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Krystof Huang  

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  • How Does VelocityShares Daily Inverse VIX Short-Term ETN Work? [View article]
    Thank you for the in-depth insights, Windwine. I have noticed ZIV and XIV/SVXY behaving strangely over short periods. Now you imply that this can happen over long periods. In any case, they certainly behave very differently. Therefore there are benefits to mixing them for diversity.

    I manage two autotrading strategies. "C2-SOS," a security-focused strategy, holds 20% ZIV and 10% SVXY. "Ezekiel Wheel," a growth-focused strategy, uses 125% leverage as follows: 1/4 ZIV, 1/4 SVXY, 1/4 favorite equity ETF, 1/2 PHDG. (PHDG is the same as VQT except that PHDG normally holds only 18% derivatives. I learned about VQT thanks to Harwood, Piard and TriniIndi.)

    My latest strategies are based on the premise that every corporate investment should be considered high-risk--and that the most sure way to control risk is to minimize the amount at-risk.

    For example, instead of investing $10,000 in corporate bonds or annuities, I would prefer to combine $1,000 ZIV, $1,000 SVXY, $8,000 short-term TIPS. The total long-term performances may be similar. Meanwhile, only 20% of principal remains at-risk.

    In the next 2008-level recession, there may be no bailouts. And if Enron, Goldman Sachs, Lehman, AIG, General Motors, etc. etc. can go bankrupt, then the bonds and annuities of any so-called blue-chip corporation or underwriter also can go bankrupt. If you think such concerns are passé, google-up "the defanging of Dodd-Frank."

    Nonetheless, including only 10% to 20% ZIV in a portfolio is powerful enough to exceed the expectations of most investors. While on the other hand, ZIV is so volatile that suggesting ZIV to a less-than-savvy friend or neighbor places you at-risk of creating an unhappy camper. And there is no question that the downturns of SVXY will be two or three times worse than ZIV. So in a nutshell, so long as ZIV exists, there might not be much point in mentioning XIV/SVXY to the average investor.
    Sep 28, 2014. 05:50 PM | Likes Like |Link to Comment
  • How Does VelocityShares Daily Inverse VIX Short-Term ETN Work? [View article]
    I would just like to summarize what I have learned about ZIV and XIV thanks to Mr. Harwood's articles here and on his website, which is a key source for information on VIX products.

    The 2008 downturn for the S&P 500 lasted about 5-1/2 years: October 2007 to March 2013.

    Based on the chart above, XIV would have taken 6 years to break even from the 2008 crash: March 2007 to about March 2013. However, as I am about to explain, this could be misleading. (Unless perhaps I am misreading something myself.)

    Also based on Mr. Harwood's simulations, ZIV could have taken about 7 years to break even: March 2007 to about June 2014. The simulation only runs until September 2013. However, in the simulation, ZIV was at about -50% down from peak in November 2012. I then add the data from that ZIV gained 100% from November 2012 to June 2014.

    However, there might be some discrepancy. According to, ZIV gained just over 200% from a valley on November 28, 2011 to the end of Mr. Harwood's graph in September 2013. Whereas Mr. Harwood's graph seems to show about 300% gain for ZIV: from a little more than 10 to a little more than 30.

    Also, if we start at the end of Mr. Harwood's graph on September 17, 2013--then ZIV seems to require about 50% to return to the 2007 peak. But shows only about 40% gain from then to today (September 25, 2014).

    So, sometimes the live performance seems substantially higher and sometimes lower than the simulated performance. I especially question that, in the simulations, XIV seems to rebound more quickly than ZIV. (Assuming that I am reading the graphs correctly.)

    If ZIV and XIV are rebalanced quarterly with more stable assets, I think it is unfair to judge their post-crash resilience starting from a peak. The best live data we have is for the 2011 downturn. I start at a pre-peak valley for XIV on March 21, 2011. Note that this perspective is substantially biased in favor of XIV when compared to ZIV, and in favor of both of them when compared to the S&P 500. Although as I say, I think this is the most realistic perspective for a moderate and rebalanced allocation.

