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Cole's Jewelers purchased a futures contract on 2 0 0 ounces of gold to be exchanged 3 months from now. As the contract holder, Cole's

Cole's Jewelers purchased a futures contract on 200 ounces of gold to be exchanged 3 months from now. As the contract holder, Cole's Jewelers:
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has the right, but not the obligation, to purchase 200 ounces of gold 3 months from now.
has the obligation to purchase 200 ounces of gold at the market price 3 months from now.
has an obligation to buy 200 ounces of gold but only if the price of gold Increases within the next 3 months.
Is expecting the price of gold to decrease and thus is locking in a selling price.
will profit if the price of gold is higher three months from now.
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