{"id":2878,"date":"2026-10-06T10:06:43","date_gmt":"2026-10-06T01:06:43","guid":{"rendered":"https:\/\/senfx.com\/?p=2878"},"modified":"2026-10-06T10:06:43","modified_gmt":"2026-10-06T01:06:43","slug":"gold-etf-futures-divergence","status":"publish","type":"post","link":"https:\/\/senfx.com\/?p=2878","title":{"rendered":"\u91d1ETF\u4fdd\u6709\u304c\u5897\u3048\u3066\u3082\u4fa1\u683c\u306f\u4e0b\u843d\u30019\u6708\u306e\u91d1\u5e02\u5834\u3092\u4e00\u679a\u5ca9\u3067\u898b\u306a\u3044"},"content":{"rendered":"<div class=\"tcdce-body\"><p>\u300c\u91d1ETF\u306b\u8cc7\u91d1\u304c\u5165\u3063\u3066\u3044\u308b\u306e\u306b\u3001\u91d1\u4fa1\u683c\u306f\u4e0b\u304c\u3063\u305f\u300d\u3002\u3053\u3093\u306a\u30cb\u30e5\u30fc\u30b9\u3092\u898b\u308b\u3068\u3001\u3069\u3061\u3089\u306e\u6570\u5b57\u3092\u4fe1\u3058\u308c\u3070\u3088\u3044\u306e\u304b\u8ff7\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3067\u3082\u3001\u9055\u3046\u5834\u6240\u3067\u9055\u3046\u4eba\u304c\u52d5\u3044\u3066\u3044\u308b\u306a\u3089\u3001\u4e8c\u3064\u306e\u52d5\u304d\u306f\u540c\u6642\u306b\u8d77\u3053\u308a\u5f97\u307e\u3059\u3002<\/p>\n<p>10\u67085\u65e5\u516c\u8868\u306eWorld Gold Council\uff08WGC\uff09\u306e\u9031\u5831\u306f\u30019\u6708\u306e\u91d1\u5e02\u5834\u3067\u305d\u306e\u98df\u3044\u9055\u3044\u3092\u7d39\u4ecb\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u56de\u306f\u3001ETF\u306e\u52d5\u304d\u3092\u91d1\u5e02\u5834\u5168\u4f53\u306e\u7b54\u3048\u306b\u3057\u3066\u3057\u307e\u308f\u306a\u3044\u305f\u3081\u306e\u8aad\u307f\u65b9\u3092\u3001\u4e00\u7dd2\u306b\u6574\u7406\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u60c5\u5831\u306f2026\u5e7410\u67086\u65e5\u5348\u524d\u306e\u78ba\u8a8d\u6642\u70b9\u3067\u3059\u3002<\/p>\n<h2>9\u6708\u306e\u91d1\u5e02\u5834\u3001\u4e8c\u3064\u306e\u6570\u5b57\u304c\u9055\u3046\u65b9\u5411\u3078<\/h2>\n<h3>ETF\u4fdd\u6709\u306e\u5897\u52a0\u3068\u4fa1\u683c\u4e0b\u843d\u306f\u3001\u4e21\u7acb\u3057\u3066\u3044\u305f<\/h3>\n<p>WGC\u306e10\u67085\u65e5\u4ed8\u9031\u5831\u306b\u3088\u308b\u3068\u30019\u6708\u306e\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306f8\uff05\u3092\u8d85\u3048\u3066\u4e0b\u843d\u3057\u305f\u4e00\u65b9\u3001\u4e16\u754c\u306e\u91d1ETF\u306b\u306f\u30c8\u30f3\u63db\u7b97\u306770\u30c8\u30f3\u3092\u8d85\u3048\u308b\u6d41\u5165\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f9\u6708\u306e\u632f\u308a\u8fd4\u308a\u3067\u300110\u67086\u65e5\u306e\u5024\u52d5\u304d\u3084\u5f53\u65e5\u306e\u6d41\u5165\u984d\u3092\u793a\u3059\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<h3>\u30c8\u30f3\u3067\u793a\u3057\u305f\u5897\u52a0\u3092\u3001\u30c9\u30eb\u306e\u6d41\u5165\u984d\u3068\u6df7\u305c\u306a\u3044<\/h3>\n<p>WGC\u306e\u7d71\u8