Depends on your currency! IF you are an American, it's an okay hedge. If you are European or Asian, it's pretty good. Problem is, you are thinking about your

Depends on your currency! IF you are an American, it's an okay hedge. If you are European or Asian, it's pretty good. Problem is, you are thinking about your gold against dollars. Against yen, euro, rmb, it a natural hedge for your implicit short dollars.