Jackson Hole, Wyoming

Far away from WashingtonD.C. and Wall Street, Fed Chairman Ben Bernanke is holding a series of meetings in Jackson Hole, Wyoming.

It's not just the usual meeting of Fed officials either. In attendance will be European Central Bank President Jean Claude Trichet and other central bankers from around the world.

This meeting is the biggest news since August 10th, when the Fed decided NOT to continue to shrink its balance sheet. The Fed currently holds a little over $2 trillion worth of mortgage backed securities, Treasury Bonds as well as some other assets "rescued" from Bear Stearns and AIG.

While no policy will be officially decided in Wyoming, it's disconcerting that so many of the world's fiscal leaders are in one place on the anniversary of this crisis.

Not a single world-banker predicted the fallout from easy-money policy at the Fed, and while there's plenty of blame to go around, there's little doubt that interest rates have been artificially low for a long time.

That kind of low-interest rate environment is tacitly inflationary. The Fed fears deflation more than anything, so as long as deflation is in the mix, we can expect more of the same from Bernanke & Co.

The uncertainty from the Fed and other world bankers has been a boon to gold investors. It's often been stated that gold is a good inflation hedge - but gold is actually much better as an uncertainty hedge.

As people around the world turn away from the U.S. Dollar, they're not looking toward the Euro or the Japanese Yen - or even the Chinese Yuan; increasingly they're looking to gold as a safe haven from currency uncertainty, particularly from the U.S. Dollar.

Not even Bernanke seems very sure where the U.S. Dollar is headed, but we know that gold is beyond the reach of government banks to create or destroy.