Gold, page-3399

I suppose if you had a million $ portfolio of a combination of shares, bricks/mortar, boat, car etc then the only way is to buy equal physical $ in gold bars as an insurance. Others use more efficient methods from your example for a small $ premium but forfeit the cost of insurance at expiry date.

In both cases there is a cost. The physical investor "feels" he hasn't lost any insurance cost because he hasn't sold but may suffer a bigger % and $ draw down in return or he may gain. But the insurance is not a safety if that exposure shrinks like currently. So it is a mugs game thinking holding physical means you don't lose value and akin to the buy and hold investor who may be down 99% valuation but since he hasn't sold he hasn't lost a single cent.

There is no free lunch in this game.