Vol.163 \u226a \u91d1\u4fa1\u683c\u306e\u9ad8\u9a30\u539f\u56e0\u306f\u30fb\u30fb\u30fb\u30fb \u226b 2025.5.1.<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u306a\u3093\u3068 2025 \u5e74\u3082 5 \u6708\u306b\u5165\u308a\u307e\u3057\u305f\uff01<\/p>\n\n\n\n
\u6628\u65e5\u3001\u65e5\u672c\u6642\u9593\u306e\u65e5\u4e2d\u304b\u3089\u6d77\u5916\u91d1\u76f8\u5834\u306f\u4e71\u9ad8\u4e0b\u30fb\u30fb\u30fb\u30fb\u3068\u3044\u3046\u3088\u308a\u3082\u3001\u6025\u843d\u3067\u3059\u2049\u82e6\u7b11<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u305d\u3093\u306a\u4e2d\u3067\u6628\u65e5\u3001World Gold Council\uff1d\u30ef\u30fc\u30eb\u30c9\u30b4\u30fc\u30eb\u30c9\u30ab\u30a6\u30f3\u30b7\u30eb\u3088\u308a\u30012025 \u5e74\u7b2c 1 \u56db\u534a\u671f\u306e\u9700\u7d66\u30c7\u30fc\u30bf\u304c\u767a\u8868\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u91d1\u696d\u754c\u3067\u306f\u6700\u3082\u4fe1\u983c\u3067\u304d\u308b\u3001\u201d\u3069\u3061\u3089\u306b\u3082\u5bc4\u3089\u306a\u3044\u201d\u30c7\u30fc\u30bf\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\uff01<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u91d1\u3092\u8a9e\u308b\u4e0a\u3067\u306f\u3001\u6700\u4f4e\u9650\u77e5\u3063\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u306d\u2049\u82e6\u7b11<\/p>\n\n\n\n
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\u6570\u5b57\u3092\u898b\u308b\u5834\u5408\u3001\u3069\u306e\u3088\u3046\u306a\u6570\u5b57\u3067\u3082\u540c\u3058\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u3088\u304f\u4f7f\u308f\u308c\u308b\u8868\u73fe\u3067\u3042\u308a\u3001\u610f\u56f3\u7684\u306b\u6df7\u540c\u3055\u308c\u308b\u8868\u73fe\u300e\u524d\u671f\u6bd4\u300f\u3068\u300e\u524d\u5e74\u540c\u671f\u6bd4\u300f\u30fb\u30fb\u30fb\u30fb\u4eca\u56de\u306f\u3053\u306e 2 \u3064\u3082\u4f75\u305b\u3066\u8868\u8a18\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u767a\u8868\u3055\u308c\u305f\u9700\u7d66\u30c7\u30fc\u30bf\u306f\u30012025 \u5e74\u7b2c 1 \u56db\u534a\u671f(2025Q1)\u3067\u3059\u3002<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u300e\u524d\u671f\u6bd4\u300f\u3068\u306f\u30012024 \u5e74\u7b2c 4 \u56db\u534a\u671f(2024Q4)\u3067\u3059\u3002<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u300e\u524d\u5e74\u540c\u671f\u6bd4\u300f\u306f\u30012024 \u5e74\u7b2c 1 \u56db\u534a\u671f(2024Q1)<\/p>\n\n\n\n
\u4f9b\u7d66\u226b 2025Q1 2024Q4 2024Q1<\/p>\n\n\n\n
\u9271\u5c71\u7523\u51fa \uff1a 855.7t 957.1\uff54\u3000 853.4t<\/p>\n\n\n\n
\u30ea\u30b5\u30a4\u30af\u30eb \uff1a 345.3t 358.7t 349.6t<\/p>\n\n\n\n
\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb<\/p>\n\n\n\n
