|MadSci Network: Physics|
The metal would not stay suspended. It would either zip up toward the top magnet or fall toward the bottom magnet. Do a Web search on "Levitation" you will find lots of very interesting stuff on levitation and magnets. There are several ways to do it. One of these is the "Levitron". You can start your web search there. It is a magnetic top that is repelled by a magnet below. It can't flip over because it is a gyroscope. Good Luck!
Try the links in the MadSci Library for more information on Physics.