Gold futures contracts that mature 3 months hence have a futures price of $309 per oz. Gold futures contracts that mature 6 months hence have a futures price of $324 per oz. T-Bills that mature in three months are priced to yield a 3% return over the quarterinvest $1 and receive $1.03 after three months. T-Bills that mature in 6 months are priced to yield a 7% return over the half-yearinvest $1 and receive $1.07 after six months. Storing costs for gold are equal to zero, and there are no other benefits derived from holding spot gold.

Explain clearly and completely how to lock in an arbitrage profit by taking positions in some combination of gold, T-Bills and gold futures.