a08\u8aac\u660e\u3067\u306f\u3001\u9700\u8981\u306f\u4fdd\u6709\u91d1\u306e\u5897\u6e1b\u3001\u8cc7\u91d1\u30d5\u30ed\u30fc\u306f\u671f\u9593\u4e2d\u306b\u51fa\u5165\u308a\u3057\u305f\u304a\u91d1\u3092\u7c73\u30c9\u30eb\u3067\u793a\u3059\u3082\u306e\u3067\u3059\u3002\u4eca\u56de\u306e\u300c70\u30c8\u30f3\u8d85\u300d\u306f\u4fdd\u6709\u91cf\u306e\u5897\u52a0\u5074\u3092\u8aad\u3080\u6570\u5b57\u3067\u3042\u308a\u300170\u5104\u30c9\u30eb\u306a\u3069\u306b\u8aad\u307f\u66ff\u3048\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u5358\u4f4d\u3092\u6b8b\u3057\u305f\u307e\u307e\u8aad\u3080\u3060\u3051\u3067\u3082\u3001\u30cb\u30e5\u30fc\u30b9\u306e\u5370\u8c61\u306f\u843d\u3061\u7740\u304d\u307e\u3059\u3002<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/senfx.com\/wp-content\/uploads\/2026\/10\/body-1-5.png\" alt=\"9\u6708\u306eETF\u4fdd\u6709\u91d1\u306e\u91cf\u306f\u5897\u52a0\u3057\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u4e0b\u843d\u3057\u305f\u3053\u3068\u3092\u6e2c\u5b9a\u5bfe\u8c61\u306e\u9055\u3044\u3067\u6574\u7406\u3057\u305f\u56f3\" \/><figcaption>9\u6708\u306e\u632f\u308a\u8fd4\u308a\u3067\u3059\u3002\u5f53\u65e5\u306e\u6570\u5024\u3084\u5c06\u6765\u306e\u4e88\u6e2c\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/figcaption><\/figure>\n<h2>ETF\u3068\u5148\u7269\u3067\u306f\u3001\u898b\u3066\u3044\u308b\u53c2\u52a0\u8005\u304c\u9055\u3046<\/h2>\n<h3>\u5148\u7269\u306e\u904b\u7528\u4e3b\u4f53\u306f\u5225\u306e\u52d5\u304d\u3092\u3057\u3066\u3044\u305f<\/h3>\n<p>\u540c\u3058WGC\u9031\u5831\u306f\u30019\u6708\u306bCOMEX\u306eManaged Money\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u304c84\u30c8\u30f3\u76f8\u5f53\u6e1b\u3063\u305f\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u63db\u7b97\u5024\u306f\u5148\u7269\u5074\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u5909\u5316\u3092\u793a\u3057\u3066\u304a\u308a\u3001\u91d1\u306e\u73fe\u726984\u30c8\u30f3\u304c\u5009\u5eab\u304b\u3089\u58f2\u3089\u308c\u305f\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002WGC\u306f\u5e02\u5834\u53c2\u52a0\u8005\u306e\u52d5\u304d\u306e\u9055\u3044\u3092\u3001ETF\u4fdd\u6709\u5897\u52a0\u3068\u4fa1\u683c\u4e0b\u843d\u304c\u4f75\u5b58\u3057\u305f\u80cc\u666f\u3068\u3057\u3066\u6319\u3052\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>Managed Money\u306f\u300c\u6295\u8cc7\u5bb6\u5168\u54e1\u300d\u3067\u306f\u306a\u3044<\/h3>\n<p>CFTC\u306e\u516c\u5f0f\u8aac\u660e\u3067\u306f\u3001\u3053\u306e\u5206\u985e\u306b\u306f\u5546\u54c1\u6295\u8cc7\u9867\u554f\u3001\u5546\u54c1\u30d7\u30fc\u30eb\u904b\u55b6\u8005\u306a\u3069\u3001\u9867\u5ba2\u306e\u305f\u3081\u306b\u5148\u7269\u904b\u7528\u3092\u884c\u3046\u4e3b\u4f53\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