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3. If we assume the spot price of gold is US$390 per ounce, 1-year USS interest rate is 5% per annum, and we also assume

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3. If we assume the spot price of gold is US$390 per ounce, 1-year USS interest rate is 5% per annum, and we also assume there is no income or storage cost for gold. Please describe your arbitrage strategy (you need to list all actions to be taken now and outcomes at maturity) if the one year forward price would be quoted as: a) US$ 408 per ounce or b) USS 420 per ounce

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