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Gold Tracks Higher

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Gold tracked towards the upper end of its trading range on news that austerity got the boot in European elections. 

Gold was up $1.32 to $1,640.30 and silver was up $0.14 to $30.28, lowering the silver/gold ratio to 54. 

The big news overnight was that austerity and government cutbacks got hammered in European elections, with a socialist candidate vowing to tax the rich sweeping into power.  It was the same story in Greece where a new administration, also planning to raise the marginal tax rates on the wealthy and cut defense spending, crushed the...