Disclosure of gold hedging for the first time is very...

Disclosure of gold hedging for the first time is very disappointing. The only winners out of hedging are the banks (margin and fess - the banks take no risk on movements in the commodity price). Hopefully no more hedging. Look at RRL to see how much hedging has cost shareholders. EVN announced today that they have almost eliminated gold hedging which is a good thing. IMO, shareholders are better off riding the commodity price cycle rather than mining companies making bad decisions on hedging thinking it reduces risk but in practice more often than not results in incurring large hedge losses.