The ratio of paper gold (derivatives, futures, ETFs) to physical gold is estimated to be highly leveraged, with estimates ranging from 15:1 to over 200:1, meaning for every ounce of physical gold, there are dozens or even hundreds of paper claims. While some estimates suggest a more conservative 20–27:1 ratio, this imbalance creates a significant,, often uncollateralized, paper-to-physical market structure.