Removal of gold loot completely can never help. It only removes the source of gold loot. The gold accumulated from it won't get dissolved, it will only move from player 1 to player 2.

The only solution is gold sinks. Awakening event has been a good gold sink. Spendsalot isn't a great gold sink anymore, the goodies are outdated there, so we need new sinks. Also if gold loot is completely removed, it will give the merchants complete monopoly over the market. Not like they don't have it already, but still. It would be naive to believe that prices would fall back to place without gold sinks. No merchant would sell you bbhooks for 2m when they invested more in it.

There are other stuff like, it it's removed how will players be compensated? It won't affect just one or two players, it would affect hundreds and thousands of players.