Miners hedging away profits?

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"If you take a long-term view, the world is changing. I reckon we've entered an era of increased political risks," Franklyn tells The Australian Financial Review. "So I think gold -- as a store of value and as a hedge against uncertainty -- is coming back."

If Franklyn is right, why would gold miners choose to lock in prices with multi-year hedging agreements? It's a temptation that other fund managers, such as David Baker, the managing partner of Baker Steel, urge them to resist.
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Elouise Fowler: Why investors are sick of gold miners hedging | Gold Anti-Trust Action Committee | Exposing the long-term manipulation of the gold market

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