Selling some future production at current prices raises money today. That should be to the benefit of the shareholders. Yet the main concern in hedging isn't how to manage this trade. It is the shareholders' view of hedging that counts.
Why are central banks buying gold? Don't they know that gold holdings don't earn them any money? Don't they know they'd be better off with US Treasuries? Don't they know the dollar is as good as gold? Apparently not.
Gold and silver are set for higher weekly closes in all fiat currencies which may negate the recent bearish short term technical picture and set the precious metals up for the traditional yearend rally.
Gold is money that maintains its purchasing power, and for this reason it should be viewed as insurance against financial calamity and a hedge in case of economic collapse. When money supplies are inflated, fiat currencies are devalued and the price of gold goes up.