So far, the rush of investors to gold hasn't materialized as the reality of a Trump presidency begins to sink in for investors. December gold Comex futures were trading at $1263.80 an ounce Thursday afternoon, well off the highs near $1340 an ounce it reached Wednesday morning.

RBC Capital Markets strategist Chris Louney chalked up the drop to an easing of investor agita over Trump's victory.

"I think the immediate panic has kind of subsided," Louney said in a phone interview. "I think the peaceful transition of power has helped things."

The same drop is also plaguing securities closely tied to gold. The SPDR Gold Trust ETF (GLD) was down .62% to $120.81 Thursday afternoon, while gold mining stocks also took hits. Randgold Resources (GOLD) was the biggest loser, falling 8.18% to $79.17.

Going forward, though, gold prices could shift as the ramifications of a Trump presidency manifest themselves in economic and monetary policy, as well as in the geopolitical order.

Changes at the Federal Reserve loom the largest of all. Louney argued in a research note dated Wednesday that Janet Yellen's 2018 departure as chair could be a buying opportunity for gold, as it would precede a likely-polarized Fed and lack of policy continuity.

The medium and long-term future for gold look different. Over the course of the next few weeks, the price of the commodity won't be tightly bound to the blow-by-blow developments of Trump's ascension into the office, Louney argued.

"[The price] will be following the news cycle, but kind of a second iteration of what it all means," he said. "We're going to be thinking about what this means for the Fed, what this means for risk appetite."

Until the country gets answers to those questions, gold might not be a be-all, end-all for investors.

"Gold is a hedge. It's not a long-term price appreciation trade, in our view," Louney said. "We're still relatively bearish into 2017. It's a risk overlay trade."

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