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Could we see the yellow metal at $5,000 or even higher amid the coronavirus crisis? We invite you thus to read our today’s article and find out how high gold prices can go in this downturn.

Digging into the details of why this precious metal is likely to continue climbing, even from hereGold is going to $1,790 (that's from UBS) …Gold is going to $1,900 (from TD Securities) …InvestorPlace - Stock Market News, Stock Advice & Trading TipsGold is going to $3,000 (from Bank of America) …Though the price-targets vary, nearly all the big-bank analysts agree on one thing today …Gold is headed higher.Now, a skeptical investor might say "wait, oil prices have plummeted. Consumers have been locked inside not spending money. Even when we re-open the economy, it will be a staged comeback, which means half-speed. All of that is deflationary. And isn't deflation bad for gold prices?"To that, another investor might say, "deflation? The Fed just threw $6 trillion in new dollars at the economy! We're about to suffer hyperinflation so these gold price targets are way too low!"Both investors have a point.Today, let's discuss this and more. But I'll offer you the takeaway ahead of time …It's very likely gold is headed higher -- potentially much higher (though don't expect it to be in a straight line).In today's Digest, we'll look at why this is from three perspectives: 1) what's here now, 2) what's coming tomorrow, and 3) what we hope never comes.Let's jump in … ***What's here nowFriends, let's give a warm welcome to negative real interest rates.To make sure we're all on the same page, there's a difference between a stated (nominal) interest rate and an interest rate after adjusting for inflation.For example, if you're getting 4% interest in a savings account, yet inflation is at 2.5%, then the "real" interest rate is just 1.5%.Real interest rates reflect the actual purchasing power of your dollars -- and at the end of the day, this is really what matters.Take the 1970s …In that decade, we saw nominal interest rates climb to nearly 20%.A saver's dream, right?No.Inflation was so high that real interest rates reflected a much bleaker picture about the average investor's purchasing power.The chart below shows real interest rates in the 1970s mostly remaining below 2%, and even going negative.Source: World Bank ***Today, the combination of near-zero interest rates plus inflation means we're in a negative-real-interest rate environmentBelow, you'll see the 10-Year Treasury, adjusted for inflation. Its real interest rate is -0.43 as I write.Negative real interest rates steal wealth from people who are savers. That's because people with money in a low-yield bank account, or perhaps in a low-yield bond, are actually losing money in terms of their purchasing power after adjusting for inflation.So, why would people invest in these wealth-destroying assets?Well, many wouldn't -- which is why a huge rotation tends to happen in this type of environment … from these wealth-eroding assets … into gold, which pushes up gold's price.See for yourself …Below, you'll find the 10-Year Treasury Inflation-Index (in blue) alongside the price of gold (in orange) over the last decade. You can see a clear, inverse correlation.As real rates drop, gold climbs. As real rates climb, gold falls.On Tuesday, Federal Reserve Bank of Chicago President Charles Evans said he "doesn't think there will be reason to raise rates anytime soon."From Evans:We just came through a long expansion, although we are in a much different environment right now, I think interest rates will remain low for a quite a long time.Translation -- negative real interest rates are here for the foreseeable future.Advantage, gold. ***Let's now turn to "what's coming tomorrow"So, here's where we get into a discussion about inflation versus deflation.We're officially in a recession.Last week, we learned that the U.S. economy contracted 4.8% in Q1. This was the first negative GDP reading since the 1.1% decline in the first quarter of 2014. It's also the largest decline since the recession in 2008 when GDP dropped 8.4%.So, what's the relationship between a recession and deflation?In a recession people lose jobs. Without jobs, there's far less spending on Main Street.There's also fear of the future. So, even those people with jobs tend to spend less. After all, they're worried they may lose their own jobs, or simply be ill-prepared for whatever economic pain lies beyond the horizon.This decrease in consumer spending pushes down the price of all types of goods. Desperate sellers have to lower prices in an attempt to lure shoppers back into a store.I just saw this with friends here in Los Angeles who own a wine shop. As lockdowns hobbled their business, they responded by offering a "25% off" campaign on wine purchases over $100 to try to bring customers out of the woodwork.This sets up a dynamic wherein you can buy the same products today for fewer dollars than they cost yesterday.This is deflation … and it's likely right around the corner.