Molten Calf

These are your gds, Israel that elevated you out of the land of Egypt, says Aaron about the Molten ( golden) calf.

This collection of rings, brought by the people.

The gd is the collective. perhaps that is why it is pleural.

This is the democratically elected gd.

The product of the rings.

Previously the rings were a sign of betrothal ( e.g. Rivkah). The betrothal is abandoned for the new order.

There is also a joke here. A round sukkah is invalid ( sukkah agulah/ eigel masechah)

The roundness of the thing!

The committee passes the decision around.

But the leader, Moshe, we never understood what was with him

We never understood shat was his לֹא יָדַעְנוּ מֶה-הָיָה לוֹ.

and what was ours