U.S. Natural Gas (UNG) tumbled 4.3% today, but its underlying value slid 8%, pushing the premium back to 17%. I explicitly warned of this situation last week in "Natural Gas Heads for Super Contango." The difference between the October 2009 and November 2009 contracts on NYMEX is now a gigantic 46%.First Trust ISE-Revere Natural Gas ( FCG) gained 0.1% today, mild but far better than UNG. Meanwhile, JPMorgan Alerian MLP Index ETN ( AMJ) gained 0.6%. Beside the collapsing natural gas market, gold remains a top story. A mini-panic surrounds the rapid rise in the metal. Some investors are asking if it is the harbinger of an international devaluation of the dollar. Or are investors worried that a major bank could fail? There are also panicked buyers who don't want to miss out on a rally. The last point makes me question whether this isn't a short-term run. We saw AIG ( AIG) go crazy in August, up 100% in a week, followed by rapid advances in Fannie Mae ( FNM) and Freddie Mac ( FRE). At the tail-end even Lehman Brothers got into the action. These shares are moving 10% a day on average with AIG up 10% today, Fannie Mae up 20% and Freddie Mac up 14%. The rest of the market was flat today, save for some buying action at the close. There are big gains in the iPath Lead ETN ( LD), up 9%, while smaller but decent advances came for Market Vectors Coal ( KOL), Claymore/AlphaShares China Small Cap ( HAO), iShares Belgium ( EWK), iPath Tin ETN ( JJT) and Market Vectors Solar ( KWT). However, for the most part the leaders are littered with leveraged ETFs. The one solid multiday trend continues to be gold, with PowerShares DB U.S. Dollar Bullish ( UUP) getting an honorable mention for reversing losses and closing up 0.1%. Market Vectors Gold Miners ( GDX) was up 5.3% while iShares COMEX Gold ( IAU) and SPDR Gold Shares ( GLD) increased 1.3%. iShares Silver Trust ( SLV) climbed 4.3%. I lean toward this being similar to what we're seeing in AIG and Fannie Mae. Traders are looking for someplace to go in a flat market and they're finding it in gold and gold miners. On Aug. 3, the S&P 500 closed at 1002.63; today, one month later to the day, it closed at 1003.24. A major move in gold in either direction will not leave stocks or bonds untouched. If this is the start of something big, there will be follow-up effects. Otherwise, traders should enjoy this while it lasts.