Is oil the new gold?

STORY: Gold may be ceding to oil its label as a protection against rising prices

A stronger dollar and rising interest rates mean the precious metal is up only about 2.3% this year

Meanwhile Brent crude futures are up 56% in the year-to-date

And U.S. West Texas Intermediate crude futures are up 59%

Tracy Shuchart, Intelligence Quarterly:

"Oil is actually being used as an inflation hedge over gold. It has been that way for months now."

And with rate hikes expected from the Fed, analysts say gold could be vulnerable to retest May lows

But should gold be dumped in favor of “black gold”?

For now, industry insiders are keeping watch to see if gold gets back on trend

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