No. A government’s power to tax can only be in terms of money, therefore its obligations must be expressed in monetary terms. If the government guarantee was  enacted, we would  immediately buy on the open market the required amount of precious metal needed to meet our obligations. We would then request funds from the government to pay for the purchase – the cash equivalent – of the precious metal due.
We buy precious metal when you buy from us and sell when you sell to us on a 1:1 basis. All holdings, whether they are stored as allocated or unallocated are therefore 100% backed.