\u9700\u8981\u226b<\/p>\n\n\n\n
\u5b9d\u98fe\u95a2\u9023 \uff1a 380.3t 547.5t 480.1t<\/p>\n\n\n\n
\u5730\u91d1\u30fb\u30b3\u30a4\u30f3\u985e\uff1a 325.4t 326.0t 317.3t<\/p>\n\n\n\n
(\u30d0\u30fc\u306e\u307f \uff1a 257.6t 236.6t 226.8t )<\/p>\n\n\n\n
\u91d1 ETF \uff1a 226.5t 18.7t \u25b3113.0t<\/p>\n\n\n\n
\u4e2d\u592e\u9280\u884c \uff1a 243.7t 365.1t 309.9t<\/p>\n\n\n\n
\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb2025 \u5e74 1\u20103 \u6708\u671f\u306e\u4e3b\u306a\u9700\u7d66\u5185\u5bb9\u3067\u3059\uff01<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u524d\u5e74\u540c\u671f\u306f\u30de\u30a4\u30ca\u30b9\u3001\u524d\u671f\u306f 18.7t \u3060\u3063\u305f ETF \u304c\u4eca\u671f(1\u20103 \u6708\u671f)\u306b 226.5t\uff01\u9a5a<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u6628\u5e74\u521d\u982d\u306f\u8cb7\u3046\u4eba\u3088\u308a\u58f2\u308b\u4eba\u304c\u591a\u304f\u3001\u5e74\u672b\u306b\u306a\u3063\u3066\u591a\u5c11\u8cb7\u3046\u4eba\u304c\u58f2\u308b\u4eba\u3088\u308a\u5897\u3048\u305f\u3001\u304b\u3089\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u4eca\u5e74\u306f\u5e74\u521d\u304b\u3089\u6295\u8cc7\u306e\u5bfe\u8c61\u3068\u306a<\/p>\n\n\n\n
\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u7aba\u3048\u307e\u3059\uff01<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u4e2d\u592e\u9280\u884c\u306e\u91d1\u8cfc\u5165\u3082\u3001\u6628\u5e74 1 \u5e74(1,000 \u30c8\u30f3\u8d85)\u306e\u307b\u307c\u5e73\u5747\u5024\uff01<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u3053\u306e\u3042\u305f\u308a\u304c\u3001\u91d1\u4fa1\u683c\u9ad8\u9a30\u306e\u539f\u56e0\u3068\u8003\u3048\u3066\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n
\u3082\u3061\u308d\u3093\u30b3\u30b3\u306b\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u653f\u7b56\u3084\u4e0d\u5b89\u5b9a\u306a\u4e16\u754c\u60c5\u52e2\u304c\u80cc\u666f\u306b\u3042\u308b\u3053\u3068\u306f\u5426\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n
\u7686\u3055\u3093\u306b\u306f\u6226\u4e89\uff1d\u91d1\u4fa1\u683c\u9ad8\u9a30\u3068\u3044\u3046\u3001\u5358\u7d14\u306a\u767a\u60f3\u306f\u6301\u3063\u3066\u3044\u305f\u3060\u304d\u305f\u304f\u306a\u3044\u3067\u3059\u306d\u2049\u82e6\u7b11<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u5c11\u306a\u304f\u3068\u3082\u4eca\u5e74\u7b2c 1 \u56db\u534a\u671f\u306f\u3001\u77ed\u671f\u306e\u6295\u8cc7\u30fb\u6295\u6a5f\uff1f\u3068\u5f15\u304d\u7d9a\u304d\u4e2d\u592e\u9280\u884c\u306e\u91d1\u8cfc\u5165\u304c\u91d1\u5e02\u5834\u3092\u5e2d\u5dfb\u3057\u3066\u3044\u305f\u3001\u3068\u8003\u3048\u3089\u308c\u307e\u3059\uff01<\/p>\n\n\n\n
