{"id":72183,"date":"2025-11-15T20:00:00","date_gmt":"2025-11-15T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=72183"},"modified":"2025-11-15T01:28:16","modified_gmt":"2025-11-14T16:28:16","slug":"%e3%83%ad%e3%83%bc%e3%82%bc%e3%83%b3%e3%83%90%e3%83%bc%e3%82%b0%e6%b0%8f-%e9%87%91%e4%be%a1%e6%a0%bc%e3%81%ae%e9%95%b7%e6%9c%9f%e7%9a%84%e4%b8%8a%e6%98%87%e3%82%92%e6%94%af%e3%81%88%e3%82%8b%e4%b8%ad","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/72183","title":{"rendered":"\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u91d1\u4fa1\u683c\u306e\u9577\u671f\u7684\u4e0a\u6607\u3092\u652f\u3048\u308b\u4e2d\u592e\u9280\u884c\u3001\u307e\u3060\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\u3066\u3044\u306a\u3044\u4e00\u822c\u4eba"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3068\u30c7\u30a4\u30f4\u30a3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u5bfe\u8ac7\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u3001\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u304c\u91d1\u76f8\u5834\u306e\u4e0a\u6607\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u91d1\u4fa1\u683c\u306e\u4e0a\u6607<\/strong><\/p>\n\n\n\n<p>\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u59cb\u3081\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>\u30b4\u30fc\u30eb\u30c9\u3092\u305a\u3063\u3068\u8cb7\u3044\u7d9a\u3051\u3066\u3044\u308b\u306e\u306f\u4e2d\u592e\u9280\u884c\u3060\u3002\u4e2d\u592e\u9280\u884c\u306e\u8cb7\u3044\u306f\u3001\u4fa1\u683c\u304c\u5272\u9ad8\u304b\u5272\u5b89\u304b\u306a\u3069\u3068\u306f\u95a2\u4fc2\u304c\u306a\u304f\u3001\u305f\u3060\u9577\u671f\u7684\u306b\u884c\u308f\u308c\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u53b3\u5bc6\u306b\u8a00\u3048\u3070\u3001\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\u3066\u3044\u308b\u306e\u306fBRICS\u8af8\u56fd\u3084\u4e2d\u6771\u8af8\u56fd\u306a\u3069\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\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 (2024\/10\/15)<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3059\u3079\u3066\u306e\u4e2d\u592e\u9280\u884c\u304c\u73fe\u5728\u30b4\u30fc\u30eb\u30c9\u3092\u5916\u8ca8\u6e96\u5099\u3068\u3057\u3066\u5897\u3084\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5897\u3084\u3057\u3066\u3044\u308b\u306e\u306f\u6771\u5074\u8af8\u56fd\u306e\u4e2d\u592e\u9280\u884c\u3060\u3002<\/p>\n\n\n\n<p>\u4e2d\u56fd\u3001\u30ed\u30b7\u30a2\u3001\u30a4\u30f3\u30c9\u3001\u30d6\u30e9\u30b8\u30eb\u3001\u30c8\u30eb\u30b3\u3001\u3053\u308c\u3089\u306f\u4e00\u90e8\u3067\u3001\u897f\u5074\u306e\u56fd\u3082\u3042\u308b\u3002\u3060\u304c\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\u3066\u3044\u308b\u4e2d\u592e\u9280\u884c\u306e\u591a\u6570\u6d3e\u306f\u6771\u5074\u306e\u4e2d\u592e\u9280\u884c\u3060\u3002\u305d\u308c\u306f\u897f\u5074\u304b\u3089\u6771\u5074\u3078\u306e\u6a29\u529b\u306e\u79fb\u884c\u306a\u306e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u3053\u308c\u306f\u53bb\u5e7410\u6708\u306e\u8a18\u4e8b\u3067\u3042\u308b\u3002\u4fe1\u3058\u3089\u308c\u308b\u3060\u308d\u3046\u304b\u3002\u305d\u306e\u5f8c\u306e\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u306f\u3059\u3079\u3066\u3053\u306e\u8a18\u4e8b\u306b\u66f8\u3044\u3066\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u975e\u897f\u5074\u306e\u3001\u3064\u307e\u308a\u30a2\u30e1\u30ea\u30ab\u306e\u9854\u8272\u3092\u4f3a\u308f\u306a\u304f\u3066\u826f\u3044\u56fd\u3005\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u50b5\u52d9\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u306b\u30c9\u30eb\u306e\u4fa1\u5024\u3092\u4e0b\u3052\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u6c17\u3065\u304d\u3001\u5916\u8ca8\u6e96\u5099\u306e\u30c9\u30eb\u3092\u58f2\u308a\u6255\u3063\u3066\