{"id":3031,"date":"2026-11-02T10:08:47","date_gmt":"2026-11-02T01:08:47","guid":{"rendered":"https:\/\/senfx.com\/?p=3031"},"modified":"2026-11-02T10:08:47","modified_gmt":"2026-11-02T01:08:47","slug":"gold-etf-turnover-versus-flows","status":"publish","type":"post","link":"https:\/\/senfx.com\/?p=3031","title":{"rendered":"\u91d1ETF\u3092\u8cb7\u3046\u305f\u3073\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u91d1\u3082\u5897\u3048\u308b\uff1f \u58f2\u8cb7\u3068\u8a2d\u5b9a\u30fb\u89e3\u7d04\u306e\u9055\u3044"},"content":{"rendered":"<div class=\"tcdce-body\"><p>\u91d1ETF\u3092\u8cb7\u3046\u3068\u3001\u305d\u306e\u305f\u3073\u306b\u30d5\u30a1\u30f3\u30c9\u306e\u91d1\u3082\u5897\u3048\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u5b9f\u306f\u3001\u3059\u3067\u306b\u3042\u308b\u6301\u3061\u5206\u306e\u6301\u3061\u4e3b\u304c\u66ff\u308f\u308b\u53d6\u5f15\u3068\u3001\u65b0\u3057\u304f\u6301\u3061\u5206\u3092\u4f5c\u308b\u624b\u7d9a\u304d\u306f\u5225\u3067\u3059\u3002\u4eca\u65e5\u306f\u3053\u306e\u4e8c\u3064\u306e\u7d4c\u8def\u3092\u3001\u91d1ETF\u306e\u30cb\u30e5\u30fc\u30b9\u3068\u3064\u306a\u3052\u3066\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2>9\u6708\u306f\u58f2\u8cb7\u4ee3\u91d1\u304c\u6e1b\u3063\u3066\u3082\u3001\u8cc7\u91d1\u306f\u7d14\u6d41\u5165<\/h2>\n<h3>\u65e5\u6b21\u5e73\u5747\u3068\u6708\u9593\u306e\u6570\u5b57\u304c\u4e26\u3093\u3067\u3044\u308b<\/h3>\n<p>World Gold Council\uff08WGC\uff09\u304c10\u67087\u65e5\u306b\u516c\u8868\u3057\u305f9\u6708\u306e\u5831\u544a\u3067\u306f\u3001\u4e16\u754c\u306e\u91d1ETF\u306e\u58f2\u8cb7\u4ee3\u91d1\u306f1\u65e5\u5e73\u574770\u5104\u30c9\u30eb\u3067\u3001\u524d\u6708\u6bd419\uff05\u6e1b\u3067\u3057\u305f\u3002\u4e00\u65b9\u30019\u6708\u306e\u6708\u9593\u7d14\u6d41\u5165\u306f100\u5104\u30c9\u30eb\u3067\u3059\u3002\u5bfe\u8c61\u306f2026\u5e749\u6708\u3067\u3042\u308a\u300111\u67082\u65e5\u306e\u8cc7\u91d1\u52d5\u5411\u3092\u793a\u3059\u6570\u5b57\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<h3>70\u5104\u3068100\u5104\u3092\u3001\u305d\u306e\u307e\u307e\u6bd4\u3079\u306a\u3044<\/h3>\n<p>\u524d\u8005\u306f1\u65e5\u5f53\u305f\u308a\u306e\u53d6\u5f15\u984d\u3001\u5f8c\u8005\u306f1\u304b\u6708\u306e\u8cc7\u91d1\u306e\u7d14\u6d41\u5165\u3067\u3059\u3002\u307e\u305a\u671f\u9593\u304c\u9055\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u58f2\u8cb7\u4ee3\u91d1\u306f\u53d6\u5f15\u306e\u7dcf\u984d\u3001\u7d14\u6d41\u5165\u306f\u5165\u3063\u3066\u304d\u305f\u8cc7\u91d1\u3068\u51fa\u3066\u3044\u3063\u305f\u8cc7\u91d1\u306e\u5dee\u3092\u6349\u3048\u308b\u6307\u6a19\u3067\u3059\u3002\u6570\u5b57\u306e\u5927\u5c0f\u3060\u3051\u3067\u300c\u58f2\u8cb7\u306e\u5927\u90e8\u5206\u304c\u65b0\u3057\u3044\u8cb7\u3044\u3060\u3063\u305f\u300d\u3068\u8a08\u7b97\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/senfx.com\/wp-content\/uploads\/2026\/11\/body-1-1.png\" alt=\"\u4e8c\u4eba\u306e\u9593\u3067\u9752\u3044\u6301\u3061\u5206\u3092\u53d7\u3051\u6e21\u3057\u80cc\u666f\u306e\u91d1\u306f\u4fdd\u7ba1\u3055\u308c\u305f\u6982\u5ff5\u30a4\u30e1\u30fc\u30b8\" \/><figcaption>\u6295\u8cc7\u5bb6\u9593\u306e\u6301\u3061\u5206\u306e\u58f2\u8cb7