{"id":63905,"date":"2025-04-21T20:00:00","date_gmt":"2025-04-21T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=63905"},"modified":"2025-04-21T14:50:29","modified_gmt":"2025-04-21T05:50:29","slug":"%e3%83%95%e3%82%a9%e3%83%b3%e3%83%bb%e3%82%b0%e3%83%a9%e3%82%a4%e3%82%a2%e3%83%bc%e3%83%84%e6%b0%8f-%e3%83%89%e3%83%ab%e3%81%8b%e3%82%89%e3%81%ae%e8%b3%87%e9%87%91%e9%80%83%e9%81%bf%e3%81%a7%e4%b8%8a","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63905","title":{"rendered":"\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u4e0a\u6607\u3057\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u3082\u3046\u4e8c\u5ea6\u3068\u4e0b\u843d\u3057\u306a\u3044\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u3053\u308c\u304b\u3089\u66b4\u9a30\u3059\u308b"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Von Greyerz\u306e\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u304c\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u91d1\u76f8\u5834\u3068\u9280\u76f8\u5834\u306e\u9577\u671f\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u682a\u5b89\u3068\u91d1\u4fa1\u683c\u306e\u9ad8\u9a30<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4fa1\u304c\u4e0b\u843d\u3059\u308b\u4e2d\u3001\u91d1\u4fa1\u683c\u304c\u9ad8\u9a30\u3057\u3066\u3044\u308b\u3002\u91d1\u4fa1\u683c\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"599\" height=\"504\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-gold-chart.png\" alt=\"\" class=\"wp-image-63910\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-gold-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-gold-chart-300x252.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7269\u51c4\u3044\u4e0a\u304c\u308a\u65b9\u3067\u3042\u308b\u3002\u5e74\u59cb\u304b\u3089\u3082\u304620%\u4ee5\u4e0a\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u91d1\u4fa1\u683c\u4e0a\u6607\u306e\u539f\u56e0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531\u306f\u3001\u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u305d\u306e\u8fba\u308a\u306e\u4e8b\u60c5\u306f\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55076\" data-type=\"post\" data-id=\"55076\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u91d1\u4fa1\u683c\u304c\u3068\u3093\u3067\u3082\u306a\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531 (2024\/10\/15)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u53bb\u5e7410\u6708\u306e\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306e\u8a18\u4e8b\u306e\u6642\u70b9\u3067\u30b4\u30fc\u30eb\u30c9\u306f\u3068\u3093\u3067\u3082\u306a\u304f\u4e0a\u304c\u3063\u3066\u3044\u305f\u306e\u3060\u304c\u3001\u305d\u3053\u304b\u3089\u66f4\u306b20%\u4ee5\u4e0a\u4e0a\u304c\u3063\u305f\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u30c9\u30eb\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u8cc7\u91d1\u9003\u907f\u306f\u3001\u6700\u8fd1\u306e\u682a\u4fa1\u4e0b\u843d\u3067\u52a0\u901f\u3057\u305f\u3088\u3046\u306b\u898b\u3048\u308b\u3002\u682a\u4fa1\u304c\u4e0b\u304c\u308a\u3001\u7c73\u56fd\u50b5\u304c\u4e0b\u304c\u308a\u3001\u30b4\u30fc\u30eb\u30c9\u3060\u3051\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u3060\u304b\u3089\u3001\u4f55\u51e6\u304b\u3089\u4f55\u51e6\u3078\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b\u306e\u304b\u306f\u660e\u3089\u304b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63602\" data-type=\"post\" data-id=\"63602\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u682a\u4fa1\u3068\u56fd\u50b5\u3068\u4e0d\u52d5\u7523\u306f\u66b4\u843d\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u3060\u3051\u304c\u4fa1\u5024\u3092\u4fdd\u3064<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u91d1\u4fa1\u683c\u306e\u52d5\u5411\u4e88\u60f3<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b4\u30fc\u30eb\u30c9\u306f\u4f55\u51e6\u307e\u3067\u4e0a\u304c\u308b\u306e\u304b\u3002\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u308f\u305f\u3057\u306e\