Re: total returns over the last 9 years

> $100K of oil, and OX commissions on futures trades are about $10
per
 > round trip. The biggest expense if one holds such a position for a
 > year will be that OX does not pay interest on the margin one must
put
 > up, which is currently about $7400 per contract of crude oil.

This isn't strickly true -- it's possible to use t-bills as margin and
then
get the interest on the margin money.  The money is tied up and the
t-bills have to be in the margin account.  Also some cash is needed
too,
it can't all be t-bills.

T-bill (for use as margin) policies at different commodity trading
firms differ,
but have some similarities.  Ask your firm...

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