\u3092\u8868\u3059\u6982\u5ff5\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002\u5b9f\u969b\u306e\u53d6\u5f15\u3084\u91d1\u5eab\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/figcaption><\/figure>\n<h2>\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u3068\u3001ETF\u306e\u8a2d\u5b9a\u30fb\u89e3\u7d04\u3092\u5206\u3051\u308b<\/h2>\n<h3>\u6301\u3061\u4e3b\u304c\u66ff\u308f\u308b\u53d6\u5f15\u304c\u3042\u308b<\/h3>\n<p>ETF\u306f\u3001\u3059\u3067\u306b\u767a\u884c\u3055\u308c\u305f\u6301\u3061\u5206\u3092\u6295\u8cc7\u5bb6\u540c\u58eb\u304c\u5e02\u5834\u3067\u58f2\u8cb7\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306f\u4e8c\u6b21\u5e02\u5834\u3068\u547c\u3070\u308c\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u3042\u308b\u4eba\u304c\u6301\u3064ETF\u3092\u5225\u306e\u4eba\u304c\u8cb7\u3046\u3060\u3051\u306a\u3089\u3001\u305d\u306e\u53d6\u5f15\u3060\u3051\u3067ETF\u5168\u4f53\u306e\u767a\u884c\u53e3\u6570\u304c\u5897\u3048\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u540c\u3058\u6301\u3061\u5206\u304c\u4f55\u5ea6\u3082\u58f2\u8cb7\u3055\u308c\u308c\u3070\u3001\u53d6\u5f15\u984d\u306f\u7a4d\u307f\u91cd\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u65b0\u3057\u3044\u6301\u3061\u5206\u3092\u4f5c\u308b\u4ed5\u7d44\u307f\u3082\u3042\u308b<\/h3>\n<p>\u4e00\u65b9\u3001\u6307\u5b9a\u53c2\u52a0\u8005\uff08AP\uff09\u3068\u30d5\u30a1\u30f3\u30c9\u306e\u9593\u3067\u3001\u307e\u3068\u307e\u3063\u305f\u5358\u4f4d\u306e\u6301\u3061\u5206\u3092\u4f5c\u3063\u305f\u308a\u623b\u3057\u305f\u308a\u3059\u308b\u306e\u304c\u8a2d\u5b9a\u30fb\u89e3\u7d04\u3067\u3059\u3002Schwab\u306e\u516c\u5f0f\u89e3\u8aac\u306f\u3001\u3053\u306e\u4e00\u6b21\u5e02\u5834\u3068\u3001\u53d6\u5f15\u6240\u306a\u3069\u3067\u306e\u4e8c\u6b21\u5e02\u5834\u3092\u5206\u3051\u3066\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u500b\u5225\u5546\u54c1\u306e\u4ed5\u7d44\u307f\u306b\u306f\u9055\u3044\u304c\u3042\u308b\u305f\u3081\u3001\u4e00\u822c\u7684\u306aETF\u306e\u8aac\u660e\u3092\u3059\u3079\u3066\u306e\u91d1\u5546\u54c1\u3078\u305d\u306e\u307e\u307e\u5f53\u3066\u306f\u3081\u308b\u3053\u3068\u306f\u907f\u3051\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>\u91d1ETF\u306e\u5177\u4f53\u4f8b\u3068\u3057\u3066\u3001SPDR Gold Shares\uff08GLD\uff09\u306e\u516c\u5f0f\u30da\u30fc\u30b8\u3067\u3082\u3001\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u3068\u3001\u4e00\u5b9a\u306e\u6295\u8cc7\u5bb6\u306b\u3088\u308b\u5927\u53e3\u5358\u4f4d\u306e\u89e3\u7d04\u3092\u533a\u5225\u3057\u3066\u3044\u307e\u3059\u3002\u4e00\u822c\u306e\u6295\u8cc7\u5bb6\u304c\u5e02\u5834\u30671\u53e3\u8cb7\u3046\u305f\u3073\u306b\u3001\u540c\u3058\u5206\u3060\u3051\u65b0\u305f\u306a\u91d1\u304c\u30d5\u30a1\u30f3\u30c9\u306b\u5165\u308b\u3001\u3068\u3044\u3046\u4e00\u5bfe\u4e00\u306e\u95a2\u4fc2\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<h2>\u51fa\u6765\u9ad8\u306e\u5897\u6e1b\u3060\u3051\u3067\u306f\u3001\u8cc7\u91d1\u306e\u65b9\u5411\u306f\u6c7a\u307e\u3089\u306a\u3044<\/h2>\n<h3>\u53d6\u5f15\u984d\u306f\u300c\u3069\u308c\u3060\u3051\u52d5\u3044\u305f\u304b\u300d\u306e\u624b\u304c\u304b\u308a<\/h3>\n<p>\u4eee