where do you carry your penalty flag and why?

[SWFLguy]

When I first broke into football officiating, we carried red flags (remember them?) and since I was working the wings, I carried two tucked into my back pockets. When I moved to U, I only carried one, now yellow, in my front pocket. I had it totally down inside, not visible, and this forced me to keep it there unless it was something really worth flagging.
I'm watching the CFL and I see that not only do they have red flags, they have them hanging out of their pockets or tucked in their waists. Seems like this allows them to flag penalties more quickly, seldom seeing a late flag.
I know to some associations, having visible flags is some sort of mortal sin. Some even go so far as to tape/color the visible portion of a flag the color of their pants (was white, now black). I think that it matters little. Savvy fans and coaches will see you reaching for the flag no matter where you carry it. Reaction?