Assume there are no transaction or storage costs for gold. If the current gold price is above its forward price, then

a) You can make an arbitrage and your arbitrage strategy, among other things, will include borrowing money and buying a forward contract

b) You can make an arbitrage and your arbitrage strategy, among other things, will include borrowing money and selling a forward contract

c) You can make an arbitrage and your arbitrage strategy, among other things, will include investing money and buying a forward contract

d) You can make an arbitrage and your arbitrage strategy, among other things, will include investing money and selling a forward contract

e) You cannot make an arbitrage