I also don't think Trump has much to do with the medium to long term gold price...
From my perspective gold is a currency/store of wealth, but like anything else its price is driven by supply and demand.
And one knuckle-head (be it Trump or any other political leader) is unlikely to change the asset allocation decisions of 7.5 billion people (not that they won't try and influence things to their advantage).
Gold is interesting right now because supply (at least from gold miners) is starting to plateau and even drop (ie increases in demand will need to come from existing gold holders).
On the demand side for gold, the biggest surges seem to be when people believe that other stores of wealth (stocks/bonds/property/cash/etc) are either unsafe or offer poor returns.
For this belief to set in I suspect that first consumers globally will need to stop borrowing more money or at least slow their rate of borrowing (either because they lose optimism that they would be able to pay it back or because banks lose faith that the borrower could pay it back).
Once the rate of credit expansion slows markedly eventually asset price appreciation will cease and this will mean less money to spend, with less spending leading to lower corporate earnings, lower tax receipts, lower investment, lower commodity prices, etc which will ultimately lead asset owners beginning to question whether their investments offer good value and even if consumers, corporates and governments have the ability to pay their debts if credit isn't being continually pumped into the system..
Like all things, it will be slow in the begin with (we might be at the start now) but it will be a cascade by the end.
Ultimately decision makers globally will have to choose between defaults or currency debasement through further QE and most likely helicopter money.
So who's doing most of the global borrowing right now - China (and the economies riding the China wave, eg Australia, Canada, Taiwan, etc):
Once the China's slowing nominal GDP growth because more obviously the borrowing binge will find its nadir at which point I expect financial cracks to begin appearing all around the world and with each hiccup 7.5B people will be forced to make decisions about who and what they trust and what is and isn't real...
I think gold will be one of their choices.
Of course when a lot of people try to buy something off other people at the same time it tends to be good for prices.
Let's hope the same applies to MML - there were a lot of sellers today so I thought being a buyer once the worst was over made sense - and if in 6 to 9 months time they announce that new shaft is finally complete and production is on its way up and costs are on their way down then I imagine that there will be a LOT of people more willing to buy Medusa and there will be far fewer sellers than there were today.
My logic is that that can only be good for the share price.
GLTA
MML Price at posting:
48.0¢ Sentiment: Buy Disclosure: Held
(20min delay)