{"id":4103,"date":"2016-08-17T22:45:12","date_gmt":"2016-08-17T13:45:12","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=4103"},"modified":"2016-08-17T22:45:12","modified_gmt":"2016-08-17T13:45:12","slug":"%e3%82%b8%e3%83%a7%e3%83%bc%e3%82%b8%e3%83%bb%e3%82%bd%e3%83%ad%e3%82%b9%e6%b0%8f%e3%81%8c%e9%87%91etf%e3%81%a8%e9%87%91%e9%89%b1%e6%a0%aa%e3%82%92%e5%a3%b2%e5%8d%b4%e3%80%81%e7%b1%b3%e5%9b%bd","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4103","title":{"rendered":"\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u91d1ETF\u3068\u91d1\u9271\u682a\u3092\u58f2\u5374\u3001\u7c73\u56fd\u682a\u306e\u7a7a\u58f2\u308a\u306f\u500d\u5897\u3001\u5229\u4e0a\u3052\u3092\u8b66\u6212\u304b"},"content":{"rendered":"<p>\u6bce\u56db\u534a\u671f\u6052\u4f8b\u306eForm 13F\u3067\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u7c73\u56fd\u682a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u516c\u958b\u3055\u308c\u305f\u306e\u3067\u3001\u8457\u540d\u6295\u8cc7\u5bb6\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u898b\u3066\u3086\u304d\u305f\u3044\u3002\u4eca\u56de\u306e\u30c7\u30fc\u30bf\u306f2016\u5e746\u6708\u672b\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p><!--more--><strong>\u91d1ETF\u3068\u91d1\u9271\u682a\u3092\u5229\u76ca\u78ba\u5b9a<\/strong><\/p>\n<p>\u5148\u305a\u3001\u4e00\u756a\u6ce8\u76ee\u3059\u3079\u304d\u306f\u91d1\u76f8\u5834\u95a2\u9023\u3067\u3042\u308b\u3002\u30c0\u30dc\u30b9\u4f1a\u8b70\u3067\u91d1\u878d\u5371\u6a5f\u306e\u518d\u6765\u3092\u4e88\u8a00\u3057\u3001\u91d1\u76f8\u5834\u306e\u4e0a\u6607\u306b\u8ced\u3051\u3066\u3044\u305f\u30bd\u30ed\u30b9\u6c0f\u304c\u305d\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u307b\u3068\u3093\u3069\u3092\u5229\u76ca\u78ba\u5b9a\u3057\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3289\">\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u91d1\u3068\u91d1\u9271\u682a\u8cb7\u3044\u3001\u7c73\u56fd\u682a\u306e\u7a7a\u58f2\u308a\u7d99\u7d9a<\/a><\/li>\n<\/ul>\n<p>\u524d\u56de\u306eForm 13F\u3001\u3064\u307e\u308a3\u6708\u672b\u306e\u30c7\u30fc\u30bf\u3067\u306f\u3001\u30bd\u30ed\u30b9\u6c0f\u306f\u91d1\u63a1\u6398\u4f01\u696d\u306eBarrick Gold Corporation (NYSE:ABX; <a href=\"https:\/\/www.google.com\/finance?q=NYSE:ABX\" target=\"_blank\">Google Finance<\/a>)\u30922\u51046371\u4e07\u30c9\u30eb\u5206\u6301\u3063\u3066\u3044\u305f\u304c\u30016\u6708\u672b\u306b\u306f2278\u4e07\u30c9\u30eb\u306b\u6e1b\u5c11\u3057\u3066\u3044\u308b\u30029\u5272\u4ee5\u4e0a\u3092\u5229\u76ca\u78ba\u5b9a\u3057\u305f\u5f62\u3068\u306a\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-barrick-gold-corporation-nyse-abx-chart.png\" rel=\"attachment wp-att-4114\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4114\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-barrick-gold-corporation-nyse-abx-chart.png\" alt=\"2016-8-17-barrick-gold-corporation-nyse-abx-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-barrick-gold-corporation-nyse-abx-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-barrick-gold-corporation-nyse-abx-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u307e\u305f\u3001\u91d1ETF\u3067\u3042\u308bSPDR