Strange how one changes mind, for me the tipping point was realizing my returns have been exceptional, so I'm likely overconfident and ready to take some serious losses. Looking deeper into leverage it suddenly dawned on me that I am lowering the risk/reward ratio of the investment by taking out a margin loan, which is the inverse of what you want to do. Do believe margin loans can increase risk/reward if you do it modestly and with a very secure diversified investment like the Permanent Portfolio (75% stocks/25% gold), where you have 100 year track record showing what highest possible drawdowns are, taking these into account adding a safe margin, and thereby having only an extremely low chance it will lose more and hit your Margin Call Price.