Blackrock: Price of gold could reach $2,400/oz in a Year

In his gold report this week he said: "The gold chart has turned decidedly bullish with the 50-day moving average rising above the 200-day moving average. The last time this happened was in February 2009, which interestingly was shortly after the implementation of QE1. Then, gold was $900/oz and never looked back. Should we witness a similar rally, prices would be taken to $2,400/oz by midsummer next year -- and $1,760/oz would be the new floor."

The International Monetary Fund released data this week which revealed central banks continue to buy gold with both South Korea and Paraguay recently adding to their reserves.