And your evidence for that is? Newmont is not a hedger, at least not according to its audited financial statements, treatment of the Normandy hedge book, investor press releases, and membership of the Amex Gold Bugs index.
Just recently, Newmont effectively eliminated the remains of the 8 million ounce hedge book they acquired from the Normandy purchase in 2002. Newmont's annual production is just over 7 million ounces. So, not only have they not sold their bullion forward, they have done the exact opposite and *bought* more than their entire annual production.