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2 詳細情報 津金眞理子 TM 森田隆大 takahiro.morita@gold.org ジュアン カルロス アルティガス juancarlos.artigas@gold.org マーカス グラブ marcus.grubb@gold.org

3 TM Michaud Resampled Efficient Frontier TM MM 2.9% 9.4% 2% 7% 0% MM Oxford Economics New Frontier Advisors 2% 10% Gold as a strategic asset for European investors December 2011, World Gold Council Gold as a strategic asset for UK investors May 2012, World Gold Council The impact of inflation and deflation on the case for gold Oxford Economics, July

4 10 20 ETF 55% , % 36% 241 LBMA London Bullion Market Association Liquidity in the global gold market, April 2011 World Gold Council, London Bullion Market Association, LBMA gold turnover survey for Q1 2011, The Alchemist, August 2011

5 MM Nomura BPI TOPIX Citigroup MSCI Kokusai MSCI Emerging Market Index HFRI FWI Fund Weighted Composite Index S&P Goldman Sachs Commodity Index S&P GSCILBMA London PM Fix WM % 7.6% 13.8% 4.2% 4.4% % 1 1.6% 0.7% % 3.3% % 10.7% % 19.5% % 19.2% % 27.3% % 13.6% % 22.9% % 16.5% : 4 New Frontier Advisors EM Expectation-Maximisation EMSchafer, J, 1997, Analysis of Incomplete Multivariate Data, London, Chapman Hill 5 02_03

6 % % 2.5% 0.9% 8 2 TM TM MM MM % 0.7% % 3.3% % 10.7% % 19.5% % 19.2% % 27.3% % 13.6% % 22.9% % 16.5% : Ghosh,D.P.,, E.J.Levin, P.Macmillan and R.E.Wright,2004,Gold as inflation hedge?, Economics and Finance, vol.22,no CPI 2.9% 7.1% 4.2% 9 Efficient Asset Management A Practical Guide to Stock Portfolio Optimization and Asset Allocation Richard O.Michaud and Robert O.Michaud, 2008, Oxford University Press

7 MM 1 5.0% 15.0% 10% 110% % 10% 5% 7% 5% 10% 8.7% 2.5% 59.5% 32.9% 1.3% 2.5% 1.8% 3.8% 1.1% 2.6% 8.1% 18.3% 13.7% 26.0% 3.1% 5.9% 2.8% 5.4% MM : 1 % = 5% = 10% % % 9 MM : 04_05

8 6.5% 1.8% 6 3% 5% 5.5% % 1% 4% % 5% 10% % 36.8% 9.0% 26.0% 25.8% :

9 % 7.6% 8.5% 0.6% 0% 5 10% 11 MM2 11% 12% 9.4% 3 2% 5% 10% 4 4.9% % 26.1% 28.7% 4 2.9% 9.4% 0% 2 % = 5% = 10% % % MM10 : 11 06_07

10 3 % MM % 25% MM : 45% 10% 5% 10% 4.7% 55.6% 9.7% 12.4% 12.8% 4.9% 2.4% 18.5% 16.2% 26.1% 28.1% 8.7% :

11 MM 5 MM 6 2.5% 9.0% 2 1.4% 10.1% 5% 10% % = 5% = 10% % MM10% : % 12 Gold: a commodity like no other, April 2011 World Gold Council 08_09

12 6 % MM % 25 MM : 7 5% 10% 5% 10% 4.7% 55.0% 10.2% 11.4% 11.6% 2.5% 4.5% 2.3% 17.4% 17.0% 24.2% 25.7% 5.2% 8.2% :

13 4: MM 8 9 5% 10% 5 2.1% 6.8% 3.3% 10% 6.2% 0% % 10% 2.3% 4.3% 5% 10% 5.2% 2.5% 58.2% 20.4% 5.4% 9.9% 8.1% 18.3% 5.3% 12.6% 3.6% 9.4% 9.2% 17.5% 1.7% 3.2% 3.3% 6.2% : 8 % = 5% = 10% % % MM10% : 10_11

14 4 6 5% 10% 0.5% 6.5% 2 2.9% 9.4% 5% 4.9%10% 8.7% % 6.8% 5% 10% 3.3% 6.2% G C E H 5 G 5 G C 5 G C E H 10% 10% 10% 5% % : 5 G: C: E: H: :

15 0% 2.9% 9.4% 2.1% 6.8% 5% 3.3% 4.9%10% 6.2% 8.7% 12_13

16 7 J.P.Morgan BPI Topix Citigroup MSCI Kokusai MSCI HFRI Fund Weighted Composite S&P GSCI London PM Fix : Bloomberg,

17 10% 100% % 10% 4 10% 5% 18.6% 10% 60.3% 60.2% 10% 85% 10% 5% 10% 2.3% 4.3% 5% 10.2% 18.6% 4.5% 41.6% 16.8% 9.4% 16.1% 12.7% 26.1% 13.5% 28.7% 4.3% 7.8% : 9: 100% % = 5% = 10% % % MM : 14_15

18 10 Old Bailey, London EC4M 7NG, United Kingdom Copyright All rights reserved.

19 ISO ISO14001 environmental 環境規格の認証を standard accredited Manufactured 受けた印刷です from 100% Virgin Fibre I J G

20 World Gold Council T F W 発行 : 2012 年 7 月

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