Currently, Gaza is in "the eye of the storm" - this will not...

Currently, Gaza is in "the eye of the storm" - this will not last, and Israel's tactics and the world's response, will be historic, and could further propel the world towards a major military and economic crisis.
The exuberance of gold bugs in assuming this is the perfect storm for gold and gold miners, when so many factors such as inflation, the housing and homeless crisis, skilled labour shortage etc etc etc, is at odds with history - when markets massively correct, everything goes down including gold and gold shares - appreciation of this risk is why savvy investors are taking profits and hedging their bets.
Being at the race track during an earthquake, happily assuming your horse will win is a triumph of hope over caution.

RED is a (safe) "HOLD" IMHO - hedging will constrain profits for the next 3yrs, and M&A is not imminent - GMD needs time to digest DCN.
Unless RED can optimise production significantly beyond analysts estimates (to maximise profit from unhedged oz's) then profits are constrained and hence optionality.
Undoubtedly a new bank credit facility in FY'24 will be an inflection point, but until the ' lead in the saddle bags ' (hedging) is removed, RED's SP is on a leash. This appears to be Smorgens view - they have almost halved their position.