It wouldn't work in the major current cryptocurrencies, as you'd have to have some way of mtgox issuing new coins for gold deposits. That would seem to be against the current sets of rules, which only allow miners to create coins.
I'd assume it would be possible to have a cryptocurrency where a central authority stores gold/dollars/etc, and allows people to exchange it for coins and vice versa - basically, have special transactions that can create coins. Miners would have to mine for transaction fees, or maybe they could be paid out of the interest produced by the giant money pile.
It would require a lot of trust in the central authority - and once you have that trust, it's not clear you need a cryptocurrency at all.