u4e88\u60f3\u3067\u306f\u3001\u3053\u306e\u30b4\u30fc\u30eb\u30c9\u306e\u4fa1\u683c\u306e\u5909\u5316\u306f\u6052\u4e45\u7684\u306a\u3082\u306e\u3060\u3002\u6052\u4e45\u7684\u3068\u3044\u3046\u306e\u306f\u3001\u5c11\u306a\u304f\u3068\u3082\u6570\u5341\u5e74\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b4\u30fc\u30eb\u30c9\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u4f8b\u3048\u3070\u7b46\u8005\u306f\u3001\u904e\u53bb40\u5e74\u306e\u7c73\u56fd\u682a\u306e\u4e0a\u6607\u304c\u904e\u53bb40\u5e74\u306e\u91d1\u5229\u4f4e\u4e0b\u306b\u3088\u3063\u3066\u652f\u3048\u3089\u308c\u3066\u304d\u305f\u3053\u3068\u3092\u6307\u6458\u3057\u3001\u91d1\u5229\u4f4e\u4e0b\u304c\u306a\u304f\u306a\u3063\u305f\u4eca\u3001\u9577\u671f\u7684\u306a\u7c73\u56fd\u682a\u306e\u4e0a\u6607\u3082\u6709\u308a\u5f97\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u6307\u6458\u3057\u3066\u304a\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63697\" data-type=\"post\" data-id=\"63697\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u7c73\u56fd\u682a\u306e\u5de8\u5927\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u3059\u308b\u3001\u682a\u4fa1\u4e0b\u843d\u306f25\u5e74\u4ee5\u4e0a\u306e\u9577\u671f\u4e0b\u843d\u76f8\u5834\u306e\u59cb\u307e\u308a\u306b\u904e\u304e\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u5f0f\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u306a\u3044\u306e\u306b\u3001\u30b4\u30fc\u30eb\u30c9\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b54\u3048\u306f\u5426\u3067\u3042\u308b\u3002\u30b4\u30fc\u30eb\u30c9\u304c\u6c38\u9060\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u30c9\u30eb\u304c\u6c38\u9060\u306b\u4e0b\u304c\u308a\u7d9a\u3051\u308b\u306e\u3067\u3042\u308b\u3002\u7d50\u679c\u3068\u3057\u3066\u3001\u30c9\u30eb\u3067\u8a08\u3063\u305f\u91d1\u4fa1\u683c\u306f\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u4ee5\u524d\u306e\u8a18\u4e8b\u3067\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63602\" data-type=\"post\" data-id=\"63602\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u682a\u4fa1\u3068\u56fd\u50b5\u3068\u4e0d\u52d5\u7523\u306f\u66b4\u843d\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u3060\u3051\u304c\u4fa1\u5024\u3092\u4fdd\u3064<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u30b4\u30fc\u30eb\u30c9\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5358\u306b\u305d\u306e\u8cfc\u8cb7\u529b\u3092\u7dad\u6301\u3059\u308b\u3060\u3051\u3060\u3002\u3060\u304b\u3089\u4fa1\u5024\u306e\u306a\u304f\u306a\u308b\u901a\u8ca8\u3067\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308c\u3070\u3001\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30c9\u30eb\u30d0\u30d6\u30eb\u306e\u5d29\u58ca<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f55\u6545\u30c9\u30eb\u306f\u30d0\u30d6\u30eb\u306a\u306e\u304b\u3002\u305d\u308c\u306f1945\u5e74\u4ee5\u6765\u3001\u4e16\u754c\u4e2d\u306e\u4e2d\u592e\u9280\u884c\u3084\u4f01\u696d\u3084\u8cc7\u7523\u5bb6\u304c\u30c9\u30eb\u3067\u8cc7\u91d1\u3092\u84c4\u3048\u7d9a\u3051\u3066\u304d\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u4e2d\u592e\u9280\u884c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55076\" data-type=\"post\" data-id=\"55076\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u91d1\u4fa1\u683c\u304c\u3068\u3093\u3067\u3082\u306a\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">1980\u5e74\u306b\u306f\u3001\u4e16\u754c\u306e\u4e2d\u592e\u9280\u884c\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e74%\u306f\u30b4\u30fc\u30eb\u30c9\u3060\u3063\u305f\u300274%\u3060\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u4eca\u3067\u306f20%\u3060\u3002\u3053\u308c\u306f\u5927\u5e45\u306a\u4e0b\u843d\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u308c\u306f\u53b3\u5bc6\u306b\u306f\u30b4\u30fc\u30eb\u30c9\u304c\u7e2e\u5c0f\u3057\u305f\u3068\u3044\u3046\u3088\u308a\u306f\u3001\u30c9\u30eb\u304c\u305d\u306e\u4ee3\u308