The Russia, Russia, Russia rhetoric amplified again this morning, sending investors back into gold which topped at $1,901 just after noon today. There are reports of minor clashes between Ukrainian forces and Russian backed rebels. U.S. Secretary of State Blinken is set to meet with the U.N. Security Council to deliver remarks on Russia's supposed threat to peace and security.
At time of writing, gold is exactly at $1,900.
I also caught wind that the five major banks in Canada including the Canadian Imperial Bank of Commerce (CIBC, Royal Bank of Canada (RBC), Scotiabank, TD Bank Canada, the Canadian Imperial Bank of Commerce (CIBC) and BMO (Bank of Montreal) all had outages starting around 5 pm yesterday afternoon. While they are now back online, none have offered a proper explanation. This comes within days of Trudeau enacting the Emergencies Act which gives banks the power to seize assets without due process.
Online searches for 'Canada bank run', 'bank outages Canada' and 'bank run definition' spiked overnight. There are rumors the banks are faking these outages to prevent an actual bank run. By the looks of it, it's only causing more confusion and panic. As a Canadian, I too am feeling nervous about keeping any cash in the bank.
But then again, I've suspected something like this would eventually happen. In March of 2013, a largely forgotten incident occurred, The Cyprus Bail-In. The Greek island nation was deep in debt at the time (and probably still is). They already had a bail-out from the E.U. but still wasn't enough. That's when they went for the kill and introduced a bail-in for the first time anywhere in history. Anyone who had more than 100,000 euros would be taxed 47.5% above that amount.
Imagine if you spent your entire life working your ass off and somehow managed to save a million euros. In comes the Bank of Cyprus to tax 47.5% of 900,000 euros of your savings and help themselves to 427,500 euros from your savings account. How would you feel about that? Well, it really did happen 9 years ago. If it happened there, it could happen anywhere.
Prime Minister Trudeau's actions could very well spark a bank run in Canada and loss of confidence in banks and may add fuel to the spiking price of gold. I'm really not sure how far he can go with this. Just a quick reminder that his government is a minority government and can be toppled by a no-confidence vote at any time. I'm surprised it hasn't happened already.
So now we have martial law and a possible bank run in Canada, along with Ukraine / Russia fears, explosive debt levels, rampant inflation and the prospect of rising interest rates starting next month. That's five whammies right there. Is $2,000 gold around the corner?
Consider diversifying your portfolio by adding precious metals and slam dunk inflation where it hurts!
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