Gold Trust ETF (NYSEARCA:GLD; <a href=\"https:\/\/www.google.com\/finance?cid=702696\" target=\"_blank\">Google Finance<\/a>)\u306f1\u51042348\u4e07\u30c9\u30eb\u304b\u30892287\u4e07\u30c9\u30eb\u3068\u306a\u308a\u3001\u3053\u3061\u3089\u30828\u5272\u4ee5\u4e0a\u3092\u5229\u76ca\u78ba\u5b9a\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-spdr-gold-trust-etf-nysearca-gld-chart.png\" rel=\"attachment wp-att-4115\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4115\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-spdr-gold-trust-etf-nysearca-gld-chart.png\" alt=\"2016-8-17-spdr-gold-trust-etf-nysearca-gld-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-spdr-gold-trust-etf-nysearca-gld-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-spdr-gold-trust-etf-nysearca-gld-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p><strong>\u7c73\u56fd\u682a\u306f\u7a7a\u58f2\u308a\u3092\u500d\u5897<\/strong><\/p>\n<p>\u4e00\u65b9\u3067\u3001\u7c73\u56fd\u682a\u306e\u4e0b\u843d\u306b\u8ced\u3051\u308b\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306f4.3\u5104\u30c9\u30eb\uff08\u539f\u8cc7\u7523\u306e\u682a\u5f0f\u306e\u8a55\u4fa1\u984d\uff09\u304b\u30898.4\u5104\u30c9\u30eb\u3078\u3068\u307b\u307c\u500d\u5897\u3057\u305f\u30026\u6708\u672b\u304b\u3089\u7c73\u56fd\u682a\u304c\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3068\u8a00\u3048\u3070\u3001\u8aad\u8005\u306b\u3082\u5468\u77e5\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-s-and-p-500-chart.png\" rel=\"attachment wp-att-4117\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4117\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-s-and-p-500-chart.png\" alt=\"2016-8-17-s-and-p-500-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-s-and-p-500-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-s-and-p-500-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u4e0a\u8a18\u306fS&amp;P 500\u306b\u9023\u52d5\u3059\u308bETF\u306e\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3060\u304c\u3001\u30bd\u30ed\u30b9\u6c0f\u306f\u7c73\u56fd\u306e\u5c0f\u578b\u682a\u6307\u6570Russell 2000\u306e\u30d7\u30c3\u30c8\u30822\u5104\u30c9\u30eb\u5206\u4fdd\u6709\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u3053\u306e\u6307\u6570\u306e\u5024\u52d5\u304d\u3082\u30bd\u30ed\u30b9\u6c0f\u306e\u8ced\u3051\u308b\u4e0b\u843d\u65b9\u5411\u306b\u306f\u52d5\u3044\u3066\u3044\u306a\u3044\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-russell-2000-chart.png\" rel=\"attachment wp-att-4118\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4118\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-russell-2000-chart.png\" alt=\"2016-8-17-russell-2000-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-russell-2000-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-russell-2000-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u3082\u3046\u4e00\u3064\u6ce8\u76ee\u3059\u3079\u304d\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6319\u3052\u308c\u3070\u3001\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\uff08\u30b8\u30e3\u30f3\u30af\u50b5\uff09\u306b\u9023\u52d5\u3059\u308bETF\u306e\u30d7\u30c3\u30c8\u304c7000\u4e07\u30c9\u30eb\u5206\u5b58\u5728\u3059\u308b\u3002\u3053\u3061\u3089\u3082\u4e0b\u843d\u65b9\u5411\u306b\u8ced\u3051\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-ishares-high-yield-corporate-bond-etf-nyarca-hyg-chart.png\" rel=\"attachment