\u306b\u540c\u3058ETF\u306e\u6301\u3061\u5206\u304c\u3001\u5348\u524d\u306b10\u4e07\u5186\u3001\u5348\u5f8c\u306b10\u4e07\u5186\u3067\u58f2\u8cb7\u3055\u308c\u305f\u3068\u3057\u307e\u3059\u3002\u53d6\u5f15\u984d\u306e\u5408\u8a08\u306f20\u4e07\u5186\u3067\u3082\u3001\u3053\u308c\u3060\u3051\u3067\u306f\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u7d14\u6d41\u5165\u304c20\u4e07\u5186\u3042\u3063\u305f\u3068\u306f\u3044\u3048\u307e\u305b\u3093\u3002\u3053\u308c\u306f\u4ed5\u7d44\u307f\u3092\u8003\u3048\u308b\u305f\u3081\u306e\u67b6\u7a7a\u4f8b\u3067\u3059\u3002\u5b9f\u969b\u306eGLD\u30849\u6708\u306e\u53d6\u5f15\u3092\u518d\u73fe\u3057\u305f\u6570\u5b57\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<h3>\u7d14\u6d41\u5165\u3082\u3001\u6b21\u306e\u5024\u4e0a\u304c\u308a\u3092\u7d04\u675f\u3057\u306a\u3044<\/h3>\n<p>WGC\u306f\u3001\u8cc7\u91d1\u30d5\u30ed\u30fc\u3092\u30c9\u30eb\u5efa\u3066\u306e\u8cc7\u91d1\u306e\u51fa\u5165\u308a\u3001\u9700\u8981\u3092\u91d1\u4fdd\u6709\u91cf\u306e\u5909\u5316\u3068\u3057\u3066\u533a\u5225\u3057\u3066\u3044\u307e\u3059\u3002\u53d6\u5f15\u984d\u3001\u8cc7\u91d1\u30d5\u30ed\u30fc\u3001\u4fdd\u6709\u91cf\u306f\u305d\u308c\u305e\u308c\u5f79\u5272\u304c\u9055\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u3042\u308b\u6708\u306e\u7d14\u6d41\u5165\u304c\u78ba\u8a8d\u3067\u304d\u3066\u3082\u3001\u305d\u306e\u5f8c\u306e\u91d1\u4fa1\u683c\u3092\u4e00\u65b9\u5411\u306b\u6c7a\u3081\u308b\u6750\u6599\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002\u76f8\u5834\u3092\u898b\u308b\u3068\u304d\u306f\u3001\u96c6\u8a08\u671f\u9593\u306e\u9055\u3046\u6570\u5b57\u3092\u540c\u3058\u65e5\u306e\u6750\u6599\u3068\u3057\u3066\u91cd\u306d\u306a\u3044\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/senfx.com\/wp-content\/uploads\/2026\/11\/body-2-1.png\" alt=\"\u4e00\u65e5\u3068\u4e00\u304b\u6708\u3092\u8868\u3059\u767d\u7d19\u306e\u4e88\u5b9a\u5e33\u3068\u5225\u3005\u306e\u7d20\u6750\" \/><figcaption>\u65e5\u6b21\u3068\u6708\u6b21\u306e\u9055\u3044\u3092\u8868\u3059\u6982\u5ff5\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002\u5b9f\u969b\u306e\u6570\u5024\u3084\u76f8\u5834\u3092\u793a\u3059\u56f3\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/figcaption><\/figure>\n<h2>\u6b21\u306b\u91d1ETF\u306e\u898b\u51fa\u3057\u3092\u8aad\u3080\u3068\u304d\u306f<\/h2>\n<h3>\u5358\u4f4d\u30fb\u671f\u9593\u30fb\u5bfe\u8c61\u3092\u3072\u3068\u547c\u5438\u304a\u3044\u3066\u78ba\u8a8d<\/h3>\n<p>\u30c9\u30eb\u306a\u306e\u304b\u30c8\u30f3\u306a\u306e\u304b\u3001\u65e5\u6b21\u5e73\u5747\u306a\u306e\u304b\u6708\u9593\u5408\u8a08\u306a\u306e\u304b\u3001\u4e16\u754c\u5168\u4f53\u306a\u306e\u304b\u500b\u5225\u30d5\u30a1\u30f3\u30c9\u306a\u306e\u304b\u3002\u3053\u306e\u4e09\u3064\u3092\u78ba\u8a8d\u3059\u308b\u3068\u3001\u6570\u5b57\u306e\u610f\u5473\u304c\u898b\u3048\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002GLD\u306e\u53e3\u6570\u30d9\u30fc\u30b9\u306e\u51fa\u6765\u9ad8\u3092\u3001\u4e16\u754c\u306e\u91d1ETF\u306e\u30c9\u30eb\u5efa\u3066\u58f2\u8cb7\u4ee3\u91d1\u3068\u76f4\u63a5\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<h3>\u306b\u304e\u308f\u3044