Obama's performance in the first debate was so bad that he would have had to work really hard to match it. As a result his performance is being received far more glibly than had he done better the first time out.
But gold has no political bias other than to react to the candidates and the impact their respective policies could have on gold's price. Gold as a predictor of economic policy is telling us that Romney is the better choice. If elected he would do a better for the economy, thereby making the need for gold a little less important.
On the other hand gold thinks that four more years of Obama is, well, four more years of Obama. Since the first debate GLD, the SPDR Gold Trust ETF (NYSE: GLD), slid from an intra-day high $174.07 on October 4 to an intra-day low on October 15 of $167.53, a slide of almost 4%. Clearly Romney's strong showing and gains in the polls is perceived by gold as a bad thing, if only for gold prices.
GLD is up slightly as of midday today, October 17, but not by much, suggesting that perhaps there was no clear winner of the second debate nor front-runner to win the election.
Gold's cousin silver has had it rough of late and has experienced much more volatility over the past four years. It remains however an object of consternation as many silver aficionado's have been predicting it to rise to variously debated forms of historical parity with gold.
What for many is easy to forget, considering that silver at current levels is down 33% from its peak in 2011, is that silver is up almost 200% since Obama was inaugurated. Silver too, here the iShares Silver Trust ETF (NYSE: SLV) reacted to the debates in kind.
As a precious metals investor I'd root for the guy who was going to screw things up and send gold and silver higher. As an American I have to vote for the guy who is going to do the best job for our country, economically and otherwise.
Gold and silver seem to be confirming my beliefs. I hope everyone else takes notes. As an investor I will be taking precautionary measures, just in case the best man does win. As an American citizen and voter, I'll just have to accept lower gold prices.