GOLD.AX provides exposure to gold in AUD available on the ASX
Considered paper gold - one needs to make up ones own mind as to whether you believe it is a safe choice for Gold. Personally I don't have a problem with it.
Worthwhile reading the comments by posters on insurance etc as well for a balanced viewpoint:
RMS? I haven't looked at it for some time (at least a year) - but used to like it due to the high grades. Not sure about it's cost of production - which I should have mentioned is paramount ie low cost producers. I think it fills all the criteria.
Hedging - little or none - Yes.
Don't take anyone's word on any stock - but always DYOR.