Not really. All a gold standard does is to promise to pay Oz/$ or vice versa at a fixed rate. It does not mean every $ is backed by gold and it does not mean one gets rid of fractional reserve banking. If gold stock get run down it means that interest rates are too low and people would rather hold specie than bonds that pay interest.
The purpose of the gold standard is not to control prices either although it does do this to a certain extent.
The first real issue with debt based money is destabilisation of interest rates by the central bank. Under a gold standard interest rates are stable and there is no transfer of wealth from industrial capital to bond speculators who have to get real jobs and create real wealth.
The second purpose of the gold standard is to have an ultimate extinguisher of debt. There is no reason to default on debt now, just have a mechanism to extinguish it. Any debt default would simply crash the currency.
