In my opinion, it's very risky to backed any coin by gold nowadays. gold price isn't a stable at this time.
sorry, but I don't agree with you buddy.
gold can be said to be the only one that has a stable price from time to time.
so I don't hesitate at all.
Stability is relative, but even for gold you can say that it goes through quite volatile times every now and then.
But still can't compare to btc for instance, i don't even see the point of argument in this idea, i personally think the ppt team have made a great choice to back XAUp with Gold rather than any other currency,
Maybe if other tokens/coin where pegged in other currency/commodity from the beginning other than btc, we won't be experiencing such high level of volatility and instability in price.
Of course you cannot compare it to btc. Btc is a global phenomenon with ultra fast options to trade it. When gold got started as a medium of exchange everything was different, and yet I am sure some people were really really skeptical of gold similar to how people today are skeptical of btc.