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While considerable research has highlighted the factors that increase gay youth suicide risk, there has been much less emphasis on protective factors. Using grounded theory methodology, we explored the suicide resiliency in eight young gay men in Aotearoa/New Zealand. Common themes emerged, including positive social norms and conditions, high levels of support, identification with role models and high self-esteem. These were integrated with “known” risk factors to form the Seesaw Model of Gay Male Suicide. This model demonstrates that the balance between risk and resiliency may be the key to gay suicide. Depending on the balance of these factors, youth might either be resilient, attempt suicide, or teeter somewhere in between. The current findings indicate that gay youth suicide prevention requires efforts to increase resiliency factors for this group.