Agree, the nuance is that it’s a sign of de-dollarisation intent and direction, not de-dollarisation achieved. The dollar is still ~58% of global reserves. It would take decades.

> 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.