f\u308a\u306b\u306a\u3063\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3060\u304c\u305d\u308c\u4ee5\u524d\u307e\u3067\u306f\u3001\u4e16\u754c\u7d4c\u6e08\u306f\u30b4\u30fc\u30eb\u30c9\u3092\u4e2d\u5fc3\u306b\u56de\u3063\u3066\u304d\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u554f\u984c\u3092\u5951\u6a5f\u3068\u3057\u3066\u3053\u306e\u30c9\u30eb\u306e\u30d0\u30d6\u30eb\u304c\u7d42\u308f\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u7b2c2\u6b21\u4e16\u754c\u5927\u6226\u4ee5\u964d\u306e\u30b4\u30fc\u30eb\u30c9\u304b\u3089\u30c9\u30eb\u3078\u306e\u30c8\u30ec\u30f3\u30c9\u306f\u3001\u9577\u671f\u7684\u306b\u5dfb\u304d\u623b\u3055\u308c\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63647\" data-type=\"post\" data-id=\"63647\">\u682a\u5f0f\u5e02\u5834\u66b4\u843d\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u3053\u308c\u304b\u3089\u4f55\u5ea6\u3067\u3082\u7c73\u56fd\u50b5\u4e0b\u843d\u306b\u8105\u3055\u308c\u7d9a\u3051\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u4e16\u754c\u5168\u4f53\u306e\u91d1\u878d\u8cc7\u7523\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u4eca\u3001\u30b4\u30fc\u30eb\u30c9\u306f\u4e16\u754c\u4e2d\u306e\u91d1\u878d\u8cc7\u7523\u306e0.5%\u306b\u904e\u304e\u306a\u3044\u304c\u3001\u3053\u308c\u304b\u3089\u6295\u8cc7\u5bb6\u306e\u8cc7\u7523\u306e5%\u304b\u3001\u6050\u3089\u304f10%\u307b\u3069\u306f\u30b4\u30fc\u30eb\u30c9\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u78ba\u304b\u306a\u6570\u5b57\u306a\u3069\u306a\u3044\u304c\u300110%\u307e\u3067\u8cb7\u308f\u308c\u308b\u5834\u5408\u3001\u91d1\u4fa1\u683c\u306f\u5927\u5e45\u306b\u4e0a\u304c\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b4\u30fc\u30eb\u30c9\u306f\u4eba\u3005\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4e2d\u3067\u4e3b\u8981\u306a\u3082\u306e\u306b\u5fa9\u5e30\u3059\u308b\u3002\u305d\u308c\u306f\u3082\u304675\u5e74\u9593\u8d77\u304d\u3066\u3044\u306a\u304b\u3063\u305f\u3053\u3068\u3060\u3002\u3060\u304b\u3089\u91d1\u4fa1\u683c\u306f\u5927\u5e45\u306b\u5909\u5316\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u307e\u3060\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u30b7\u30eb\u30d0\u30fc<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u9280\u4fa1\u683c\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u77ed\u671f\u7684\u306b\u306f\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u30b4\u30fc\u30eb\u30c9\u3088\u308a\u3082\u6025\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u30b4\u30fc\u30eb\u30c9\u3088\u308a2\u500d\u304b3\u500d\u306f\u901f\u304f\u4e0a\u304c\u308b\u306f\u305a\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b7\u30eb\u30d0\u30fc\u306f\u30b4\u30fc\u30eb\u30c9\u307b\u3069\u306f\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u3002\u9280\u4fa1\u683c\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-silver-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"599\" height=\"504\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-silver-chart.png\" alt=\"\" class=\"wp-image-63938\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-silver-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-21-silver-chart-300x252.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b7\u30eb\u30d0\u30fc\u304c\u30b4\u30fc\u30eb\u30c9\u306b\u6bd4\u3079\u3066\u51fa\u9045\u308c\u3066\u3044\u308b\u7406\u7531\u306f\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u4e2d\u592e\u9280\u884c\u306e\u6e96\u5099\u901a\u8ca8\u306b\u63a1\u7528\u3055\u308c\u3066\u3044\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3060\u304c1980\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u306f\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u30b4\u30fc\u30eb\u30c9\u3068\u540c\u3058\u3088\u3046\u306b20\u500d\u4ee5\u4e0a\u306b\u4e0a\u6607\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/35411\" data-type=\"post\" data-id=\"35411\">1970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