Like I said, most of my position is using LEAPS (long term options, essentially). they expire worthless if they aren't in the money by the expiration date. I'm betting on a good hop up in the VIX even if treasuries manage to eke out another rally, which should keep the time premiums on the LEAPS up high enough that it's a very low-risk play. And even if things are looking a little iffy, you can usually roll things over another year out (when available) for not too much price difference, sometimes you're only looking at a 10-15% rollover cost which gives to another 12 months.
Where do you trade LEAPS options? I have a hard time even finding quotes for them.
I've recently pondered the idea of doing some leveraged gold speculation, and it seems to me that options are the way to go. The longest I can find them (for
GLD) is Jan-14 though, I would really like to get something more long term than that. One can get around 5x leverage using a GLD Jan 2014 140.000 call option, but this isn't at the money until GLD rises about 2.3%. Getting around 10x leverage with the same option but with a strike price of 175.000 means GLD would have to rise 12.4% just to be at the money. I'm bullish on gold, but more than 12% in 16 months I'm not confident it can achieve. I wouldn't be
that surprised if it did though.
Are you familiar with other ways of leveraged gold trading that might be more advantageous than options? Have you considered leveraged trading in precious metals yourself?