There are enough precious metals. It is not the amount available...

There are enough precious metals. It is not the amount available that is the issue but the price per oz.

In order to cover everyones positions and debts, the fixed amount of gold and silver will be priced at many multiples of today's price.

So that we are all not walking around with gold and silver in our pockets, you can peg the value of a paper currency to the price and quantity of gold and or silver. That is called a gold standard.