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7 Given the following information on a gold futures contract, calculate the net profit/loss for the contract buyer if the spot price of gold drops

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7 Given the following information on a gold futures contract, calculate the net profit/loss for the contract buyer if the spot price of gold drops to $1,100/troy oz. Futures Contract Price $1,200.00/troy oz Initial Spot Price 51,200.00/roy 02 Contract Sue 100 troy on Number of Contracts 20 $5,000/contract Initial Margin Per Contract Maintenance Margin Per Contract $4,500/contract Tick Size 50.10/troy oz -$50.000 e

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