[Galanwe]

> This is not gain at all. At least in theory: You own some tons of gold at the start of the process, you have the same tons of gold at the end of the process.

I see a lot of comments like this but I just can't get my head around what you are trying to prove (or disprove).

Every definition of gain (or loss for that matter) implies that the same amount of _something_ is now worth more (or less) than when you bought it.

Following you logic, if I buy a share of MSFT at $10, sell it for $100, there is no gain because I still have 1 share of MSFT?

[conorcleary]

but you sold it...

(I know share rehypothication exists, but it shouldn't)

[Galanwe]

Even if you rebuy it at $100 it's the same, your profit didn't change, you just exchanged cash for an asset.

Before you sold it you had unrealized gains, after you sold it you had realized gains, after you bought it again you have the same gains but materialized as shares.