CEF is a closed-end Canadian bullion fund containing both gold as well as silver.  It’s basically 60/40 gold/silver (63/37).  I’ve always thought of it as a gold fund and it usually moves up or down with gold but right now it’s showing the value of being a combination of both since silver is recovering its value while gold isn’t.  Silver has currently regained its September 2020 price but gold is still below its September value.  CEF is diverging from gold’s value while tracking silver’s but to a somewhat lesser degree in proportion to its lower weighting of only 40% silver.  CEF is doing better than gold right now because it’s 40% silver.  It started in December 2020, pulled up by silver despite gold’s depressing performance.