u91d1ETF\u306e\u4fdd\u6709\u8005\u5168\u4f53\u3068\u3082\u3001\u91d1\u5e02\u5834\u306e\u6295\u8cc7\u5bb6\u5168\u4f53\u3068\u3082\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u300c\u6295\u8cc7\u5bb6\u304c\u8cb7\u3063\u305f\u300d\u300c\u6295\u8cc7\u5bb6\u304c\u58f2\u3063\u305f\u300d\u3068\u4e00\u8a00\u306b\u3059\u308b\u3068\u3001\u9055\u3046\u53c2\u52a0\u8005\u306e\u52d5\u304d\u304c\u898b\u3048\u306b\u304f\u304f\u306a\u308b\u306e\u3067\u3059\u306d\u3002<\/p>\n<h2>\u540c\u3058\u30c8\u30f3\u8868\u8a18\u3067\u3082\u3001\u305d\u306e\u307e\u307e\u5f15\u304d\u7b97\u3057\u306a\u3044<\/h2>\n<h3>\u4fdd\u6709\u91d1\u3068\u5148\u7269\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u3001\u6e2c\u3063\u3066\u3044\u308b\u3082\u306e\u304c\u9055\u3046<\/h3>\n<p>ETF\u306e\u4fdd\u6709\u5897\u52a0\u3068\u5148\u7269\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u5909\u5316\u3092\u4e26\u3079\u308b\u3053\u3068\u306f\u3001\u5e02\u5834\u306e\u69d8\u5b50\u3092\u77e5\u308b\u624b\u304c\u304b\u308a\u306b\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3001\u4e8c\u3064\u3092\u5dee\u3057\u5f15\u3044\u3066\u300c\u91d1\u5e02\u5834\u5168\u4f53\u3067\u306f\u4f55\u30c8\u30f3\u306e\u58f2\u308a\u3060\u3063\u305f\u300d\u3068\u3059\u308b\u306e\u306f\u5225\u306e\u8a71\u3067\u3059\u3002\u5bfe\u8c61\u3082\u4ed5\u7d44\u307f\u3082\u9055\u3044\u3001\u307b\u304b\u306e\u53c2\u52a0\u8005\u306e\u52d5\u304d\u3082\u542b\u307e\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<h3>\u5024\u4e0b\u304c\u308a\u306e\u539f\u56e0\u3092\u4e00\u3064\u306b\u6c7a\u3081\u306a\u3044<\/h3>\n<p>\u3053\u3053\u304b\u3089\u306f\u6570\u5b57\u3092\u8aad\u3080\u305f\u3081\u306e\u8003\u3048\u65b9\u3067\u3059\u3002\u4fa1\u683c\u306e\u5909\u5316\u3068\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u5909\u5316\u304c\u540c\u6642\u306b\u898b\u3089\u308c\u3066\u3082\u3001\u305d\u308c\u3060\u3051\u3067\u539f\u56e0\u3068\u7d50\u679c\u306e\u9806\u756a\u306f\u5206\u304b\u308a\u307e\u305b\u3093\u3002\u4fa1\u683c\u304c\u52d5\u3044\u305f\u5f8c\u3067\u904b\u7528\u3092\u5909\u3048\u305f\u4eba\u3082\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u300c\u5148\u7269\u5074\u306e\u6e1b\u5c11\u3060\u3051\u304c\u4fa1\u683c\u4e0b\u843d\u3092\u8d77\u3053\u3057\u305f\u300d\u3068\u307e\u3067\u306f\u8a00\u3044\u5207\u3089\u305a\u3001\u8907\u6570\u306e\u52d5\u304d\u3092\u4e26\u3079\u3066\u773a\u3081\u308b\u4f59\u5730\u3092\u6b8b\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/senfx.com\/wp-content\/uploads\/2026\/10\/body-2-5.png\" alt=\"ETF\u306e\u73fe\u7269\u4fdd\u6709\u91cf\u306e\u5909\u5316\u3068\u5148\u7269\u904b\u7528\u4e3b\u4f53\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u63db\u7b97\u5024\u3092\u5e02\u5834\u5168\u4f53\u306e\u58f2\u8cb7\u91