Metal's gayness is both nowhere and everywhere. The number of 'out' gay Metallers is negligible and Metallers tend to be homophobic. However, homoerotic imagery is ubiquitous and (I've always though) ripe for appropriation and/or satire by the gay community.
Well this seems to have happened. Pink Steel appears to be a gay Metal parody and looks quite amusing. The song 'Hard as Steel' by Homo Gay Faggots appears to be a parody of the gayest of ungay Metal bands - Manowar.