Gold is currently trading at a spot price of $1,592 per ounce. The futures price is $1,704. Gold futures contracts are for 100 ounces each and expire in one year. The fee to borrow 100 ounces of gold is $1,000 per year. It costs $3 per ounce per year to store and insure gold. Assume there are no margin requirements and all relevant fees must be paid upfront. The annual risk-free rate is 2%. Please, choose the appropriate strategy to construct a candidate arbitrage portfolio based on a single gold futures contract. If applicable, report the arbitrage profit in dollars and cents (no $ signs). If an arbitrage opportunity does not exist, enter 0 as your answer.