A token is a claim. Its value rests entirely on the enforceability of that claim against identified metal held by an identified custodian under a legal system a holder can actually use.
Three questions
Is the underlying allocated or unallocated. Who audits the bar list and how often is it published. What is the minimum redemption size, the fee, and the realistic delivery timeline.
The honest issuers
The ones publishing bar lists and processing small redemptions without friction are building something durable. The rest are running a marketing exercise against a warehouse receipt.
