How important was gold?

WI Two or three ships carrying very large gold payments across the Atlantic sank with their cargo, between 1900 and 1925 (but not in WW1) and WI people trying to save money on insurance the governments concerned chose a company that was bankrupted by such a large claim.

Could this in itself cause a depression?
 
Well, it will turn out worse for the nations involved, but everyone else will turn out okay, as such an event will nicely increase the value of gold.
 
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