\u3082\u3057\u304b\u3059\u308b\u3068\u3001\u77ed\u671f\u7b4b\u306f\u5341\u5206\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u30cf\u30ba\u3067\u3059\uff01<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u5229\u76ca\u3092\u78ba\u5b9a\u3055\u305b\u300eSell in May\u300f\u30fb\u30fb\u30fb\u30fb\u91d1\u4fa1\u683c\u306e\u4e0b\u843d\u3001\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u2049<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u3057\u3070\u3089\u304f\u306f\u4e71\u9ad8\u4e0b\u306e\u5e02\u5834\u3068\u898b\u3066\u3044\u307e\u3059\uff01<\/p>\n","protected":false},"excerpt":{"rendered":"
Vol.163 \u226a \u91d1\u4fa1\u683c\u306e\u9ad8\u9a30\u539f\u56e0\u306f\u30fb\u30fb\u30fb\u30fb \u226b 2025.5.1. \u306a\u3093\u3068 2025 \u5e74\u3082 5 \u6708\u306b\u5165\u308a\u307e\u3057\u305f\uff01 \u6628\u65e5\u3001\u65e5\u672c\u6642\u9593\u306e\u65e5\u4e2d\u304b\u3089\u6d77\u5916\u91d1\u76f8\u5834\u306f\u4e71\u9ad8\u4e0b\u30fb\u30fb\u30fb\u30fb\u3068\u3044\u3046\u3088\u308a\u3082\u3001\u6025\u843d\u3067\u3059\u2049\u82e6\u7b11 \u305d\u3093\u306a\u4e2d\u3067\u6628\u65e5\u3001World Gold Council\uff1d\u30ef\u30fc\u30eb\u30c9\u30b4\u30fc\u30eb\u30c9\u30ab\u30a6\u30f3\u30b7\u30eb\u3088\u308a\u30012025 \u5e74\u7b2c 1 \u56db\u534a\u671f\u306e\u9700\u7d66\u30c7\u30fc\u30bf\u304c\u767a\u8868\u3068\u306a\u308a\u307e\u3057\u305f\u3002 \u91d1\u696d\u754c\u3067\u306f\u6700\u3082\u4fe1\u983c\u3067\u304d\u308b\u3001\u201d\u3069\u3061\u3089\u306b\u3082\u5bc4\u3089\u306a\u3044\u201d\u30c7\u30fc\u30bf\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\uff01 \u91d1\u3092\u8a9e\u308b\u4e0a\u3067\u306f\u3001\u6700\u4f4e\u9650\u77e5\u3063\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u306d\u2049\u82e6\u7b11 \u6570\u5b57\u3092\u898b\u308b\u5834\u5408\u3001\u3069\u306e\u3088\u3046\u306a\u6570\u5b57\u3067\u3082\u540c\u3058\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u3088\u304f\u4f7f\u308f\u308c\u308b\u8868\u73fe\u3067\u3042\u308a\u3001\u610f\u56f3\u7684\u306b\u6df7\u540c\u3055\u308c\u308b\u8868\u73fe\u300e\u524d\u671f\u6bd4\u300f\u3068\u300e\u524d\u5e74\u540c\u671f\u6bd4\u300f\u30fb\u30fb\u30fb\u30fb\u4eca\u56de\u306f\u3053\u306e 2 \u3064\u3082\u4f75\u305b\u3066\u8868\u8a18\u3057\u307e\u3059\u3002 \u767a\u8868\u3055\u308c\u305f\u9700\u7d66\u30c7\u30fc\u30bf\u306f\u30012025 \u5e74\u7b2c 1 \u56db\u534a\u671f(2025Q1)\u3067\u3059\u3002 \u300e\u524d\u671f\u6bd4\u300f\u3068\u306f\u30012024 \u5e74\u7b2c 4 \u56db\u534a\u671f(2024Q4)\u3067\u3059\u3002 \u300e\u524d\u5e74\u540c\u671f\u6bd4\u300f\u306f\u30012024 \u5e74\u7b2c 1 \u56db\u534a\u671f(2024Q1) \u4f9b\u7d66\u226b 2025Q1 