A speculator took a short position on a futures contract covering 50,000 ounces of gold. One ounce of gold is worth $150 on the Spot market and $170.6 on the futures market for a maturity of 9 months. The annual risk-free interest rate is 6.3%. The total gain, at maturity, on the relevant strategy (Cash & Carry) is $1,569,700. The storage costs (C) are due initially. Find the storage costs.