\u3068\u8cc7\u91d1\u306e\u51fa\u5165\u308a\u3092\u5225\u3005\u306b\u30e1\u30e2\u3059\u308b<\/h3>\n<p>\u300c\u58f2\u8cb7\u306f\u524d\u6708\u3088\u308a\u843d\u3061\u7740\u3044\u305f\u300d\u300c\u6708\u9593\u3067\u306f\u8cc7\u91d1\u304c\u7d14\u6d41\u5165\u3060\u3063\u305f\u300d\u3002\u4eca\u56de\u306e9\u6708\u8cc7\u6599\u306f\u3001\u3053\u3046\u3057\u3066\u4e8c\u884c\u306b\u5206\u3051\u3066\u8aad\u3080\u3068\u3059\u3063\u304d\u308a\u3057\u307e\u3059\u3002\u3069\u3061\u3089\u304b\u4e00\u65b9\u3092\u6d88\u3057\u3066\u8a71\u3092\u5408\u308f\u305b\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6570\u5b57\u306b\u3082\u62c5\u5f53\u304c\u3042\u308b\u3001\u3068\u8003\u3048\u308b\u3068\u899a\u3048\u3084\u3059\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n<p>\u60c5\u5831\u78ba\u8a8d\u65e5\uff1a2026\u5e7411\u67082\u65e5\u3002WGC\u306e\u6708\u6b21\u5831\u544a\u306f9\u6708\u96c6\u8a08\u300110\u67087\u65e5\u516c\u8868\u3002GLD\u516c\u5f0f\u30da\u30fc\u30b8\u306f\u78ba\u8a8d\u6642\u70b9\u3067\u30d5\u30a1\u30f3\u30c9\u60c5\u583111\u67081\u65e5\u3001\u4fa1\u683c\u7b4910\u670830\u65e5\u306e\u8868\u793a\u3067\u3057\u305f\u3002\u672c\u8a18\u4e8b\u3067\u306f\u305d\u308c\u3089\u306e\u4fa1\u683c\u3092\u76f8\u5834\u4e88\u6e2c\u306b\u4f7f\u7528\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u53c2\u8003\u8cc7\u6599\uff1a<a href=\"https:\/\/www.gold.org\/goldhub\/research\/gold-etfs-holdings-and-flows\/2026\/10\">WGC\u30fb2026\u5e749\u6708\u306e\u91d1ETF\u5831\u544a<\/a>\uff0f<a href=\"https:\/\/www.ssga.com\/us\/en\/individual\/etfs\/spdr-gold-shares-gld\">State Street\u30fbGLD\u516c\u5f0f\u5546\u54c1\u60c5\u5831<\/a>\uff0f<a href=\"https:\/\/www.schwabassetmanagement.com\/content\/understanding-etf-creation-and-redemption-mechanism\">Schwab\u30fbETF\u306e\u8a2d\u5b9a\u3068\u89e3\u7d04\u306e\u89e3\u8aac\uff082024\u5e7411\u670826\u65e5\uff09<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"\u91d1ETF\u3092\u5e02\u5834\u3067\u8cb7\u3046\u3053\u3068\u3068\u3001\u30d5\u30a1\u30f3\u30c9\u304c\u65b0\u3057\u3044\u6301\u3061\u5206\u3092\u4f5c\u308b\u3053\u3068\u306f\u5225\u306e\u624b\u7d9a\u304d\u3067\u3059\u3002\u6307\u5b9a\u53c2\u52a0\u8005\u306b\u3088\u308b\u8a2d\u5b9a\u30fb\u89e3\u7d04\u3068\u6295\u8cc7\u5bb6\u9593\u58f2\u8cb7\u3092\u5206\u3051\u30019\u6708\u306e\u58f2\u8cb7\u4ee3\u91d1\u3068\u8cc7\u91d1\u6d41\u5165\u306e\u8aad\u307f\u65b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002","protected":false},"author":23,"featured_media":3028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[191],"tags":[19,40],"class_list":["post-3031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-now","tag-etf","tag-40"],"_links":{"self":[{"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts\/3031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3031"}],"version-history":[{"count":1,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts\/3031\/revisions"}],"predecessor-version":[{"id":3032,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts\/3031\/revisions\/3032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/media\/3028"}],"wp:attachment":[{"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}