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One futures contract on gold is equal to 100 ounces of gold. On November 30th, 2021, the gold futures contract for January delivery closed at

One futures contract on gold is equal to 100 ounces of gold. On November 30th, 2021, the gold futures contract for January delivery closed at $1,782 per ounce. The initial margin for a gold contract is $11,000. Approximately what is the leverage an investor enjoys by trading this commodity?

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