Teuton Resources Corp V.TUO

Canadian Emergency Act

[stockzorg]

The Trudeau activation of the Emergency Act has resulted in some downstream impacts to financial accounts.  The government has made it clear that any account can be frozen with no due process.  This includes the accounts of U. S. citizens under some conditions.

Overnight 34 crypto wallets were frozen.  These may have included contributions from U. S. citizens to the truckers.  Total crypto assets involved appears to be about $14 million.  If the crypto wallets are not maintained at Canadian regulated exchanges, this freeze can be defeated, which opens the possibility for further actions on the part of the government.  It also opens the possibility that some folks will get their assets out of Canadian regulated crypto exchanges - that remains to be seen.

I'm seeing reports of outages at major Canadian banks including the ATM networks and the online banking applications.

The price of gold is pushing higher again this morning.

Although the primary impact of the Emergency Act will be on Canadian assets, there is some potential that President Biden will copy the Trudeau approach.  If that occurs there could be significant movement of assets into gold since crypto accounts are not safe.  The magnitude will be much greater if American citizens feel the need to protect their assets from their government.

For myself, I'll be moving assets to safer locations, such as hard silver and cash, local banks not doing any business in Canada, etc.  I've already initiated that process and will complete it by end of day today since things seem to be moving quickly.

I'm interested in getting intel from the folks on this board in Canada.  How do you judge the reaction to the current situation?  Are the ATM's down because they are out of cash or did the banks take down their own networks to prevent the flight of cash?  Did the banks take down their systems to make changes required by the government that could impact all customers?  Are folks in your area draining cash from their accounts, or have they been prevented from doing any banking at all?  Are you committing money to gold and gold miners (as I am) on the basis that this could be a significant opportunity?

Thanks for your input on this.
Doug

[rockport1]

Doug, the ATM issue seems to be isolated to specific Credit Unions, which are relatively minor players in Canada.  Appears to have been resolved within 24 hours. There does not seem to be any panic; business as usual for most folks. I personally don't know anyone affected.  While I believe gold is a good place to park funds, I prefer gold mining/exploration equities due to the

[stockzorg]

thanks rockport1. I'm in gold equities as well. Physical silver to some degree but not physical gold. Just want to be sure I'm getting an accurate picture of Canada's status right now.

[Y_J]

I withdraw some spending money yesterday via ATM and everything works as normal. I also used online banking apps at a few banks and everything works as well. I believe the government is using the emergency act to solve the trucker blockade issue so it will be targeting only a limited number of accounts. If they use the emergency act for unrelated accounts, they will be creating a bigger problem

[stockzorg]

Thanks for your input as well Y_J.  Looks like the banking system up there is working fine.

[Jeedart]

BANK RUNS BEGIN! Banks Freeze Accounts & Close Doors - YouTube

[Byhi]

Dont see anything like that B.S from both sides.. BYHI...

[rockport1]

What a joke!  Thought I'd take a look at this for sh!ts and giggles.  At the 15 second mark I had a laugh and quit. He posts a sign about banks being closed, using a sign from February 21, 2021!  Ooops! Should be 2022 dingbat!  And it was only about a location closure, which recommened other locations.  If these folks are going to make up fake news, they could at

[Redrum180]

Trudeau ended the Emergency Act.  I talked him out of it.   You're welcome!