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68740\" data-type=\"post\" data-id=\"68740\">\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u5f8c\u4efb\u306f\u5e74\u5185\u306b\u767a\u8868\u3055\u308c\u3001\u91d1\u878d\u7de9\u548c\u3092\u78ba\u5b9f\u306b\u3059\u308b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67560\" data-type=\"post\" data-id=\"67560\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3001\u30a2\u30e1\u30ea\u30ab\u7248\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u306b\u3088\u308b\u30c9\u30eb\u66b4\u843d\u3092\u4e88\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u308c\u304c\u3001\u91d1\u4fa1\u683c\u304c\u7279\u306b\u3053\u30532\u5e74\u307b\u3069\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u7406\u7531\u3067\u3042\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\/11\/2025-11-15-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"541\" height=\"501\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/11\/2025-11-15-gold-chart.png\" alt=\"\" class=\"wp-image-72194\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/11\/2025-11-15-gold-chart.png 541w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/11\/2025-11-15-gold-chart-300x278.png 300w\" sizes=\"auto, (max-width: 541px) 100vw, 541px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u91d1\u4fa1\u683c\u306e\u9577\u671f\u7684\u306a\u63a8\u79fb<\/strong><\/p>\n\n\n\n<p>\u3082\u3046\u5c11\u3057\u72b6\u6cc1\u3092\u5927\u5c40\u7684\u306b\u3001\u9577\u671f\u7684\u306b\u898b\u3066\u307f\u3088\u3046\u3002\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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>\u4e2d\u592e\u9280\u884c\u306f\u304b\u3064\u306620\u5e74\u9593\u3001\u30b4\u30fc\u30eb\u30c9\u306e\u4fdd\u6709\u5272\u5408\u3092\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e70%\u304b\u308910%\u3078\u3068\u6e1b\u3089\u3057\u305f\u3053\u3068\u304c\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u308c\u306f\u30011970\u5e74\u4ee3\u306e\u30a4\u30f3\u30d5\u30ec\u3067\u91d1\u4fa1\u683c\u304c20\u500d\u4ee5\u4e0a\u306b\u4e0a\u304c\u3063\u305f\u5f8c\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u53ce\u307e\u3063\u305f1980\u5e74\u4ee3\u304b\u30892000\u5e74\u9803\u307e\u3067\u306e\u8a71\u3067\u3042\u308b\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>\u3053\u306e\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u306b\u304a\u3044\u3066\u3001\u91d1\u4fa1\u683c\u306f\u5927\u5e45\u306b\u4e0b\u843d\u3057\u3001\u4e2d\u592e\u9280\u884c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e70%\u3092\u5360\u3081\u3066\u3044\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u3001\u305f\u3063\u305f10%\u3092\u5360\u3081\u308b\u3060\u3051\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u304c\u5e95\u3067\u3042\u308a\u3001\u30b4\u30fc\u30eb\u30c9\u306f\u305d\u308c\u4ee5\u6765\u9577\u671f\u7684\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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>\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u3052\u76f8\u5834\u306f1999\u5e74\u5f8c\u534a\u306b\u91d1\u4fa1\u683c\u304c255\u30c9\u30eb\u3068\u306a\u3063\u305f\u6642\u304b\u3089\u59cb\u307e\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u4eca\u3001\u4e16\u754c\u306e\u4e2d\u592e\u9280\u884c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e20%\u304c\u30b4\u30fc\u30eb\u30c9\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u9577\u671f\u7684\u306a\u4e0a\u6607\u306b\u306f\u7406\u7531\u304c\u3042\u308b\u3002\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u5f8c\u306e\u91cf\u7684\u7de9\u548c\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u306a\u3069\u3001\u91d1\u878d\u7de9\u548c\u304c\u3069\u3093\u3069\u3093\u60aa\u5316\u3057\u3066\u3044\u308b\u3053\u3068\u3082\u305d\u3046\u3060