Example 2: Speculating with Futures - An investor believes that the price of gold will increase over the next three months and would like to take a position with a value of $1,170,000. He could purchase gold in the spot market at $1,950/ oz or purchase six futures contracts at $1,960/ oz with an initial margin of $45,540. Compute the profit from the following: - (1) Purchasing gold in the spot market if the spot price in three months is $2,050/oz. (2) Purchasing gold in the spot market if the spot price in three months is $1,850/oz. - (3) Purchasing the futures contract if the spot price in three months is $2,050/oz. (4) Purchasing the futures contract if the spot price in three months is $1,850/oz