u304a\u3051\u308b\u8cb4\u91d1\u5c5e\u3084\u8fb2\u4f5c\u7269\u306e\u4fa1\u683c\u63a8\u79fb<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001\u6b74\u53f2\u7684\u306b\u898b\u3066\u3082\u3001\u9280\u672c\u4f4d\u5236\u306f\u91d1\u672c\u4f4d\u5236\u3088\u308a\u3082\u30e1\u30b8\u30e3\u30fc\u306a\u901a\u8ca8\u5236\u5ea6\u3060\u3063\u305f\u3002\u30b7\u30eb\u30d0\u30fc\u306f\u5341\u5206\u306b\u30c9\u30eb\u306e\u4ee3\u308f\u308a\u306b\u306a\u308b\u306e\u3067\u3042\u308b\u3002\u3053\u306e\u307e\u307e\u30b4\u30fc\u30eb\u30c9\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u9577\u671f\u7684\u306b\u30b7\u30eb\u30d0\u30fc\u3060\u3051\u7f6e\u3044\u3066\u3044\u304b\u308c\u7d9a\u3051\u308b\u72b6\u6cc1\u306f\u8003\u3048\u304c\u305f\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eba\u3005\u306f\u300c\u30b7\u30eb\u30d0\u30fc\u306f\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u300d\u3068\u3044\u3046\u7406\u7531\u3067\u30b7\u30eb\u30d0\u30fc\u3092\u656c\u9060\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3060\u304c\u6050\u3089\u304f\u540c\u3058\u4eba\u3005\u304c\u300c\u30b4\u30fc\u30eb\u30c9\u304c\u4e0a\u304c\u308b\u524d\u306b\u8cb7\u3063\u3066\u304a\u3051\u3070\u826f\u304b\u3063\u305f\u300d\u3068\u601d\u3063\u3066\u3044\u308b\u306f\u305a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u306f\u8cb7\u308f\u306a\u3044\u7406\u7531\u306b\u306f\u306a\u3089\u306a\u3044\u3002\u9577\u671f\u7684\u306b\u3069\u3046\u306a\u308b\u3068\u4e88\u60f3\u3059\u308b\u304b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u30b7\u30eb\u30d0\u30fc\u306f\u30b4\u30fc\u30eb\u30c9\u3088\u308a\u5024\u52d5\u304d\u304c\u6fc0\u3057\u304f\u3001\u4fa1\u5024\u306e\u8caf\u8535\u624b\u6bb5\u3068\u3057\u3066\u306e\u7a0b\u5ea6\u306f\u30b4\u30fc\u30eb\u30c9\u3068\u540c\u3058\u3067\u306f\u306a\u3044\u304c\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u77ed\u671f\u7684\u306b\u8cc7\u7523\u3092\u5b88\u308c\u3001\u306a\u304a\u304b\u3064\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u6295\u8cc7\u306b\u3082\u306a\u308a\u3046\u308b\u8cc7\u7523\u3060\u3002\u4eca\u304c\u597d\u6a5f\u3060\u3068\u8a00\u3048\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u3044\u305a\u308c\u306b\u3057\u3066\u3082\u3001\u9577\u671f\u30c8\u30ec\u30f3\u30c9\u306f\u57fa\u8ef8\u901a\u8ca8\u30c9\u30eb\u306e\u9577\u671f\u7684\u8870\u9000\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u5275\u696d\u8005\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30c9\u30eb\u306e\u8987\u6a29\u7d42\u4e86\u3092\u30c6\u30fc\u30de\u306b\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/3IWcV1T\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\u300f\u3092\u66f8\u3044\u3066\u3044\u308b\u3002\u3053\u308c\u304b\u3089\u306e\u76f8\u5834\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u5fc5\u8aad\u306e\u672c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81CZHKszf9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\n","protected":false},"excerpt":{"rendered":"<p>Von Greyerz\u306e\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u304c\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u91d1\u76f8\u5834\u3068\u9280\u76f8\u5834\u306e\u9577\u671f\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,178,110],"tags":[204],"class_list":["post-63905","post","type-post","status-publish","format-standard","hentry","category-commodity-markets","category-silver","category-gold","tag-egon-von-greyerz"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/comments?post=63905"}],"version-history":[{"count":54,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63905\/revisions"}],"predecessor-version":[{"id":63961,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63905\/revisions\/63961"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=63905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=63905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=63905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}