wp-att-4119\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4119\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-ishares-high-yield-corporate-bond-etf-nyarca-hyg-chart.png\" alt=\"2016-8-17-ishares-high-yield-corporate-bond-etf-nyarca-hyg-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-ishares-high-yield-corporate-bond-etf-nyarca-hyg-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-17-ishares-high-yield-corporate-bond-etf-nyarca-hyg-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p><strong>\u30bd\u30ed\u30b9\u6c0f\u306e\u76f8\u5834\u89b3<\/strong><\/p>\n<p>\u516c\u958b\u3055\u308c\u305f\u306e\u306f\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u307f\u3067\u3042\u308a\u3001\u30bd\u30ed\u30b9\u6c0f\u81ea\u8eab\u304c\u30b3\u30e1\u30f3\u30c8\u3092\u51fa\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u304b\u3089\u3001\u5f7c\u306e\u771f\u610f\u306f\u63a8\u6e2c\u3059\u308b\u3057\u304b\u306a\u3044\u3002\u3057\u304b\u3057\u4e00\u822c\u7684\u306b\u8003\u3048\u3066\u3001\u91d1\u9271\u682a\u306e\u5229\u76ca\u78ba\u5b9a\u3001\u7c73\u56fd\u682a\u306e\u7a7a\u58f2\u308a\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u3068\u3044\u3046\u306e\u306f\u3059\u3079\u3066\u7c73\u56fd\u306e\u5229\u4e0a\u3052\u306b\u8ced\u3051\u308b\u30c8\u30ec\u30fc\u30c9\u3067\u3042\u308b\u3002<\/p>\n<p>\u91d1\u306e\u8cb7\u3044\u306b\u95a2\u3057\u3066\u77ed\u4e2d\u671f\u7684\u306b\u306f\u7c73\u56fd\u306e\u5229\u4e0a\u3052\u306b\u8b66\u6212\u3059\u3079\u304d\u3060\u3068\u3044\u3046\u306e\u306f\u3001\u5c11\u3057\u524d\u306b\u3053\u3053\u3067\u3082\u8b70\u8ad6\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u73fe\u91d1\u306e\u9b45\u529b\u304c\u5897\u3057\u3001\u91d1\u4fa1\u683c\u306b\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4020\">2017\u5e74\u3078\u306e\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3: \u9577\u671f\u7684\u306b\u306f\u30d0\u30d6\u30eb\u306b\u306a\u308b\u304c\u3001\u77ed\u671f\u7684\u306b\u306f\u5c71\u3092\u8d8a\u3048\u308b\u5fc5\u8981\u3042\u308a<\/a><\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u7c73\u56fd\u682a\u306e\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3046\u3068\u3044\u3046\u306e\u306f\u3001\u307e\u3055\u306b\u305d\u306e\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\u3068\u3057\u3066\u308f\u305f\u3057\u3082\u8a00\u53ca\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u3082\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4044\">\u7c73\u56fd\u5229\u4e0a\u3052\u306b\u3088\u308b\u91d1\u4fa1\u683c\u306e\u77ed\u671f\u7684\u4e0b\u843d\u3092\u30d8\u30c3\u30b8\u3059\u308b\u65b9\u6cd5\u4e00\u89a7<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u500b\u4eba\u7684\u306a\u7d50\u8ad6\u3068\u3057\u3066\u306f\u3001\u5371\u967a\u6c34\u57df\u306b\u8db3\u3092\u8e0f\u307f\u5165\u308c\u3064\u3064\u3042\u308b\u7c73\u56fd\u682a\u306e\u7a7a\u58f2\u308a\u3092\u5f90\u3005\u306b\u8003\u3048\u3064\u3064\u3082\u3001\u91