Let us consider a $5 million position in silver. In addition, let us consider that the returns of gold are normally distributed (Gaussian) . The standard deviation of silver returns on a daily basis is 0.45%.

1. How much can this position potentially lose in one day with 99 percent confidence interval?
2. How much this position could lose in one month with 99 percent confidence interval if one holds this position. (There are 20 trading days in a month)