Joe Palooka entered into a forward contract by agreeing to sell 100 ounces of silver at a price of $59.50 per ounce on October 1, 2012. Suppose that the market price of silver is $54.00 per ounce on October 1, 2012. What is Palookas total gain or loss on the forward contract?

ENTER A GAIN AS A POSITIVE NUMBER AND A LOSS AS A NEGATIVE NUMBER. ENTER YOUR ANSWER WITHOUT A DOLLAR SIGN.