chanics of Futures Markets: 1. A Silver futures contract covers 5,000 ounces of silver and is quoted in dollars per ounce. In October 2013 a company goes long and buys 4 May 2015 Silver futures contracts for $22.437. Year-end December, 2013, the futures price is $21.668; year-end December, 2014, the futures price is $19.987. In February, 2015, the futures price is $19.114 at which time the company decides to close out its position entirely. The company operationally works on a calendar year basis with December serving as its year end. What is the actual gain or loss on the 4 Silver contracts for the company? Explain how the gain or loss is realized? Explain how the accounting & tax treatments differs between that of a speculator and that of a hedger