(For everyone in the inflation camp, hold onto that -- we'll circle back shortly.) ***At face value, this deflationary-dynamic would seem bad for goldAfter all, a dollar that can buy more "stuff" can also buy more gold. That's basically the same thing as gold becoming cheaper.But it's not a black-and-white dynamic.Take our most recent deflationary period around the 2008/2009 financial crisis. Economists suggest we were in a deflationary environment from December 2007 through June 2009.Below, you'll see the S&P 500 and the price of gold during that period. Gold ended 24% higher, while stocks fell 36% (over 50% at their lowest point).But if there was deflation, why didn't gold's price end lower?Because the turmoil in the economy was resulting in fear … and when investors are fearful, they often turn to gold.Remember, gold produces no cash-flows to help us value it. It doesn't generate profits we can measure.So, when it comes time to value gold (put a price on it) what drives its demand turns out to be … emotions.And what we usually find is that deflationary periods coincide with some sort of economic turmoil that produces fear, which pushes investors toward gold. ***Plus, keep in mind, even if gold's nominal price falls during a deflationary period, gold can still make investors wealthierHow? Simple -- gold's purchasing power increases.If I told you that the price of your gold was going to fall $100 an ounce, yet that same gold you own would be able to buy you, say, a much nicer car than before, would you really care about the $100 price drop? I suspect not.What matters is what that gold could get you in terms of other goods or services -- not some face-value number.This suggests an important takeaway -- as long the prices of consumer goods are falling more than the price of gold, then gold's purchasing power is actually increasing … even though, at face value, the dollar-price of gold may be falling too.But we're getting a little theoretical here, so let's move on. The broader point is that "deflation tomorrow" doesn't automatically mean bad news for gold. In fact, the fear surrounding deflationary events is usually great for gold.Now, let's turn toward our last perspective on this, which is something none of us want to see … ***"What we hope never comes"Let's start by discussing why this $6 trillion of new dollars from the Fed doesn't mean inflation tomorrow.A question for anyone reading this who believes hyperinflation is at our doorstep …Back around 2008/2009, due to the financial crisis, the U.S. printed trillions of new dollars, as you can see below …Yet, this avalanche of new money didn't result in significant, sustained inflation as many feared.Why?Short answer -- because the Fed's new dollars boosted the monetary base but not the money supply.To put it simply, even though the Fed created trillions of new dollars (the monetary base), most of it remained parked in the banks, shoring up destroyed balance sheets (which meant it didn't increase the money supply).In fact, only a fraction of it actually made its way into the U.S. economy. This prevented inflation. ***Even though the Fed just fired a "bazooka of liquidity" at the Coronavirus, these dollars aren't going to flood the economy with excess currency eitherWhy?Because the "velocity of money" is dropping precipitously.The velocity of money is basically a measure of how many times a dollar is used to purchase goods or services within a stated time period.So, why is it dropping?It's complicated, but in large part, the answer is massive debt plus fear.In a recession, or a deflationary environment, people either hold onto their money out of fear (which prevents it from circulating in the economy), or they pay down debts (which means those dollars aren't