Gold NOT a "hedge on Trump", per se, but rather on the Fed and irresponsible and inflationary monetary/fiscal policy in general... by whomever.
The only time gold has rallied significantly is when the confidence in government declines. Gold as a store on wealth has faded over the decades & any significant rise in Gold has nothing to do with the supply of money.
Gold prices have been increasing at quite a high pace. But I expect a decline in it in the coming time for sure.
One can argue its a beginning of a bull market in gold that is to be in for 4-6 years as is typical of secular gold//silver markets, they are slow, multi year lasting. Current prices can be consolidations to go upwards. This is simply the technical picture, as always, no guarantees
Gold made a huge move in the summer some consolidation short term was always likely ( I believe there is a ton of support in the $1800 area regardless ). The trade imo is on the miners for 1-2 more years as they generate huge cash flow if Gold is $1700+ ( free option on higher Gold prices ). Silver may in fact have even more potential for a huge pop and seems to be holding in the $24 area. Silver miners are cheap if that price holds and a sudden rally to $50-$60 is not unlikely at some next year. Even in less optimum scenarios, it's a great way to diversify your approach and not depend too heavily on a continued bull in IT plays. I see gold, silver, copper and maybe Oil as being similar plays to the recovery in 2009 with Oil needing a confirmed economic recovery and Silver/Copper related stocks being the best plays at current prices.