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Suppose the spot price of gold is $1200 per ounce. The futures price for delivery in six months is $1208, while the futures price for

Suppose the spot price of gold is $1200 per ounce. The futures price for delivery in six months is $1208, while the futures price for delivery in one year is $1214. The interest rate on 6-month loans is 1.00percent (on an annual basis).

What is the implied forward rate six months hence? (recall computing forward rates from bonds with different maturities)

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