A bit late now. There is nearly no hedging or even selling through bullion banks. It is all going direct to China. Which is why the bullion banks have shut shop. The only reason why hedging was rampant 15 years ago is because the western central banks fore-warned of a deliberated multi-year program of selling. That resulted in a spot price some 25% below AISC, with production supported by hedging. Nowadays no CEO of a gold mining setup should hedge more than their debt obligations - that's if they want to keep their cred and respect of their shareholders.
