A speculator enters a futures contract for September $19$th delivery on February $2$nd$.$ The contract is for $62,500.$ The futures exchange rate is $$1\mathrm{.}65$ per pound. He believes that the spot rate for pounds on September $19$th will be $$1\mathrm{.}70$ per pound. The margin requirement $($initial performance bond$)$ is $2\%$ of contract value.

If the spot rate for pounds on September $19$th is $5\%$ lower than the futures exchange rate, how much would he gain$/$lose on the futures speculation? $($Enter amount with positive sign for gain, negative for loss$).$