Fair enough - like I said was a general comment based on knowing next to nothing about how you are running your hedges, tax situation etc. I will say though it sounds like you are "over hedging" and therefore taking on more risk in paper ounces than your physical stack. Nothing wrong with that but more risk does require a higher potential return to justify it. To be completely honest it sounds like you are not really hedging at all but actively trading for speculative gain. Again, nothing wrong with that if you choose to do so.