being used in a productive way that grows the economy).So, today, money -- even trillions in newly created money -- is not flying around our economy. Instead, it's being saved or used to shore up the destroyed personal balance sheets of millions of Americans.Plus, even if someone wanted to put money to work, the banks are tightening their lending. Two days ago, Bloomberg reported on how lenders have been tightening standards and terms on commercial and industrial loans of all sizes. Meanwhile, banks have been tightening standards on loans to households.Basically, money is not flowing smoothly around our economy. There's weak velocity of money.Unfortunately, you can't have significant inflation unless there's at least stable velocity of money.And that brings us to this chart from the St. Louis Fed showing today's velocity of money.Does the below look stable to you?This is why inflation isn't our immediate concern.But that doesn't mean it's not a concern… ***Why gold is mandatory to own in preparation for a "worst case" situationThe debt on the U.S. balance sheet just exploded.Now, our government has run up egregious debts for a long time. Why is today any different?Because it's coming at the same time that our economy has been crippled. So, when we compare our nation's productivity to our debts, it paints a frightening picture.As of last month, the U.S. debt-to-GDP number passed 100% (104% as of April). In other words, we owe more than we produce.So, we have the Fed bailing out everything (increasing our national debt) at the same time our economy is shrinking (decreasing our GDP).Put them together, and it means our debt-to-GDP ratio is going to keep climbing. I've read some experts suggest we'll hit 120%, even 130%.In related bad news, the Committee for a Responsible Federal Budget recently forecasted that public debt load will likely remain well above 100% until at least 2025.Okay, so what?Well, again, this is why we won't face inflation tomorrow. All these new dollars that are being created will simply be swallowed up by massive, unproductive debt payments … as opposed to being used in productive assets that would build out our economy, while speeding up the velocity of money.In other words, there's a huge difference between massive government debt that goes to putting food on citizens' tables and keeping the lights on, versus massive government debt that supports a thriving economic buildout. ***But let's jump to the scariest response to "so what?" -- it's what we must avoidIf our economic situation gets worse … if Coronavirus keeps coming back, depressing economic activity … if people continue to require bailout money … basically, when we've borrowed so much relative to our national productivity that other nations question our good faith and we have trouble funding the needs of the nation … we could see pressure to change the Federal Reserve Act to allow the Fed to fund the Treasury directly.In other words, that truly would be our government paying down its debts with phantom dollars.And that's when we'd set ourselves on the path of the Germany in the 1920s or Zimbabwe in the late 2000s … which would mean God-help-you if you don't own some gold.Now, while I don't believe that's going to happen, we'd be foolish to believe it couldn't happen. Case in point, just weeks ago, The Bank of England agreed to temporarily lend its government money directly.From Reuters:Thursday's announcement allows the government to borrow billions of pounds direct from its overdraft with the BoE rather than always immediately needing to go to financial markets which could face further coronavirus-related disruption …From EPB Macro Research:Given the relatively small scale of this facility, the GBP (the British Pound) did not collapse … Still, it does start an uncomfortable precedent of direct money printing, an action not currently permitted by the Federal Reserve.To be clear -- I am not predicting we'll see this in the U.S. anytime in the near future.I believe we'll claw our way out of this hardship without resorting to such measures. But today's discussion wouldn't be complete unless we mentioned it.Bottom line, "what's here now" is good for gold … "what's coming tomorrow" is most likely good for gold … and "what we hope never comes" would be monumental for gold.Please go buy some.Have a good evening,Jeff RemsburgThe post Go Buy Gold appeared first on InvestorPlace.

