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Shifts in the partisan affiliation of the Presidency have historically had a positive impact on bullion, while it tends to perform poorly when there is no change in administration, the analyst notes, after observing gold-price swings that followed the 22 presidential elections since 1928.

source: http://www.bloomberg.com/news/articles/2016-11-01/buy-gold-no-matter-who-wins-the-election-hsbc-says

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It refers to the political party of which the President is a member - or more generally, which side they support.

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