Could the German DM be stronger than the US dollar?

Another thought experiment. We've seen that if the US stock of gold (if it hasn't been replaced by IOUs) had to back all of its M3 money supply, then this would imply a gold price of something like $45,000 per ounce.

I've tried to find equivalent figures for Germany. The latest I can find is from May 1998, when M3 was then estimated at 3,243.70 billion DM. The Deutschmark is pegged at 0.51129 to the Euro, and the US dollar currently buys around 0.73581 Euros. So in dollar terms, German M3 is/was in the region of $1,559 billion.

The World Gold Council's June 2007 figures show Germany holding 3,442.5 tonnes of gold, and there are 31.1034768 grams to the troy ounce, so that's 110,678,945 ounces. If this gold covered all of Germany's M3 at the latter's 1998 estimate, it would imply a gold price of $14,085 per ounce.

Granted that German M3 must now be greater than in 1998, it still suggests that in terms of the ratio of gold to money supply, Germany's currency is around 3 times stronger than the USA's, or one-third as vulnerable in case of hyperinflation.