NEW YORK ( TheStreet) -- As Barack Obama closed in on his re-election Tuesday night, analysts questioned what the president's second term would mean to the stock and gold markets.

Here's what a few of the analysts had to say in their own words to TheStreet as the final state results rolled in Tuesday evening.

Tim Harvey, senior vice president at ETF Securities U.S.:

"If we see President Obama's mandate extended by 4 more years, his fiscal policies could lead to a continued dilution of the dollar and therefore dollar weakness. Gold generally performs better in weaker dollar environments. ...

"So more of the same. I guess the right foot remains on the QE gas pedal -- we can look forward to more of the same over the next 4 years. The US is very important to the gold market, however the gold market is dominated by the Indians and Chinese, so actually the US election is a gold story, but not necessary the whole story."

Marty Leclerc, chief investment officer at Barrack Yard Advisors:

"Looks like the President will be reelected. One industry that will likely experience reduced government largess in the future is defense. Defense stocks with their low p/e ratios and high dividend yields may look like value opportunities to some. To us, given budgetary realities, they sure have many of the attributes of value traps."

Jeffrey Sica, chief investment officer of Sica Wealth Management:

"I'm sitting in my library watching the coverage and simultaneously watching Asian markets, precious metals markets and futures. The most obvious development as the race gets tighter is the declines in futures. ...This is indicative of a country so divided that it makes a political stalemate more likely which will result in no definitive direction when it comes to solving our complicated economic problems. The government has been in a stalemate since 2008 and this election is proof that the division is so vast that we must begin to anticipate the government being completely ineffective."

Jeffrey Wright, managing director at Global Hunter Securities:

"I do believe the election today is a factor in gold's strength thru the day; regardless of who the eventual winner is investors are drawn to gold in times of indecision and uncertainty. ...

" At this stage an Obama win combined with a clearly Republican controlled House of Representatives will be supportive for gold in the short thru long term. Obama has shown no serious intent to reign in runaway spending and attempt to close the deficit. A Republican House might be the only line of defense if Romney cannot carry the balance of the swing states remaining. Our national debt has significantly weakened the U.S. dollar and this is the key to higher gold going forward."

Adrian Day, president of Adrian Day Asset Management:

" With the President and Democrats projected to win in Pennsylvania, Wisconsin and Ohio (CBS), the bias is tilting towards an Obama reelection. In addition, based on early completed results, it appears the Republicans will not gain control of the Senate. If these trends and projections hold up, this would be positive for gold: The threat of Bernanke being replaced and a less-accommodative monetary policy being introduced is removed; assuming the Republicans retain control of the house, then the stalemate in Washington remains, and the threat of the "fiscal cliff" remains.

"Gold trading overseas reflects this, switching from a negative earlier in the evening, when Romney appeared stronger, to a gain now 10:20 p.m. EST Tuesday, a reversal of $13. ...

"With Obama looking more likely winner--New Hampshire now projected for Obama while Wisconsin looks firmer--overseas markets are reacting as one might expect: gold reversed and now up because threat of Romney removal of Bernanke lessened (though threat was overblown); while stocks reversed and now down because of continued deadlock in Washington."

Chad Connelly, Republican Party chairman of the state of South Carolina:

" We had election issues even here with extraordinarily long lines and problems that I had to deal with. Pretty stunned that America re-elected the guy who has blown up our debt and deficits. Maybe show that people now expect government to provide for them. Now moving further down the path of European socialism. Sad."

Arnie Arnesen, former New Hampshire Democratic gubernatorial nominee:

"Will John Sununu a Mitt Romney surrogate go into hiding? That is the question tonight. With NH turning blue again (electing an all Democrat/female top of the ticket ie.governor and two members of Congress who defended gay marriage, planned parenthood, medical marijuana and a role for government) after former NH GOP Chairman Sununu's Republican tsunami only two years before that swept in the most reactionary socially conservative Republican/Tea Party super majorities in state history and his presidential candidate lost virtually every swing state, does John Sununu exit quietly or is it possible to imagine this old pit bull leading a soul searching examination of his party's positions and direction both in NH and nationally? Nah, who am I kidding?..."

-- Written by Joe Deaux in New York.

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