Cat Fanciers Association (CFA) Corp. is a company that makes luxury cat accessories CFA just received an order for a large quantity of gold cat collars and has signed a contract with its customer to provide the collars in late January (ahead of Valentine'* day). To produce the gold cat collars, CFA will nqed to purchase 1,000 oz of gold in mid-January. Jonathan Barkman, the CFO of CFA is considering hedging strategies with futures and options related to the impending gold purchase. Futures contracts for gold delivered in mid-January have a price of $1,520 per oz. Futures will require an initial margin requirement equal to 14% of the value of the contracts deposited into the brokerage account. (a) What position (Long or Short) and what would be the initial cash flow to implement a hedging strategy with future? (Positive number for long position and negative number for short position. Round to the nearest dollar. e.g "1000") (2 marks)