> If reserves are buying gold instead of dollars and the effect is that the value of gold is increasing Central banks and the IMF only own less than 20% of all

> If reserves are buying gold instead of dollars and the effect is that the value of gold is increasing Central banks and the IMF only own less than 20% of all the gold ever mined: it's probably not the one or two additional percent they bought that made the prices skyrocket by 70%. For example used supercars and hypercars' values have gone through the roof too: and that's for sure not because central banks are stockpiling those. Causation / correlation and all that.