d1\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u81ea\u4f53\u306f\u7dad\u6301\u3059\u308b\u7d50\u8ad6\u3092\u51fa\u3057\u305f\u3002\u4e00\u65b9\u3067\u30bd\u30ed\u30b9\u6c0f\u306f\u91d1\u9271\u682a\u3082\u5229\u76ca\u78ba\u5b9a\u3057\u3001\u3057\u304b\u3082\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u307e\u3067\u3057\u3066\u3044\u308b\u5206\u3001\u76f8\u5f53\u5229\u4e0a\u3052\u3092\u8b66\u6212\u3057\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><strong>\u7c73\u56fd\u5229\u4e0a\u3052\u306f\u3069\u3046\u306a\u308b\u304b\uff1f<\/strong><\/p>\n<p>\u30bd\u30ed\u30b9\u6c0f\u306e\u61f8\u5ff5\u306f\u6b63\u3057\u3044\u3060\u308d\u3046\u304b\uff1f\u3000\u5c11\u306a\u304f\u3068\u3082\u5358\u306a\u308b\u7a7a\u58f2\u308a\u3067\u306f\u306a\u304f\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3042\u308b\u306e\u3067\u640d\u5931\u306f\u9650\u3089\u308c\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u3042\u308a\u3001\u30bd\u30ed\u30b9\u6c0f\u3082\u81ea\u5206\u306e\u610f\u56f3\u3068\u306f\u9006\u306b\u52d5\u304f\u53ef\u80fd\u6027\u3092\u8003\u3048\u3066\u306e\u3053\u3068\u3060\u308d\u3046\u3002\u4e8b\u5b9f\u3001\u73fe\u72b6\u3067\u306f\u76f8\u5834\u306f\u30bd\u30ed\u30b9\u6c0f\u306e\u60f3\u5b9a\u3068\u306f\u9006\u65b9\u5411\u306b\u52d5\u3044\u3066\u3044\u308b\u3002<\/p>\n<p>\u5229\u4e0a\u3052\u3092\u53d6\u308a\u5dfb\u304f\u74b0\u5883\u3068\u3057\u3066\u8003\u616e\u3059\u3079\u304d\u306a\u306e\u306f\u3001\u7c73\u56fd\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u7d4c\u6e08\u6210\u9577\u7387\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u91d1\u4fa1\u683c\u306b\u95a2\u3059\u308b\u8a18\u4e8b\u3067\u66f8\u3044\u305f\u901a\u308a\u3001\u3053\u306e\u4e8c\u3064\u306f\u9006\u65b9\u5411\u306b\u52d5\u3044\u3066\u3044\u308b\u3002\u9ad8\u6b62\u307e\u308a\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u3001\u6e1b\u901f\u3059\u308b\u7d4c\u6e08\u6210\u9577\u3067\u3042\u308b\u3002\u7c73\u56fd\u306e\u91d1\u878d\u653f\u7b56\u306f\u76f8\u53cd\u3059\u308b\u4e8c\u3064\u306e\u6307\u6a19\u306b\u8eab\u52d5\u304d\u304c\u53d6\u308c\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3981\">\u30c9\u30eb\u66b4\u843d\u4e88\u60f3\u3092\u88cf\u4ed8\u3051\u308b\u7c73\u56fdGDP: 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href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3011\">2016\u5e74\u534a\u3070\u3001\u8457\u540d\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u306e\u76f8\u5834\u4e88\u60f3\u3092\u63a1\u70b9\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u305d\u308c\u306f\u4eca\u5f8c\u3082\u305d\u3046\u306a\u308b\u3053\u3068\u3092\u5fc5\u305a\u3057\u3082\u610f\u5473\u3057\u306a\u3044\u3002\u77ed\u671f\u7684\u306a\u52d5\u5411\u306b\u3064\u3044\u3066\u306f\u3042\u307e\u308a\u6c7a\u3081\u3066\u304b\u304b\u3089\u305a\u3001\u6bce\u6708\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306a\u3069\u306e\u6307\u6a19\u3092\u898b\u306a\u304c\u3089\u9010\u6b21\u8abf\u6574\u3057\u3066\u3086\u304f\u5fc5\u8981\u304c\u3042\u308b\u3060\u308d\u3046\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6bce\u56db\u534a\u671f\u6052\u4f8b\u306eForm 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