Yes whisky49, hedging is a necessary pain in the arse. My only...

Yes whisky49, hedging is a necessary pain in the arse. My only question is, while the Aussie gold price is enjoying record levels on the back of a unusually low Aussie dollar, what happens if the US dollar collapses or the US administration invokes Plaza Accord mark 2. The Federal reserve is throwing everything but the proverbial kitchen sink at the money market to try to keep the DXY in check. Would suggest that the US economy cannot sustain the present strength of its dollar. As with the share market it is totally disconnected with the fundamentals. The difference between the Feds fund rate and the Libor rate is an indication that things are far from right in the financial world. As we approach the end of this financial year, probably starting in early June, I suspect we are going to see significant gyrations in money market as players start to exit their over leveraged (especially in US dollars) positions. As I've said before, its the euro dollar, or lack of, that will probably bring the house of cards down.
If things do go to crap, and in my opinion this is a given, you might find that a hedging of A$1095 per oz might not be as much of a constraint as you perceive.