cf\u3068\u3057\u3066\u76f8\u6bba\u3067\u304d\u306a\u3044\u3053\u3068\u3092\u793a\u3059\u56f3\" \/><figcaption>\u5bfe\u8c61\u3068\u4ed5\u7d44\u307f\u306e\u9055\u3044\u3092\u793a\u3057\u305f\u72ec\u81ea\u6982\u5ff5\u56f3\u3067\u3059\u3002<\/figcaption><\/figure>\n<h2>\u6b21\u306e\u91d1\u30cb\u30e5\u30fc\u30b9\u3067\u3001\u4e3b\u8a9e\u3092\u4e00\u3064\u8db3\u3057\u3066\u307f\u3088\u3046<\/h2>\n<h3>\u8ab0\u306e\u3001\u3069\u306e\u671f\u9593\u306e\u3001\u4f55\u306e\u5897\u6e1b\u304b<\/h3>\n<p>\u6b21\u306bETF\u6d41\u5165\u306e\u30cb\u30e5\u30fc\u30b9\u3092\u898b\u305f\u3089\u3001\u307e\u305a\u300c\u4e16\u754c\u5168\u4f53\u306a\u306e\u304b\u3001\u7279\u5b9a\u306e\u30d5\u30a1\u30f3\u30c9\u306a\u306e\u304b\u300d\u300c\u6708\u9593\u306a\u306e\u304b\u3001\u9031\u6b21\u306a\u306e\u304b\u300d\u300c\u4fdd\u6709\u30c8\u30f3\u6570\u306a\u306e\u304b\u3001\u30c9\u30eb\u5efa\u3066\u30d5\u30ed\u30fc\u306a\u306e\u304b\u300d\u3092\u78ba\u304b\u3081\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u5148\u7269\u306e\u6570\u5b57\u306a\u3089\u3001\u3069\u306e\u53c2\u52a0\u8005\u5206\u985e\u3067\u3001\u3069\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6570\u3048\u3066\u3044\u308b\u304b\u3082\u6dfb\u3048\u308b\u3068\u3001\u6bd4\u8f03\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u6750\u6599\u306f\u5224\u65ad\u306e\u624b\u304c\u304b\u308a\u3068\u3057\u3066\u7f6e\u3044\u3066\u304a\u304f<\/h3>\n<p>ETF\u306e\u4fdd\u6709\u5897\u52a0\u306f\u3001\u305d\u306e\u5e02\u5834\u306b\u95a2\u5fc3\u304c\u5411\u304b\u3063\u3066\u3044\u305f\u3053\u3068\u3092\u8003\u3048\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u308c\u3067\u3082\u3001\u6b21\u306e\u91d1\u4fa1\u683c\u304c\u5fc5\u305a\u4e0a\u304c\u308b\u3068\u3044\u3046\u5408\u56f3\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002\u4eca\u56de\u306e9\u6708\u306e\u4f8b\u306f\u3001\u91d1\u5e02\u5834\u3092\u4e00\u679a\u5ca9\u306b\u898b\u306a\u3044\u3088\u3044\u304d\u3063\u304b\u3051\u3067\u3059\u3002\u6570\u5b57\u306e\u4e3b\u8a9e\u3092\u305d\u308d\u3048\u3066\u304b\u3089\u3001\u30c9\u30eb\u3084\u91d1\u5229\u306a\u3069\u5225\u306e\u6750\u6599\u3068\u5408\u308f\u305b\u3066\u3001\u3086\u3063\u304f\u308a\u73fe\u5728\u5730\u3092\u78ba\u304b\u3081\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u53c2\u7167\u8cc7\u6599\uff1a<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2026\/10\/weekly-markets-monitor-out-ordinary\">WGC 10\u67085\u65e5\u4ed8\u9031\u5831<\/a>\u3001<a href=\"https:\/\/www.gold.org\/goldhub\/data\/global-gold-backed-etf-holdings-and-flows\">WGC \u91d1ETF\u7d71\u8a08\u30fb\u5b9a\u7fa9<\/a>\u3001<a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/DisaggregatedExplanatoryNotes\/index.htm\">CFTC 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