A speculator takes a short position in a futures contract on a commodity on November 1, 2012 to hedge an exposure on March 1, 2013. The initial futures price is $61. On December 31, 2012 the futures price is $63. On March 1, 2013 it is $59. The contract is closed out on March 1, 2013. What gain/loss is recognized in the accounting year January 1 to December 31, 2013? Each contract is on 1000 units of the commodity.