Today is a unique day as it marks the start of the OccupyTO protests taking place in Toronto on Bay Street. The Occupy movement has spread to many different cities across North America and is calling out for change among the 99% against the 1% of the world, which is controlling most of the profits and power. There is much speculation going on regarding the legitimacy of this movement and if it serves and real purpose other then to disrupt commerce temporarily.
Whatever negative or positive things come out of this protest, one thing is for sure – there is much discussion going on right now in Canadian households about the economic climate they face in 2011, and what sort of future awaits them as the global economic problems in Europe and Asia begin to plague their own globalized currency. The 1% which keeps getting talked about by Occupy protesters do not seem to be “shaking” at the knees to say, as there has been no real action done towards any Occupy protestor. Aside from an attempt to clean up protestors in the New York hub by Mayor Bloomberg, which ultimately failed, there hasn’t been much effort to remove these protests as they are non-violent.
In many cities however The Black Bloc, an anarchist group which wreaked physical havoc on Toronto during the G20 summit, has shown up to cause violence. They haven’t made any appearances here yet, keeping their troubles to Greece and Italy where there is much turmoil in their currencies. The Euro is being tested right now, and will likely be inflated if Germany does not approve of another bail out. The Euro cannot function when only one or two countries are functioning to keep it up, and other countries like Ireland, Greece, Italy, and Spain take part in tax evasive practices which ruin the real value of their GDP.
It’s a tough time in the world, that is no doubt. It’s worth noting that silver prices have stayed around $33/oz (CAD) this week, and gold at $1632 (US). Doesn’t seem to be much change, however this dip in price presents a great buying opportunity for the aware person to move their money into physical holdings. Inflation might ruin your dollar soon, and demand will increase causing the price to increase. Now is a good time to be buying precious metals.