Room For Another Up-Leg In Metals (ETF: GLD; CEF: CEF)

In the metals market yesterday prices spiked above the 50-Day MA (See chart below NYSE: GLD). The sideways pattern over the past four to six weeks may allow for another up-leg in this sector.

Central Fund of Canada (AMEX: CEF) opened higher but gave back most of its gains despite strong gains in both silver and gold. The NAV is rising and the premium is being wrung-out.