Salient to Investors:

Crude oil is trading at the highest price relative to gold in more than 4 years.

John Stephenson at First Asset Investment Mgmt said oil has real supply and demand dynamics, and there is a strong argument for prices holding up because the US has clearly has turned the corner, and tapering talk has put gold out of favor.

EIA expects oil to average $94.65 a barrel in 2013. Goldman Sachs expects gold to end 2013 at $1,300 an ounce.

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