\u304c\u3001\u4e16\u754c\u7684\u306b\u4e2d\u592e\u9280\u884c\u304c\u30c9\u30eb\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u3068\u8cc7\u91d1\u3092\u79fb\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u3001\u77ed\u671f\u7684\u306a\u52d5\u5411\u306f\u3055\u3066\u304a\u304d\u3001\u30b4\u30fc\u30eb\u30c9\u306e\u9577\u671f\u7684\u52d5\u5411\u3092\u77e5\u308a\u305f\u3051\u308c\u3070\u3001\u91d1\u878d\u7de9\u548c\u3068\u4e2d\u592e\u9280\u884c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u884c\u65b9\u3092\u4e88\u60f3\u3059\u308c\u3070\u826f\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u3001\u6b21\u306e\u3088\u3046\u306b\u3082\u30461\u3064\u8208\u5473\u6df1\u3044\u4e8b\u5b9f\u3092\u6319\u3052\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>\u5bb6\u8a08\u306e\u8cc7\u7523\u306e\u305f\u3063\u305f1%\u3060\u3051\u304c\u30b4\u30fc\u30eb\u30c9\u3060\u3068\u3044\u3046\u7d71\u8a08\u304c\u3042\u308b\u3002\u91d1\u4fa1\u683c\u304c\u3053\u308c\u3060\u3051\u4e0a\u6607\u3057\u3066\u3082\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u3053\u308c\u3060\u3051\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3044\u3066\u3082\u3001\u8cb7\u3063\u3066\u3044\u308b\u306e\u306f\u4e2d\u592e\u9280\u884c\u3068\u4e00\u90e8\u306e\u5148\u898b\u306e\u660e\u3042\u308b\u6295\u8cc7\u5bb6\u3060\u3051\u3067\u3001\u4e00\u822c\u306e\u4eba\u3005\u306f\u307e\u3060\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u878d\u653f\u7b56\u3068\u4e2d\u592e\u9280\u884c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3060\u3051\u3067\u3082\u30b4\u30fc\u30eb\u30c9\u306b\u306f\u8ffd\u3044\u98a8\u3060\u304c\u3001\u4e00\u822c\u306e\u4eba\u3005\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3057\u3066\u672c\u6c17\u3067\u61f8\u5ff5\u3057\u59cb\u3081\u308c\u3070\u3001\u91d1\u76f8\u5834\u306f\u3069\u3046\u306a\u3063\u3066\u3057\u307e\u3046\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u6050\u3089\u304f\u3001\u3082\u3057\u305d\u3046\u306a\u308c\u3070\u3001\u30b4\u30fc\u30eb\u30c9\u3088\u308a\u3082\u30b7\u30eb\u30d0\u30fc\u306e\u65b9\u304c\u5927\u304d\u306a\u6069\u6075\u3092\u53d7\u3051\u308b\u3068\u500b\u4eba\u7684\u306b\u306f\u8003\u3048\u3066\u3044\u308b\u3002\u7406\u7531\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u305d\u3061\u3089\u3082\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/71684\" data-type=\"post\" data-id=\"71684\">\u9280\u4fa1\u683c\u304c\u91d1\u4fa1\u683c\u306e\u6025\u9a30\u306b\u8ffd\u3044\u3064\u3044\u3066\u3086\u304f\u304b\u3069\u3046\u304b\u306f\u3001\u666e\u901a\u306e\u4eba\u3005\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u61f8\u5ff5\u3057\u59cb\u3081\u308b\u304b\u3069\u3046\u304b\u306b\u304b\u304b\u3063\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3068\u30c7\u30a4\u30f4\u30a3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u5bfe\u8ac7\u3067\u3042\u308b\u3002 \u4eca\u56de\u306f\u3001\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u304c\u91d1\u76f8\u5834\u306e\u4e0a\u6607\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,110],"tags":[190],"class_list":["post-72183","post","type-post","status-publish","format-standard","hentry","category-commodity-markets","category-gold","tag-david-rosenberg"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/72183","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=72183"}],"version-history":[{"count":21,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/72183\/revisions"}],"predecessor-version":[{"id":72206,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/72183\/revisions\/72206"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=72183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=72183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=72183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}