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Suppose that a futures contract is drawn up in January for the delivery of 1000 troy ounces of gold in July at $1,500/troy ounce. The

Suppose that a futures contract is drawn up in January for the delivery of 1000 troy ounces of gold in July at $1,500/troy ounce. The current spot price of gold is $1,400/troy ounce. What is the value of this futures contract to the seller? What, if anything, do you expect to happen between buyer and seller of the futures contract when it is drawn up?

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