Live Metal Prices / oz
Gold: 2044.37 EUR
Silver: 22.80 EUR
Platinum: 833.53 EUR
Palladium: 927.61 EUR
Rhodium: 4751.45 EUR

Canadians Turn to Gold During Trucker Protests

In the 19th century there was a famous saying by American poet and philosopher Ralph Waldo Emerson. He once so eloquently quoted that “The desire of gold is not for gold. It is for the means of freedom and benefit.” These are wise words that still strike true today, especially when considering what is transpiring in Canada.

The Canadian government decided to evoke the Emergencies Act to freeze bank accounts of those participating in the trucker protests. This decision has moved Canadian citizens to buy gold as a hedge against troubled times. 

The Present Scenario Under Trudeau’s Emergencies Act

The trucker protests began in response to the Canadian government's introduction of a directive that requires every cross-border truck driver to be vaccinated against the Covid-19 virus. When the situation was out of hand, The Prime Minister of Canada, Justin Trudeau invoked emergency powers (Emergencies Act) in a counter-response to the growing trucker protest. This Emergencies Act gives Canada's government an official authority to freeze bank accounts.

As per reports, under the Emergencies Act, any government authorized financial institutions and banks can temporarily halt financial services if the institution suspects or finds evidence that an account is being used to supplement the illegal blockades and occupations by or concerning truckers. The move to freeze assets under the respective Act is used to target supporters of the Freedom Convoy protests. Accounts can be frozen for anyone that participated or suppoted the demonstrations, and particularly those who have donated money to them.

Furthermore, government representatives announced that these measures are only temporary means to deal with protests but may become permanent if the situation worsens. As of present, all banks can freeze accounts without a court order, while crowdfunding payment platforms are required to provide financial information to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

Canadians Are Looking To Gold

Irrespective of which side wins the argument, the result has been that with this move, the financial institutions of Canada have been undermined. The Emergencies Act, in particular, will also allow governments to stop cryptocurrency transactions through digital wallets. In response, Canadians have overwhelmingly been investing in gold.

Gold seems to be the only tangible asset throughout history to have consistently performed well. As of early February, the price of gold skyrocketed through the USD 1,900 threshold, signaling an all-time high.

Since cryptocurrency is traceable through blockchain technology, buyers understand that it is not entirely effective. The government is now able to stop and intercept transactions. Gold cannot be intercepted in the same way.

Conclusion

Trudeau's decision pits buyers and investors at odds with the Canadian government and financial institutions. But with gold at an all-time high, Canadians flocking towards the precious metal can be seen as a positive sign, if only temporary.

With the trucker protests showing not even crypto is safe, Canadians continue to buy gold as a hedge against troubled times, and investment in the precious metal is booming

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