Ann: Ramelius H1 FY2019 Results, page-50

As far as RMS SP is concerned :
1. improved gold price 
2. EXU t/o finished so no longer a -ve for SP
3.EXU holders now have had time and opportunity to off-load if they wished 
4.RMS by absorbing EXU has partly addressed the long term market concern over reserves 
....so a re-rating of the SP was to be expected under the circumstances  .

As far as gold producers in general , seems prudent considering the potential for multiple black swans in world events for most portfolio's to have some and maybe that is now being recognised .So the dumb money comment I'm not sure I can aggree with (although that's about all).
Where else should the money go ?
Banks ? Real estate ?Cash ? Would you bet on upside to the world economy and buy other resource stocks ?
Just seems prudent to me to have a fair weighting of gold as we aren't exactly spoilt for choice for good and  safe options to invest in at present ...but I'm sure I'm preaching to the choir here .