"Very disappointing" ? Have you forgotten RED still has the...

"Very disappointing" ? Have you forgotten RED still has the "shackles of debt and hedging" previously discussed at length ?
Until the debt is paid down sufficiently to convert the residue into a "credit facility" and perhaps reduce some of the hedging, then for the time being RED is fully valued IMHO. Obviously M&A would change the equation, and RED is pushing its "regional consolidation appeal" to the max.
But when and from where M&A will emerge remains speculative.
But in the meantime, I'm pleased that RED SP is just holding 33c. The apparent divergence between the A$ POG and the US$ POG is merely due to a minor currency downgrade of the US$, because of the growing concern about its debt, which the interest now payable annually is greater than the IOUSA defence budget. But the IOUSA can and will print US$ and treasuries as required, till "de-dollarisation" is much more advanced - perhaps a decade or more from now. A USA secretary of the treasury once famously remarked after Nixon "closed the gold window" that the US$ was America's prime asset and everybody else's problem ... nothing has changed much.
As long as the A$POG remains in the high profit zone, gold stocks, especially producers will be well bid - but the the worm turns, the market will take profits, despite the predictable howls from gold bugs.