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• The storied investment bank is seeing leadership shakeups under CEO David Solomon and a slew of partner departures. 
• Goldman has been moving away from high-risk businesses like trading and is making pushes into more stable areas like consumer lending, wealth management, and transaction banking. 
• There have been big cultural changes, too. Solomon is looking to create a more transparent workplace, while new tech execs are taking cues from Silicon Valley heavy-hitters. 
• At Business Insider, we are closely tracking the latest developments at Goldman. You can read all of our Goldman coverage on BI Prime.

Storied Wall Street bank Goldman Sachs is going through some massive changes under CEO David Solomon.

It's taken big steps involving transparency and inclusion to change up its culture. It has seen a slew of partner departures — many in the securities division. And it's making big pushes into businesses like wealth management and transaction banking.  

The latest people moves

• Goldman Sachs just hired Kurt Hoffman, an expert in distressed situations and bankruptcy, to join a trading unit known for some of the bank's most lucrative deals
• Goldman Sachs' top tech exec explains how a fresh slew of senior hires are transforming the bank's approach to building products
• Read the full memo Goldman Sachs just sent naming 4 execs to lead its private-equity investments across the merchant-banking division

Culture and talent

• Read the full memo Goldman Sachs just sent to staff announcing its new head of regulatory affairs. The former White House counsel will be tasked with helping clean up the bank's 1MDB drama.
• Goldman Sachs just hired 2 senior recruiting execs focused on luring top talent from other firms —and it's a huge departure from the firm's traditional promote-from-within mentality
• Read the full memo David Solomon just sent to 38,000 Goldman Sachs employees explaining why he's moving his management team out of stuffy offices and into open seating
• Goldman Sachs CEO David Solomon and his management team are ditching their stuffy offices and moving to an open floor plan closer to the people so they can feel the buzz of New York headquarters
• Goldman Sachs just unveiled a new gender pronouns initiative as part of a broader inclusion push at the Wall Street firm
• Read the memo Goldman Sachs just sent to its employees unveiling a new pronouns initiative

Coronavirus response

• Inside a 38,000-person remote work rollout at Goldman Sachs: sleepless nights, assembly lines, and an Amazon-like hub on a Manhattan trading floor
• How a massive New York hospital secured 130,000 N95 masks from China with help from a senior partner at Goldman Sachs, private jets, and a call to Warren Buffett
• Goldman Sachs CEO David Solomon just sent a firm-wide voicemail about the coronavirus crisis. Here's what he told employees.
• Goldman Sachs and Bank of America just updated their WFH policies — again. Here's what they're telling employees about the latest steps aimed at combating the spread of coronavirus.
• Read the full memo Goldman Sachs top brass just sent detailing the firm's coronavirus contingency plans, including separating employees into 'blue' and 'white' teams to alternate working from the office and home

Consumer push, transaction banking, wealth management

• Goldman Sachs just announced its first partnership for transaction banking as it looks to build a new $1 billion business moving money around the world
• Goldman Sachs is sending much less mail to potential Marcus customers. A senior exec lays out the reason why.
• A Goldman Sachs exec explains why the bank isn't sweating concerns over the Apple Card's profitability
• A Wall Street firm crunched the numbers around how much Apple will make from its new credit card with Goldman Sachs
• Here's why Goldman Sachs just did its biggest deal in nearly 20 years as part of a pivot to less wealthy clients
• Goldman Sachs execs are opening up about their plans for Marcus, and they think it can do to banking what iTunes did to the music industry
• Goldman Sachs' partnership with Apple could move it a step closer to being 'a bank branch in your pocket'
• Human resources is the next battleground for Wall Street wealth advisers as Morgan Stanley and Goldman Sachs jockey over new turf
• Goldman Sachs has a novel method for predicting the next economic slump, and it's at the heart of its hot new business

Technology

• JPMorgan and Goldman Sachs are finally beginning to embrace fintech startups. Here's how they test the waters before committing to working with them.
• We talked to the execs behind Bloomberg's new data partnership with Goldman Sachs. Here's why they think it's a sign of Wall Street's future.
• Goldman Sachs is putting its own Marquee app on Amazon's cloud in a pitch to lure more fintech developers
• Goldman Sachs is embracing open-source code and its chief data officer says it's part of a "new world" of software
• Read the memo the new Goldman tech chief sent to the firm's 9,000-plus engineers where he urges them to ditch presentations in favor of Amazon's famous narratives
• A new Goldman Sachs tech exec hired from Amazon is taking a page from the Jeff Bezos playbook by urging engineers to ditch PowerPoint and write memos
• Goldman Sachs' new CTO shares his strategy for attracting outside developers to work more closely with the bank, giving a glimpse into the future of how Wall Street will work
• A Verizon executive is joining Goldman Sachs as chief technology officer as the Wall Street bank reshuffles its ranks
• Marty Chavez is retiring from Goldman Sachs. We chatted with him about the bank's tech transformation, why now is the right time for him to step down, and what he's planning next.
• Goldman Sachs tech guru Marty Chavez is retiring from the bank
• Goldman Sachs' CEO just warned that the bank's big tech bets might not pay off as quickly as people hope
• Goldman Sachs is scrapping a homegrown email app it once touted — and it's a sign the bank is moving away from building tech in house
• Goldman Sachs is exploring plans to create a Netflix for data, and it marks a new frontier for Wall Street
• Goldman Sachs' internal idea factory hatched a plan for the Google of Wall Street, and it's now looking for the next big thing to disrupt the bank
• Goldman Sachs' big bet on the future of Wall Street had a rocky start. Here's the inside story of the bank's struggle to grow its next business and an exclusive look at its plans

