Total BS and look like a click bite. Who gone custody the gold? What nation gone agree to redeem the XRP to gold. In a global world this not make any common sense at all. So many problem. And no liquidity for the IOV.
I think the word “backing” has a lot of confusion behind it. If you replace that with “redeemable for”, it makes things a little easier to understand. I envision locations(bank/exchanges) in all countries where a person can walk in and trade XRP for gold, or currency, or trade gold/currency for XRP. The key is when gold/currencies start getting “priced” in XRP. I wouldn’t imagine XRP being backed by gold it would just be redeemable for gold and the exchange rate would fluctuate based on the market.