While the environment today is highly partisan, it pays to remember that other factors beyond the party in control of Congress affect gold prices.

“Consequently, we believe it is not the political party that drives gold’s performance but rather underlying factors such as economic growth, consumer confidence, inflation expectations and oil prices,” according to SSgA.

GLD has lost $1.01 billion in assets since the start of the second quarter. Only seven ETFs have seen larger outflows.

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

Tom Lydon’s clients own shares of GLD.