Umm, yeah

Buying Airlines as a Gold and Silver Hedge

Clarification requested, please. And an observation.

It appears that you're gambling that either of your long positions (either in Gold/Silver or your Hedges) outgain your losses on the other side of the hedge?

I think there's significant risk if you were to buy your Airline hedge, and the commodities stay at the current levels (or even if they go up a smallish %). Also, as rlac points out, what happens to the valuation of the airline sector if airlines start to go bankrupt? Would the subsequent rise in price of your Gold/Silver holdings cancel that out? It doesn't "feel" right.