he aint the only one that's tossing it in, page-27

Be wary of gold stocks with deposits in Australian soil. So called Super Profits Tax is effectively 40% hedging (any increase in gold price 40% to Govt, 60% to miner). Note Govt will take 40% gross proceeds from mining, then you can deduct non-mining expenses and they will hit you with an additional 30% tax (reducing to 28% over next 7 yrs). If the tax goes through and it will if Rudd wins the election,and history suggests he wil ( Rudd will outperform Abbott in run up to election, Abbott stutters and has perception of being a bit of a loose cannon, and when push comes to shove general public takes the better the devil you know policy. Bookies tend to be good predictors they have Labour 1.35 odds on favourite). Then any company with 60% hedging is effectively 100% hedged. Re explorers start up capital will be thin on ground. Look to producers /near term producers (less than 6mths), offshore, with minimal hedging if you want exposure to a rising gold price.