This Fidelity portfolio has a very good selection of gold stocks that are lightly hedged - some 1/2 are unhedged.

Good beginning.

If you do not have bullion, I suggest that in opening a gold portfolio you start with bullion. Best way to own bullion is to directly
hold it physically in small denomination coins 1/5 oz to 1 oz such as to pay minimal premium while focusing on the older gold
coins that had high premiums in the past (e.g. Helvetias sold at some point at 60% premiums). 

Second best is to open a bullion IRA account at a good local coin dealer, who is sufficiently familliar with them. It is important
to establish a good rapor' with the dealer and understand that there is a greater possibility of custodial accounts being raided by
the government. Good relations and locality could allow you immediate delivery at the first rumblings of trouble. Have
withdrawal forms ready and keep enough dollars to pay most of the early withdrawal penalty.

Third best - E-gold accounts - from which you can obtain delivery for a slightly lower premium than average.

Fourth option Central Fund (CEF) which is 50% silver.

I prefer a gold portfolio with 50% physical.

Gold Stocks - Fidelity is a good fund. I would allocate 25% or somewhat more of a gold portfolio to gold stocks.

Hedges. 
Use 5% of your gold portfolio to buy put options on gold. Options should be spread a few months forward at strike prices
5-10% below current prices.
Use 2-4% of your gold portfolio to buy put options on the XAU or on individual gold stocks. ABX NEM and AU are the most
liquid options. ABX puts were quite good last October and would have provided more of a hedge than either NEM or AU.

Disclaimer - Do not consider this to be investment advice - you should seek counsel with a trusted advisor who has some
experience in the gold markets. This formula is not good for everyone and requires a rather largish initial outlay.