Many gold backed project have gone under the bridge and investors investment gone wrong. There is a particular project that was about 10trillion coin supply and that every of its coin was backed by gold, I believe the developers have ran away with investors fund.
that's a crap coin. I didn't even believe any gold projects have the real gold and those were only offering fake claim. I just put any gold project in my banned list as there must be a lot of processes to prove the reserved gold and that's not something that can be done instantly.