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On December 1 , investor X goes short one six-month gold futures contract with counterparty investor Y. Neither investor X nor investor Y currently have

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On December 1 , investor X goes short one six-month gold futures contract with counterparty investor Y. Neither investor X nor investor Y currently have any futures contracts outstanding. Explain which of investor X and/or investor Y will have to make an initial cash margin deposit on December 1.*

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