    From this 2011.03 perspective, a moderate and rebalanced ZIV allocation might not have had significantly more of a negative effect on a portfolio than SPY. Also, both ZIV and SPY almost broke even in as little as 7 months: on October 28, 2011. However, ZIV had a strong relapse immediately after. ZIV was not firmly rebounded until February 2012--taking about 11 months, about 1-1/2 times as long as SPY.

    Similarly, XIV briefly regained its 2011.03 value in March 2012--and dipped steeply immediately after. XIV was not firmly rebounded until July 2012--about 16 months. So XIV's 2011 downturn lasted about 2 times longer than SPY and 1-1/2 times longer than ZIV.

    Also, to be precise, starting everything from 3/21/2011: then in 2011 XIV dropped -61%, ZIV dropped -24%, SPY dropped -15%.

    I.e. in the "routine" downturn of 2011--such as we can expect to happen every 5 years or so--XIV's drawdown was about three times worse than for either ZIV or SPY. Also because of this drawdown, the current live 5-year gains for ZIV and XIV are virtually equal.

    Also note that--as Mr. Harwood has commented on his website--because ZIV and XIV are derivative-based, there might not be any "equity" value to survive a collapse of the manager or the primary underwriter. So there might be no rebound from a pillar-toppling 2008-level event. A permanent loss of -100% is possible. Such as presumably happened to some Lehman ETNs in 2008.

    In conclusion, I currently suggest that the average do-it-yourself investor do not invest more than 15% in ZIV, or perhaps 25% at most for small accounts--and perhaps should not bother with XIV at all. Also, be sure to maintain trailing Stops. I myself hold a bit of both ZIV and SVXY in my own strategies (not XIV to avoid repeating the same management as ZIV)--but manage them closely and this is not for everyone.
    Sep 26, 2014. 12:03 AM | Likes Like |Link to Comment
  • Which VIX Spike Could Kill XIV? Here Are The Numbers. [View article]
    This is an excellent article and comments as well for refining anyone's perspective on XIV/SVXY.

    In my small opinion, Mr. Stockplaza has the right idea in "going small and hanging tough" on XIV/SVXY--but not in letting it all ride. His goal is $10M. It would be a shame to get to $9M and then lose everything. At the very least, divide the allocation between PHDG, ZIV and SVXY. (Not XIV which has the same custodian as ZIV.) And maybe be satisfied with a mere $5M.

    I recently launched a not-quite-so-aggressive autotrading system which I call Ezekiel Wheel: 1/4 SVXY, 1/4 ZIV, 1/4 favorite equity ETF, 1/2 PHDG. (Thus using 25% margin.)

    Please note that the current 5-year gain for ZIV and XIV are virtually equal--and might remain equal if there is a 2011-level downturn about every 5 years. Which is a reasonable expectation. Also, even if XIV/SVXY makes substantially more than ZIV--the combination of SVXY and ZIV will also make substantially more than ZIV and be much safer.

    No gain is safe until put in a safe place. However--just as a cool place can feel warm when coming in from a very cold place--systematically moving gain from an "unsafe" to a "less unsafe" place can have surprising results.

    Based on this observation, I created the Ezekiel Wheel strategy. Like the gears on a multi-speed bicycle, each investment is like a "wheel" with a very different "circumference" or volatility level. Each "wheel" does best under different market conditions. Under extreme conditions, trailing Stops also can shut down all positions except the 50% PHDG. Thus potentially eliminating margin and creating yet another behavior pattern.

    Quoting Matthew Henry's classic commentary on Ezekiel 1:15-25: "Sometimes one spoke of the wheel is uppermost, sometimes another; but the motion of the wheel on its own axletree is regular and steady. We need not despond in adversity; the wheels are turning round and will raise us in due time, while those who presume in prosperity know not how soon they may be cast down."

    However, please note that Ezekiel Wheel will still have severe ups-and-downs. Stops and reentries also need to be maintained correctly. For the average do-it-yourself investor, I caution against using more than 15% ZIV and against any do-it-yourself XIV or SVXY.

