somewhat unlikely; I would estimate less gold in the wizarding economy than 100,000 tons. And yet if they stole all the Muggle gold they'd have closer to 150,000 tons, not counting whatever they may have mined themselves.
... and Eliezer raised the value of Galleons significantly for this fic. Hmm...