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3. On July 15 an investor opens a position to sell 2000 oz. of gold on December with the Chicago mercantile exchange when the Futures
3. On July 15 an investor opens a position to sell 2000 oz. of gold on December with the Chicago mercantile exchange when the Futures price is $1305 per ounce. The initial margin requirements are $6000 per contract and the Maintenance margin is $5000 per contract. On July 31 the investor closes the position. Obtain the daily gains, cumulative gains, margin balance and margin calls from the time the investor opens the position to the time that she closes it. ( 15 points) Trade Date 15-Jul 16-Jul 17-Jul 18-Jul 19-Jul 20-Jul 21-Jul 22-Jul 23-Jul 24-Jul 25-Jul 26-Jul 27-Jul 28-Jul 29-Jul 30-Jul Settlement Price 1300 1295.57 1312.95 1315.2 1305.67 1298.21 1303.87 1298.34 1314.45 1299.77 1320 1335.49 1330.47 1300.56 1301.24 1299.69
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