    Note that ZIV took about twice as long as the S&P 500 to recover from the 2011 downturn and XIV took about twice as long as ZIV. SVXY is also a slippery product to Option. Options create leverage. SVXY out-of-box is already like a leveraged product. Even if you are highly skilled with Options, I would not suggest focusing Options directly on SVXY. Instead, perhaps consider combining out-of-box ZIV and SVXY with a diversity of Options strategies that are somewhat equivalent to ZIV, SVXY and PHDG.
    Sep 25, 2014. 12:55 AM | 2 Likes Like |Link to Comment
  • What Is The Best Gold ETF? [View article]
    My thanks to the author and commenters of this article who helped me to think about the pros and cons of various gold ETFs. After reading articles like this, eventually I wrote a 2014 article "10 Best Gold ETFs and Perspectives." A basic theme of my article is to argue that there is no one "best" gold ETF but that the "best" thing to do is to divide your gold allocation between pretty much all that you can find. I.e. the Titanic actually was the safest boat in the world. Nonetheless, some families still followed the tradition of not putting the entire family into the same boat. It was a good decision.
    Aug 8, 2014. 10:26 PM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    Clarification about gold mining and silver.

    My article flatly discourages any investing in gold mining and silver--because this primarily makes losses worse during MAJOR stock market downturns as well as major gold downturns. However, there is a caveat to this. During MINOR stock market ups-and-downs, gold mining and silver can offer substantial hedging action. Or to be more precise, gold mining and silver related investments are among the few investments that do not closely follow the ups-and-downs of the S&P 500.

    If you have studied the mathematics of investing--the more "out of phase" that your investments are, the more that rebalancing between them will result in a total that substantially greater than the average, and the milder will be your total downturns. This is what is meant when we talk about "diversification."

    So, it is good to have good investments which follow a substantially different rhythm than most investments--and they are difficult to find. Gold mining and silver can fit into this category. And if you practice trend-trading, then you can be less concerned about the fact that the "usual" hedging action of gold mining and silver will stop working during a MAJOR stock market downturn.

    In other words, if you are proficient in trend-trading, then my suggested ban on gold mining and silver might not apply to you. I suspect there can be special benefits to a small amount of trended investments in gold mining and silver and I am now doing some of this myself.

    Nonetheless for the average investor, I still would suggest to avoid gold mining and silver.
    Aug 7, 2014. 02:36 PM | Likes Like |Link to Comment
  • How To Bet On IPOs And Spin-Offs With ETFs, And Choose The Best. [View article]
    I am pleased to find that Fred Piard has discussed both FPX and CSD in the same article.

    I am doing some follow-up research to confirm my newly adding FPX to my list of favorite ETFs. My standard for my favorites is consistently to outperform the S&P 500, and also not to be tied down to any particular market sector. Hence to avoid being affected by a sector meltdown.

    I disqualified CSD from my favorites list several months ago. I initially liked CSD's premise and performance. However, after studying a long-term performance graph similar to the one above--note that CSD fell harder than the S&P 500 in 2008--and also did not rise above the S&P until 2013. I.e. there will be times when we must wait years for CSD to pull above the average investment. In contrast, FPX rather consistently pulls ever-farther above the S&P.

    Others on my favorites list are GURU the 'top picks of top managers' fund and PKW the 'buyback achiever fund'. I am quite pleased with these two. However, I decided not to use PKW simply because it is from the same management group as PHDG which I am giving strong emphasis (thanks in large part to articles by Mr. Piard). This is a secondary precaution but if possible, I prefer not to emphasize any single management group.

    I also invest in XRT and VCR, two "retail sector" ETFs. These break my rule of not specializing in any market sector. However, after studying the long-term history of the S&P Retail Index, major retail indexes seem rather difficult to resist. I also believe we can consider major retail ETFs to be equivalent to non-specialized. Because whenever the general economy does well, people buy more at popular retail outlets. The "name recognition" factor also, in theory, would encourge investors to be more quick to investment in well-known retail companies. I believe this theory is well supported by the consistently top returns and rapid rebounds of retail indexes in every decade.

    Another over-average ETF protocol is simply to invest in the S&P 600. Of these, my favorite for performance plus liquidity is the "growth" variation VBK. However, VBK is not hugely better than the S&P 500. After experiencing the super-strong returns of XRT and GURU, I wanted another non-sectorized super-performer. I suspect I may have found this in FPX.

