I also buy puts for insurance. Trouble is I've actually...

I also buy puts for insurance. Trouble is I've actually collected twice on them in the last year! However, puts alone can be dangerous in the extreme case of a crash. There's no guarantee of payment as the broker might close their doors and the exchange changes the rules. So, having some physical gold is like having a "gold" insurance policy. Anyway, let's hope it never gets to that, although I fear it's possible, like anything else. Back to scalping the SPI again...