Gold broke above $4,500 last week, touching two-month highs.

This week, the entire market turns toward one podium in Wyoming. Jackson Hole opens Thursday, and Kevin Warsh will deliver his first speech there as Fed Chair.

Traders will parse every sentence for a signal in September.

Here's the problem: Warsh doesn't give signals. 

Since taking office in May, he has shortened the Fed's statements, cut back forward guidance, and made a point of ignoring what markets are pricing. 

His own committee is divided. Three members dissented in favor of a hike in July.

The market is trying to predict a speaker whose stated policy is refusing to be predicted.

A better question: if nobody can predict what happens Thursday, why is your gold waiting on it?

Monetary Metals clients can lease their metal to qualified businesses and earn up to 4% yield on gold, paid in gold.

Not dollars. Ounces.

A trader needs Warsh to say the right thing.

An investor earning ounces doesn't need him to say anything.

Leasing doesn't eliminate price volatility, and it isn't free of counterparty risk, but it does introduce an independent source of return. One that doesn't depend on the next Fed decision or the next speech.

Central banks already operate this way. 

According to the World Gold Council, they bought 289 tonnes of gold in the second quarter, a record for any Q2.

And they did it while gold prices were falling.

They weren't waiting on a podium in Wyoming.

They were adding weight.

Whatever Warsh says this week, the dollar price of gold will react. Traders will win or lose on that reaction.

But the dollar price is only one scoreboard.

Measured in ounces, a vaulted position looks the same after every Fed speech: unchanged. 

A leased position can keep growing through all of them. Hawkish, dovish, or deliberately silent.

Get the Fed call right, and you win once.

Own gold that earns gold, and no speech is required.

Stop trading the Fed. Start accumulating gold.

Learn how to earn up to 4% yield on gold, paid in more gold.