Regardless of who wins the US presidency, gold and gold miners are set to benefit anyway, said James Rasteh, Chief Investment Officer of Coast Capital in an interview with CNBC.

He explained that it’s because the United States will likely adopt a sizeable fiscal stimulus program, aimed at boosting economic activity, but which typically leads to a wider deficit.

“We would be printing trillions of dollars more and all of that ultimately has extraordinarily positive repercussions for gold,” he said, adding: “The fiscal and monetary policies would be almost identical under either leadership. I think that the differences that are being delineated are really more imaginative than real.”

Spot gold rallied above $2,000 in August before pulling back to trade around the $1,900 level in recent weeks. The yellow metal was trading one percent lower at $1,893 as of 09:00 GMT on Wednesday.

According to Rasteh, capital investments in the gold market are flowing into exchange-traded funds, or ETFs, where the major miners dominate. It is an “extraordinarily under-owned sector,” he said.

The CIO pointed out that while those larger players are not making significant discoveries for new sources of gold and are running out of reserves, they are likely to be forced into buying out the smaller names in the market.

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