2024Q4 2024Q1 \u9271\u5c71\u7523\u51fa \uff1a 855.7t 957.1\uff54\u3000 853.4t \u30ea\u30b5\u30a4\u30af\u30eb \uff1a 345.3t 358.7t 349.6t \u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb \u9700\u8981\u226b \u5b9d\u98fe\u95a2\u9023 \uff1a 380.3t 547.5t 480.1t \u5730\u91d1\u30fb\u30b3\u30a4\u30f3\u985e\uff1a 325.4t 326.0t 317.3t (\u30d0\u30fc\u306e\u307f \uff1a 257.6t 236.6t 226.8t ) \u91d1 ETF \uff1a 226.5t 18.7t \u25b3113.0t \u4e2d\u592e\u9280\u884c \uff1a 243.7t 365.1t 309.9t \u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb2025 \u5e74 1\u20103 \u6708\u671f\u306e\u4e3b\u306a\u9700\u7d66\u5185\u5bb9\u3067\u3059\uff01 \u524d\u5e74\u540c\u671f\u306f\u30de\u30a4\u30ca\u30b9\u3001\u524d\u671f\u306f 18.7t \u3060\u3063\u305f ETF \u304c\u4eca\u671f(1\u20103 \u6708\u671f)\u306b 226.5t\uff01\u9a5a \u6628\u5e74\u521d\u982d\u306f\u8cb7\u3046\u4eba\u3088\u308a\u58f2\u308b\u4eba\u304c\u591a\u304f\u3001\u5e74\u672b\u306b\u306a\u3063\u3066\u591a\u5c11\u8cb7\u3046\u4eba\u304c\u58f2\u308b\u4eba\u3088\u308a\u5897\u3048\u305f\u3001\u304b\u3089\u30fb\u30fb\u30fb\u30fb\u30fb\u30fb\u4eca\u5e74\u306f\u5e74\u521d\u304b\u3089\u6295\u8cc7\u306e\u5bfe\u8c61\u3068\u306a \u3063\u3066\u3044\u308b\u3053\u3068\u304c\u7aba\u3048\u307e\u3059\uff01 \u4e2d\u592e\u9280\u884c\u306e\u91d1\u8cfc\u5165\u3082\u3001\u6628\u5e74 1 \u5e74(1,000 \u30c8\u30f3\u8d85)\u306e\u307b\u307c\u5e73\u5747\u5024\uff01 \u3053\u306e\u3042\u305f\u308a\u304c\u3001\u91d1\u4fa1\u683c\u9ad8\u9a30\u306e\u539f\u56e0\u3068\u8003\u3048\u3066\u826f\u3044\u3067\u3057\u3087\u3046\u3002 \u3082\u3061\u308d\u3093\u30b3\u30b3\u306b\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u653f\u7b56\u3084\u4e0d\u5b89\u5b9a\u306a\u4e16\u754c\u60c5\u52e2\u304c\u80cc\u666f\u306b\u3042\u308b\u3053\u3068\u306f\u5426\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002 \u7686\u3055\u3093\u306b\u306f\u6226\u4e89\uff1d\u91d1\u4fa1\u683c\u9ad8\u9a30\u3068\u3044\u3046\u3001\u5358\u7d14\u306a\u767a\u60f3\u306f\u6301\u3063\u3066\u3044\u305f\u3060\u304d\u305f\u304f\u306a\u3044\u3067\u3059\u306d\u2049\u82e6\u7b11 \u5c11\u306a\u304f\u3068\u3082\u4eca\u5e74\u7b2c 1 \u56db\u534a\u671f\u306f\u3001\u77ed\u671f\u306e\u6295\u8cc7\u30fb\u6295\u6a5f\uff1f\u3068\u5f15\u304d\u7d9a\u304d\u4e2d\u592e\u9280\u884c\u306e\u91d1\u8cfc\u5165\u304c\u91d1\u5e02\u5834\u3092\u5e2d\u5dfb\u3057\u3066\u3044\u305f\u3001\u3068\u8003\u3048\u3089\u308c\u307e\u3059\uff01 \u3082\u3057\u304b\u3059\u308b\u3068\u3001\u77ed\u671f\u7b4b\u306f\u5341\u5206\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u30cf\u30ba\u3067\u3059\uff01 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