金3,500ドル予想も現実味？金価格のValuationの鍵はインフレ率と需要成長率？_2025/3/23相場雑感

21世紀はじまって以来のインフレ、金価格が3,000ドルを超えた中、金のファンダメンタルズをどう考えるべきか。金にはPERという考え方がないものの、あえて仮想的PERを検討。鍵を握るのはインフレ率と金の需要成長率？対となるアセットのS&Pとの比較で試算する金の上値余地は？マーカス・ガーベイ氏の3,500ドル予想の現実味も？Since the beginning of the 21st century, in an era marked by unprecedented inflation and with gold prices surpassing $3,000, how should we fundamentally assess gold? Gold, lacking a traditional PER (Price-to-Earnings Ratio), prompts the exploration of a hypothetical PER concept. The key to understanding gold's valuation lies in inflation rates and gold's demand growth rate. When comparing gold with its counterpart asset, the S&P 500, what is the potential upside for gold? Could Marcus Garvey's prediction of $3,500 for gold become a reality?