Want to take a position on goldwithout trading the yellow metal itself? Here's a way to get the same results by trading currencies.
"A lot of the time when you think of a currency to trade a commodity, you look for the country that exports a lot of that commodity," said Rebecca Patterson, global head of currencies and commodities for J.P. Morgan's private bank.
But that is not always the best approach, Patterson said. For example, South Africa is a major gold exporter, but Patterson says the currency is too volatile and the South African economy too uncertain. The good news is you can find other currency-based ways to "trade" gold, she told CNBC's Melissa Lee.
The key is considering why you want to buy it.
If gold is an inflation hedge for you, "the Australian dollar, even the Canadian dollar might work," Patterson said.
But if you are buying gold for risk aversion, Patterson said, "Go with the Swiss franc."