Gyroscopic Investing

Hi All,
I would be grateful for some thoughts on the ASX ETF: QAU.
It is an ASX GOLD ETF that
'Aims to track the performance of the price of gold bullion, with a currency hedge against movements in the AUD/USD exchange rate'
http://www.betashares.com.au/products/n ... h-keyFacts

The idea being that as Australia is a gold producing country when gold prices rise then the Aussie dollar often rises as well and so you miss out on rises in the price of Gold.
I understand that physical gold is best but I am just starting my portfolio and that feels a bit too complicated whilst I am learning to do everything else.
In terms of an Australian PP is hedging a good or bad idea?
I am confused and would appreciate some thoughts!

And when the exchange rate falls (as it is doing now) you lose out on AUD gold price gains.

Also note that you will pay an annual management fee of 0.49% compared to the Perth Mint's product (code: PMGOLD) with a management fee of 0.15%. If you are investing for a longer time period, then that 0.34% annual difference will add up.

I could go on, but will leave it at that as I don't want to be seen as talking my book.

Thx that is helpful