On October 15 an investor opens a position to sell 4000 troy ounces of gold on December

with the Chicago mercantile exchange when the Futures price is $1802 per ounce. The

initial margin requirements are $10000 per contract. On July 31 the investor closes the

position when the Futures price is $1820. (Futures are contracts traded in exchanges

and are standardized given the terms established in the exchange.)

A. Obtain the daily gains, cumulative gains, margin balance and margin calls from the time

the investor opens the position to the time that she closes it.

B. What is the profit or loss of this investor?

\begin{tabular}{|l|l|} \hline \begin{tabular}{l} Trade \\ Date \end{tabular} & \begin{tabular}{l} Settlement \\ Price \end{tabular} \\ \hline 15Jul & 1800 \\ \hline 16Jul & 1795.57 \\ \hline 17Jul & 1812.95 \\ \hline 18Jul & 1815.2 \\ \hline 19Jul & 1805.67 \\ \hline 20-Jul & 1798.21 \\ \hline 21Jul & 1803.87 \\ \hline 22-Jul & 1845.37 \\ \hline 23-Jul & 1850.84 \\ \hline 24-Jul & 1900.02 \\ \hline 25-Jul & 1820.27 \\ \hline 26-Jul & 1835.49 \\ \hline 27-Jul & 1880 \\ \hline 28-Jul & 1800.56 \\ \hline 29-Jul & 1801.24 \\ \hline 30-Jul & 1824 \\ \hline \end{tabular}