You could definitely be right about the hedging. I have been reading about a couple of Australian miners that have taken up hedging. I don't think the board understands what they are doing when they hedge and they are led down the garden path by the people selling them the hedge. From what I have seen it does more harm than good to hedge forward sales and they are really shorting themselves if the POG rises.
Many small miners get out of the hedges as soon as they can when they realise it is not what they thought it would be.
China and Russia yes it would not surprise met if the US was in there trying to gain control before China and Russia, given the stance the US has taken against China and Russia.
