As the British referendum is behind us, the most important political risk is the outcome of the U.S. presidential election. This is why in this edition of the Market Overview, we will discuss its impact on the gold market in more detail. We will present the theory of the presidential election cycle and examine how the shiny metal performed in recent presidential election years. We will also analyze how gold behaved during different presidential terms and study whether the governing party matters for the bullion market. And of course we will apply the conclusions from our historical analysis to the current race to the White House between Donald Trump and Hillary Clinton.