    I do not find FPX to be unusually volatile for a high-performance ETF. VBK is just as volatile and not nearly as high performing. I would suggest that people be less concerned about volatility than about variety. If we just include enough of a variety of ETF picks so that we do not invest more than 1/5 or ideally 1/10 per ETF, then FPX's level of volatility should be more of an expectation than a problem.
    Aug 2, 2014. 10:23 PM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    Thank you Blackberryman for the heads-up on OUNZ. This new London-held ETF today has a share price of $12.44 and a spread of only 1¢. Probably a viable alternative for people who do not trust GLD.

    Please note that I would not suggest more than 10% of account in gold for the average investor. My autotrading strategy SN-SOS--a long-short strategy designed to equal the average stock market gain while adding security measures--is currently lagging below the S&P 500 due primarily to holding 10% in gold which has fallen in value lately. (A live performance chart can be seen at

    I am confident that SN-SOS will catch up to the S&P. I also have a high-gain strategy holding 20% gold which is doing well. However, an experimental strategy SN-Gold holding 40% in gold has been causing a net loss during a time when investments should be doing well. SN-Gold attempted to achieve a long-short gold strategy by short-selling gold, gold mining and silver during downward trends. However, SN-Gold has turned out to be more of a headache than it is worth and will be discontinued.

    As I said in my article above, the best hedge for gold is simply to be invested in the stock market. If you want to make money in the stock market--and not merely to hedge your gold--then in my experience the gold should not be more than 10% to 20% per strategy. Also, if you want to hold more gold, it really makes the best sense to do so via gold coins + cash in safety deposit boxes as discussed above.

    Therefore, for US residents, the ETF lineup mentioned in my article works out nicely for holding up to 25% of account in bullion while not risking more than 5% per ETF. This provides 6 custodial diversifications: SGOL, PHYS, IAU, GTU, GLD, PPLT+PALL/SPPP. Only use 5 of these at one time. Every 2 months, close one and open another, so that no ETF is held for more than 10 months. Thus probably always qualifying for "ordinary" US tax rates on gold--the same rate that we pay on dividends, bonds and CD's.

    GLD and OUNZ are both London-held. I personally would not want two London locations. Also as just explained, there is no need for one more location. So I would suggest either not using OUNZ--or replacing GLD with OUNZ--or dividing one allocation between GLD+OUNZ.
    Jun 4, 2014. 05:27 PM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    In addition to the low-interest brokers with funky names--Interactive Brokers, Options House and for very large accounts Trade Monster--$5 per-trade fees might also be negotiated for large accounts at the highly secure TD Ameritrade. But I would definitely avoid Portfolio Margin at TD Ameritrade--its margin interest rates are only slightly below average. For non-corporate accounts, Merrill Edge offers "30 free trades monthly." It must be noted that Merrill Edge is owned by Bank of America which was a bankruptcy candidate in 2008. I have strong faith in Interactive Brokers and TD Ameritrade because they are evidently conservatively managed as well as being clear leaders in online trading. However, whether Merrill Edge might be more or less of a credit risk in the future than Options House or Trade Monster, I have not yet done sufficient research to have any opinion.
    May 24, 2014. 09:54 AM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    Clarification: one way to avoid sales taxes is obviously to hold all gold coins in a state with no sales taxes. Another way is to hold the coins is several different states with no "use tax" or if you and the person with whom you are buying-and-selling live in separate states which both have no "use tax." (Use taxes are explained here: ) That was what I meant by qualifying as "interstate commerce." Then as stated above, your gold gains and losses can qualify for "ordinary" US federal income tax rates if you buy-and-sell all coins within one year with a friend. There is no need to mail or move around the coins, if you just carefully document who-owns-what on CD-ROM's. But don't take my word for it--check this out every year with your tax preparer.
    May 24, 2014. 09:28 AM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    P.S. After doing some additional research, I can report with some confidence that--contrary to one assumption by "David" above--if a bank goes bankrupt, it is extremely unlikely that you will need to submit any paperwork to remove your safety deposit box contents. Also--in spite of occasional blustering to the contrary--banks purposely avoid knowing what is in safety deposit boxes, in order to avoid huge liability lawsuits. Kitco might be a good place to hold some of your gold. However, if you are concerned about US government scrutiny, the US government certainly has ways to lean on Kitco if they want to target a place where US citizens are likely to hold gold. This is much more likely in my opinion than peeping into tens of millions of safety deposit boxes. Incidentally--in spite of popular misconceptions--it is probably not illegal to hold cash in safety deposit boxes.

