NEW YORK (TheStreet) -- Spot gold prices were dull Monday afternoon as currencies and precious metals behaved in a volatile manner towards the Fed's unclear signals regarding a second round of quantitative easing.

"That should make a lot of traders happy," EverBank World MarketsPresident Chuck Butler said in a daily newsletter. "For me, I just pull the car over to the side of the road, and let all this volatility pass me by ... long-time investors know this routine all so well."

Atyant Capital managing director Pratik Sharma, has said on several occasions that investors shouldn't be preoccupied by the day-to-day prices of gold, and that gold is not an asset to be traded. "Gold is insurance and one definitely needs to have insurance in this environment."

New York spot gold prices rose by $3.50, or 0.3%, to $1,372.40 an ounce Monday afternoon.
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New York spot silver prices gained 12 cents, or 0.5%, to $24.44.
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New York spot platinum prices were up by $5, or 0.3%, to $1,695 an ounce, while its sister metal, also a key element in auto catalyst production, declined.

New York spot palladium prices fell by $3, or 0.5%, to $585 an ounce. "Auto sales appear on course to reach back to the annualized 12 million level of sales; a figure that could be taken as a pivot-signal of the return towards more 'normal' conditions in that market," Kitco analyst Jon Nadler said in a daily note.

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A group of mining stocks and precious metals ETFs were mixed Monday afternoon. Mining stocks offer another form of exposure to precious metals. North American Palladium ( PAL) rose by 1.1% to $4.62, while Silvercorp Metals ( SVM - Get Report) increased 1.5% to $9.40. Freeport-McMoRan Copper & Gold ( FCX - Get Report) was falling by 1.6% to $96.45 and Kinross Gold ( KGC - Get Report) was tumbling by 1.5% to $18.73.

SPDR Gold Trust ( GLD - Get Report) was inching 0.3% higher to $134.03 and ETFS Physical Palladium Shares ( PALL - Get Report) was inching 0.3% lower to $58.57.

-- Written by Andrea Tse in New York.

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