1. On Tuesday you are entering a long position on two gold futures contracts (each contract is for 100 troy oz) at $989.1 per oz. On the same day, you are shorting 3 platinum contracts (each contract is for 50 troy oz) at 1175.0. On Friday, you close the positions at gold futures price of $975.2 per oz and platinum price of 1102.6 per oz. What is your combined profit/loss from two trades?

2. Suppose that the December gold futures price is $1100 and December platinum futures is $1150. If historically the spread between gold and platinum futures prices has averaged at $100, how would you set up a spread trading strategy in such a way that you are protected from price movements (as long as spreads match historical average).