What I suggest (please note that I'm not a registered investment advisor) and prefer myself is the diversification among strategies (approaches) - which is similar to what you have mentioned in your message. If you would like to read more on that topic, as far as choosing positions sizes is concerned, please read "The Universal Investor".
At the moment I think that there is high probability that Canadian, US and Australian securities exchanges will survive as a viable marketplace for precious metals stocks. If they collapsed, I believe that this shock would push prices of physical metals much higher, thus making up for the losses on the paper markets.
In other words, I think that using paper markets for leverage is a good way to go, as long as one remembers to have the physical as well.
You will find more information about portfolio structuring in the Key Rules.
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