For the FED to go away and be replaced by a Gold backed American dollar a few things have to happen:
1) Gold needs to be revalued higher to reflect the current worldwide supply of dollars. That puts Gold north $10,000/oz
2) The U.S.'s trade deficit needs to go away lest all that Gold start leaving our shores to pay for all those foreign goods.
Getting rid of the FED isn't as easy as people think. The Rothschilds (who aren't Jewish but a "family" started by Jesuit/Illuminait 200+ years ago) use the FED to employ America as the arsenal of "Democracy". We get free money to produce soldiers and weapons to police the world.
When the FED goes away so does America's current occupation. That means we have to learn how to make ends meet again.
I wouldn't invest in any Yoga Studios or Wheat Grass stands in LA if I were you. The economy would shrink. A lot of people will have to move back in with relatives, sell that second car and lose that $200/month cable bill.
But all those are prolly good things.