EXHIBIT 5.1

                      CONSENT OF FRASER MILNER CASGRAIN LLP

                  We hereby consent to the reference to our opinions under
         "Eligibility for Investment" and "Canadian Federal Income Tax
         Considerations" in the Registration Statement on Form F-10 of Central
         Fund of Canada Limited.


                                                         [SIGNATURE]
         Toronto, Canada                         /s/ Fraser Milner Casgrain LLP
         December 8, 2003