Still, it is hard to say Trump has not aided gold this year as uncertainty over his policies is seen as a primary catalyst behind GLD’s more than 7% gain this year. Markets hate uncertainty, but gold is one of the few assets that embraces it and that could be a good thing going forward.

“It seems unlikely that President Trump’s shoot-from-the-hip style of tweet first and refusal to backtrack afterwards will change in any meaningful way. Those who elected him would probably not want this to happen in any case, but it may take the rest of the world some time yet before it understands that conciliatory diplomacy does not seem to be the Trump style,” adds Seeking Alpha.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.