There's absolutely no reason to accept that risk. It's possible to enjoy a leveraged return while at the same time hedging your investment. It's done by making the correct set of options contracts. There's a lot of people and places with the info --my favorite is the book on the right. The author is a genius, runs an options consulting online business, and he's a freeper.
It's possible that some of the investing advice you've been getting was tainted by a conflict of interest, especially if it came from someone who's also trying to sell the particular commodity that's being recommended. You did very well so far in spite of the risks you carried. Check out your other alternatives, your options (as it were) with ways to profit with gold.
Good hunting!