現物とペーパーの需要

From what I've seen, physical demand remains pretty robust, especially with the premiums on certain items. It doesn't always directly mirror the paper market fluctuations, particularly in some of those Asian markets where they value the tangible asset over futures.

Good question. I think the two markets move somewhat independently, though they influence each other. The physical market often lags or leads the paper market for various reasons, including cultural preferences and local supply/demand dynamics. I'm keeping an eye on the smaller dealers more than the big mints for real-time sentiment.

I'm not so sure. Mint sales have been a bit mixed, and while there's always a baseline, I haven't noticed a huge surge that would indicate a massive shift from paper to physical. Might be more of a slow burn than a direct translation.