According to the pilot/owner, he decided to "go around" at the completion of a practice instrument approach. After the application of full engine power, "the P-factor, along with the crosswind from the right, caused my left wing and left main landing gear to hit the ground momentarily." The pilot then reduced power to keep the airplane on the ground. The airplane departed the left side of the runway and struck a sign and an embankment, which resulted in substantial damage to the wings and the airframe. Following the accident, the pilot reported to a Federal Aviation Administration inspector that there were no deficiencies with the performance and handling of his airplane.