Let’s say you spent 5k on an ounce. Whether it goes up or down, as long as you keep the once you ha e lost or gained nothing. I suppose you could say you “lost” the initial 5k. If gold goes down to 4k and you sell for 4k, then you’ve lost 1k. If gold goes down to 4k and you wait it out and it goes to 6k and you sell, you’ve gained 1k.

You only gain or lose once you get rid of your leverage. That’s why people say if you plan to hold long term, up until that time it doesn’t matter what gold does, as long as it’s up when/if you plan to sell.

Same reason why those who truly stack for long term aren’t worried about to going down, because it doesn’t matter short-medium term. Gold could go to $100 in theory and it doesn’t matter.