Trading

• Bank of America is shaking up its global markets division and poached a Goldman Sachs exec to fill a key new role
• Goldman Sachs' massive quant business now rivals AQR and Two Sigma. We talked to the bank's top quant about asset growth, finding data sources, and why critics of computerized trading are wrong.
• Goldman Sachs' CEO tells us the bank is winning over quant clients. That helped it outpace rivals like JPMorgan last quarter.
• Goldman Sachs is cutting about 5% of sales and trading staff after senior equities leaders delivered a tough town-hall talk
• Goldman Sachs is moving away from a tool championed by its former CFO as it pushes its traders to see clients where they once saw quick wins
• Goldman Sachs is shuffling its top stock trading executives as the business tries to claw back market share from Morgan Stanley and JPMorgan
• Goldman Sachs's bond trading unit is still trying to find its way — and it represents a key challenge for new CEO David Solomon

Alternatives

• Read the full memo Goldman Sachs just sent naming 4 execs to lead its private-equity investments across the merchant-banking division
• Goldman Sachs is making targeted hires for a 'storefront' for alternative investments that's modeled after firms like KKR and Blackstone
• Goldman Sachs' push into private equity is ruffling feathers at Blackstone — and it might be a sign of big client skirmishes to come
• Goldman Sachs execs are jockeying for control of the firm's lucrative private investing units after a plan to merge it — and the stakes couldn't be higher
• Meet the Goldman Sachs execs tasked with building the firms' new Blackstone-esque private-investing unit — and pumping up the bank's flagging stock price
• 'It's good to be Rich': Meet the Goldman Sachs banker who has built a private investing empire that goes head-to-head with Blackstone — and you've probably never heard of him
• Goldman Sachs is considering a shakeup of its alternative investing units as part of a plan to simplify the bank's strategy

Deals

• Goldman Sachs is assembling a team of senior bankers focused on middle-market private equity. Here are the key hires and the playbook they'll use to land new clients.
• Goldman Sachs unloaded some of its WeWork shares before its investment bankers pitched investors on what it once considered a $60 billion-plus IPO
• Goldman Sachs just revealed it sold part of its Uber stake to SoftBank and it helped boost a $4.5 billion business
• A senior Goldman Sachs fintech banker was about to join JPMorgan — but then got lured back —and it's another sign of the fierce battle for M&A talent
• Goldman just promoted a star tech banker close to Tesla and Microsoft to co-head one of its most profitable businesses, as incoming CEO Solomon makes his mark
• Goldman Sachs just announced a shakeup of its leadership — and it signals the rise of bankers over traders
• A tug-of-war between Goldman Sachs and JPMorgan over a top banker highlights Wall Street's $1 trillion battleground

Investor day 2020

• Inside Goldman Sachs' first investor day, where avocado toast and crab apples were served with tech talk, 3-year plans, and a surprising trading mea culpa
• Goldman Sachs just revealed a new wealth brand at its first-ever investor day. It shows how the bank is trying to reshape its strategy — and image.
• Goldman Sachs just unveiled hundreds of slides laying out the future of the company. Here are the 10 crucial slides that show how it plans to transform into a bank for everyone.
• Goldman Sachs is rethinking how it makes private-equity bets with its own money – and one analyst thinks that shift will be a big driver of its stock price