    (My primary reference for these statements is a 2003 article posted at )

    As of May 2014, I now suggest that the safest way to hold emergency money is to hold 1/2 in close-to-spot gold coins and 1/2 in US dollars, divided among 3-6 safety deposit boxes, in locations that are not at-risk for natural disasters or political instability. The 1/2 gold probably cuts in half the effects of the devaluation of dollars and the 1/2 dollars probably cut in half the effects of ups-and-downs of gold prices. For US residents, the bank locations should be in multiple states with no "use tax" or one or more states with no "sales tax"--so that you can arrange to buy-and-sell without paying sales taxes. Then you can sell a different 1/6 of the gold to a relative every 2 months, thus claiming "ordinary" federal tax gains and losses according to current values. Which 1/6 is currently owned by whom can be documented with images on 6 CD-ROM discs. Thus the gold coins never need to be physically moved around.
    May 24, 2014. 09:02 AM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    PS--it is also possible that your home state might allow your gold transactions to qualify at "interstate commerce" if the other person lives in a different state. If you think this might be feasible, then to be quite sure, I would suggest contacting your state tax department. Explain exactly what you intend to do--such as selling things to an out-of-state person but to which you retain custody, if that is your intention. Depending on the laws of your state, this might or might not qualify as "interstate commerce." Also as we all know, the laws regarding "interstate commerce" are evolving so as increasingly to tax internet-based sales. These changes might also affect other transactions. As stated in my article, whatever your tax protocol is, it should be verified and re-verified annually with a tax professional.
    May 3, 2014. 02:40 PM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    Correction: it might be necessary for US residents to hold all gold coins in states with no sales taxes.

    If using my suggestion to modify the federal long-term "collectibles" tax into your "ordinary" tax rate--by selling temporarily a different 1/6 of gold coins to a friend or relative every 2 months--then it seems probably necessary to hold the coins in states with no sales taxes. Your state of residency might allow you to avoid sales taxes by performing the transaction in a different state. However, your state might also specify that you are liable to pay sales taxes even if sold out-of-state. If so, you might want to hold all gold permanently in states with no sales taxes.

    Otherwise, selling all of your gold by the end of every year makes you liable for sales taxes on all of your gold, repeated every year. This is an unfeasible expense. Also, I would suggest avoiding sales tax liability, even if you think it would not be detected. It is somewhat self-contradictory to hold gold for the sake of extreme high-security, meanwhile exposing that same gold to a possibility of high tax penalties.

    (Also please note that if the gold is held in a state with no sales tax, there need not be any risk of transportation or of your friend or relative reneging on the deal--because you can "sell" the gold while yourself remaining the custodian of the gold. So--with no gold actually being moved around or changing hands--you and your friend can instead exchange CD's holding images of each gold coin transacted and clarifying who owns what exactly--with no fear of losing custody. You can either be custodian of all the gold--or you can hold the gold that is technically "not yours" in escrow--so if the other person loses their holding that is "yours" then you merely replace that loss by claiming ownership over "their" gold that you already hold. You can also agree to share liability if anything should happen to one of multiple locations--in effect, everyone then has the security as if having the total number of locations of everyone involved. Of course, every person involved then claims short-term federal tax payments or deductions on any gains or losses every 2 months on whatever gold they legally "owned" and have transacted.)
    May 3, 2014. 11:56 AM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]
    Correction. If someone wants the security of holding 2/10 of savings in gold coins but with less price risk--there may be better solutions than my suggestion above of short-selling half the gold. Instead, perhaps hold 1/10 of savings in gold coins and 1/10 in cash, both in safety deposit boxes. That may amount to the same thing except much simpler. I might also look into other possibilities later.
    Apr 12, 2014. 11:29 PM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]

    While writing this article, I was aware of a certain dilemma. There is substantial price risk in holding more than 1/10 of savings in gold. While on the other hand, 1/10 of savings is not much of a safety net. Also, gold ETFs never have the absolute security of gold coins. Also, as mentioned in the article, holding gold coins has several problems.

    After thinking for some time, I suspect that I may have resolved these dilemmas, as follows.

