Does anyone know if the cold plating chips off after continued use?
READ REVIEWS. That's the best way to find your answer. You could ask someone who personally owns it too, but you'll still need to read reviews to find out who does.
However, with the cheap metallic toys, it's very common to see chipping. Just use caution. You could always try and remove the entire gold coating just to be sure none ends up in ya cooter. I've done that before. Not fun!
I've had a plastic bullet vibrator that had a shiny metallic coating similar to this called the Candies Bullet. It didn't actually have chips coming off that I could grab/peel off of it but with use and washings the shiny/irridescent metallic coating was starting to rub away. I imagine this would probably happen with this one too. If you're a little nervous about it maybe put a condom over the toy before you use it? I have no idea how to take the metallic coating off.