Careers 

• Goldman Sachs is now hiring high-school graduates for roles in Salt Lake City, one of the company's 'high value' locations
• Goldman Sachs has lost at least 54 partners since David Solomon became CEO. We're keeping a running list — and compiling details from insiders about how the exits are being celebrated.
• Read the full memo Goldman Sachs' top brass just sent to staff announcing 2 heads of the bank's private-investing arm are out as it's gearing up to raise billions
• 2 coheads of Goldman Sachs' private-investing business are retiring, in a blow to David Solomon's fundraising plans
• A Goldman Sachs partner who just resigned is leaving behind a job overseeing $2 billion for a London VC with a leading stake in neobank Revolut
• Read the memo announcing the departure of Adam Korn, the Goldman Sachs exec who was 'instrumental in building and championing' innovations like the bank's Marquee platform
• Another Goldman Sachs partner is out. HR chief Dane Holmes is the latest key player to leave the Wall Street bank in a matter of days.
• Goldman Sachs is offering buyouts to encourage partners to leave as CEO David Solomon works to shrink one of the most elite clubs on Wall Street
• Goldman Sachs is making renewable energy a big priority based on its hiring strategy. It's a sign that its ideas incubator is working.
• The David Solomon era at Goldman Sachs kicked off with 43 words Lloyd Blankfein would never say
• Goldman Sachs CEO David Solomon shares his best leadership advice
• Goldman Sachs is shaking up the way it stocks one of the most elite clubs on Wall Street — and it shows how banks are back to making money again
• Goldman Sachs' 1MDB problems are eating into employee morale, and insiders worry the firm will use its legal woes as an excuse to scrimp on bonuses
• Goldman Sachs is about to move dozens of jobs out of pricey New York to Utah as Wall Street turns to cheaper cities

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See Also:

• Goldman Sachs just hired Kurt Hoffman, an expert in distressed situations and bankruptcy, to join a trading unit known for some of the bank's most lucrative deals
• With retailers like J. Crew and Neiman Marcus floundering, top restructuring bankers are seeing a surge in work. Here's how firms like Lazard, Evercore, and Moelis are staffing up.
• A startup that uses AI to scan Wall Street chats is flagging more people for cursing and complaining — and it could be a sign of bigger compliance issues while people work from home

1. NECA Helps Secure Construction Industry Exemption in Final IRAP Rule

On March 10, 2020, the Department of Labor released the final rule of the Industry-Recognized Apprenticeship Programs (IRAP) regulation. The final rule contains a permanent construction industry exemption, thereby protecting our industry from participation in IRAPs. NECA released a statement thanking the Administration for recognizing that the construction industry has longstanding expertise in the creation and execution of apprenticeships.

NECA’s Look Ahead: NECA strongly advocated for the construction industry’s exemption, with thousands of NECA contractors sending comments to the Department of Labor. By securing this exemption, the long-established, gold standard apprenticeship model that NECA Contractors utilize will remain intact and not be subjected to these parallel programs which will operate with less scrutiny and limited educational requirements.

2. The House Introduces Legislation to Address COVID-19 Outbreak

Washington D.C., like the rest of the nation and world, is responding to the outbreak of the COVID-19 (Coronavirus). On the evening of March 11, President Trump addressed the nation live from the  Oval Office. On Capitol Hill, negotiators continue to work to find a compromise between competing coronavirus response bills.

NECA’s Look Ahead: In response to the crisis, the Senate plans to cancel a previously scheduled recess week. The House will gavel out today and will return to Washington D.C. on March 23, 2020 to finish the negotiations on a final response package. NECA CEO, David Long, released the following statement in response to the legislative and regulatory negotiations: “ NECA government affairs remains fully engaged with Members of Congress, the Department of Labor, and OSHA on how to best handle the COVID-19 outbreak with safety being a top concern for our contractors and their employees. We continue to monitor legislation coming out of Congress to address the economic impact of this outbreak and will inform our contractors on how to best work with the new regulations when they are finalized.”

3. NLRB Chairman Testifies Regarding Funding      

On March 11, 2020, the House Committee on Appropriations held a hearing on the National Labor Relations Board Budget Request for FY 2021. Testifying on behalf of the NLRB was the Honorable John Ring, Chairman of the National Labor Relations Board. The NLRB budget request and justification documents can be found here.

NECA’s Look Ahead: The NLRB’s FY 2021 budget request funds their mission to protect the rights of employees, unions, and employers under the National Labor Relations Act (NLRA). NECA believes that lawmakers should continue to fully fund the NLRB and encourage their leadership to expedite the hiring of their regional offices.

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The way you buy gold changed from January 15 as hallmarking has now become mandatory. There are four components that you should look for on the hallmarked gold jewellery to ensure the purity of gold. Here is a look at each of them in detail.

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The issue price for Series I (April 20 to 24, 2020) was Rs 4,639 per gram of gold.