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You will have to trace it in order to find out whether it's a ground wire or a shield.
Shields are used to protect a wire or group of wires from electromagnetic interference(EMI) generated by the secondary side of the distributor. Secondary being plugs, plug wires, cap, rotor, coil.
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Aaron.  F.S. 1965 Solex engine w carbs/cleaner
Burnham Performance
https://www.instagram.com/burnhamperformance/
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