That was more or less what Paul Volcker did in the early 1980s. Banks were smaller and more closely regulated, so he was able to put some constraint on the money supply, and raised interest rates. And it worked, it crushed inflation, but it was a very bitter pill--a hard recession followed. Volcker got yelled at by Congress, a lot. In the long run, he was vindicated--inflation remained fairly low until the pandemic.

But the idea that you should manage your economy according to how much of some metal you can dig out of the ground is ridiculous.