IMO putting in place some gold hedging is a good idea. The whole point of the hedging is risk management so locking in some ozs at an attractive AUD price seems sensible to me. The balance of production (the unhedged ozs) can still benefit if the AUD price continues to rise.
At the end of the day no one knows where the gold price will go - personally I'm not as bullish as some others on the longer term gold price as the biggest supports (i) negligible interest rates so there was no opportunity cost associated with holding gold (ii) unpredictable Trump running the US and (iii) the COVID pandemic have now disappeared/considerably dissipated. No (i) IMO was by far the biggest support for gold (why not hold gold when you can't earn anything on your dollars in the bank). Things have changed fundamentally now with the opportunity cost of holding gold i.e. forfeited interest, rising rapidly.
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