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Many a miner's dirty little secret

The vast majority of gold mining companies globally make a very big thing about being non-hedgers. They have it on their website home page and it often features heavily in all investor communications. Rather like the shop windows that have the “no cash kept on premises”, they are strongly declaring no “financial derivatives inside”.

Many a miner's dirty little secret Many a miner's dirty little secret Many a miner's dirty little secret Many a miner's dirty little secret Many a miner's dirty little secret

Hedged or not, with the possible exception of Resolute Mining (ASX: RSG) which recently announced it was now sometimes accumulating bullion, all gold producers must essentially convert all their gold