    1) 1/10 of any investment account be allocated to gold, divided among several ETFs.
    2) 2/10 of total savings be allocated to close-to-spot gold coins, divided among several bank locations.

    The price risk of the ETFs can be considered to be automatically hedged due to its small size in relation to the stock market investments. The price risk of the coins can be cut in half by short-selling GLD for half the value of your gold coins under low margin interest at Interactive Brokers. Also, "ordinary" US tax rates can be maintained by selling 1/6 of your gold coins to a friend--and every 2 months buying it back and selling a different 1/6 to the same friend.

    However, if your friend is not a gold investor, then under this protocol, perhaps you should consider that 1/12 of your gold is no longer yours. Because perhaps you should give your friend the right to sell the 1/6 of your gold while agreeing to share half the profit. For the following reasons.

    a. If a massive financial collapse should occur--the only reason for which you should hold gold--you would not want your friend to be left with nothing after helping you out.
    b. Also, if your friend has no right to sell the 1/6 of your gold, then it might become legally questionable that you have ever "sold" the gold.
    c. Also, if there is a massive financial collapse, it will probably be a good thing for you to keep a good friend with whom you have shared something equally. (Albeit only 1/6 of what you have.)

    (Note. I am not a legal expert and laws can change. Any such protocol should be verified by a tax professional each year.)
    Apr 11, 2014. 03:00 AM | Likes Like |Link to Comment
  • 10 Best Gold ETFs And Perspectives [View article]

    If your investment strategy makes use of margin, see:
    * Margin rate comparison:
    * Brokers offering portfolio margin:

    As of 2014, only 3 brokers seem to have margin interest rates low enough to make it feasible to use margin extensively: Interactive Brokers, Options House and Trade Monster. Options House does not yet offer Portfolio Margin. Trade Monster requires an account value of over $300,000 both for Portfolio Margin and for reasonable interest rates.

    As implied in my article above, it is usually best to avoid margin and especially "portfolio margin," which multiplies the trading that you can do and therefore the risk. However, Options and short-selling often must be done "on-margin" even if you are not risking more than your account value. Sometimes these are only hedge positions, not adding risk but subtracting risk, and yet the margin allowance is used up. If so, for an amateur investor who needs to increase margin capability, it is probably better to avoid applying for the high-credit "portfolio margin," and instead to consolidate trading with savings, i.e. deposit 50% more into the trading account and do not substantially trade with it. This increases your margin allowance without necessarily increasing your risk--for example if you use that extra margin and extra deposit primarily to hold TIPS.

    However, having a substantial amount of "unused money" in the account might not be feasible for the following people.

    a) A highly-skilled amateur investor who is trying to live off of investing and does not yet have a large amount of extra capital.
    b) A professional account manager who wants to show a strong performance record while also enabling strong safety measures.

    If you are in category A or B, I would still caution against the use of margin to add leverage risk. However, it might be sensible to use margin if that margin is primarily used to hold gold and TIPS. (If ETFs are used, with a maximum 1/10 of account value per ETF). Otherwise, no matter how well your hedge protocol might work--whether it consists of short-selling or of trail-sell orders--during a major flash-crash you could still ultimately be relying on FDIC or SIPC insured cash. FDIC or SIPC insurance is sort of like a wooden fire escape: it is quite reliable except during the most important time to be reliable. During a 2008-level crash, when major pillars of finance are at risk, neither FDIC nor SIPC insurance can be considered fully secure. See:

    And even though a major crash "probably" will happen gradually, it also might be precipitated by a flash-crash. If so, nothing will be totally safe--but you can have a substantial chance if your trail-sell orders are triggered in time and if your TIPS are already in-position.

    In conclusion, in my small opinion, everyone should avoid using margin, thereby avoid increased risk and also avoid outrageous margin interest rates. However, for some highly-skilled investors, it might make sense to hold gold and TIPS on-margin as safety positions. And yet again, if so, currently the only brokers worth considering for substantial on-margin trading seem to be Interactive Brokers and Options House--and for very large accounts Trade Monster.

    (And of course if at all feasible, it is also a good idea to diversify between several brokers.)
    Apr 3, 2014. 05:15 PM | Likes Like |Link to Comment