Suppose you are a speculator and you go long silver (XAG) vs the U.S. dollar (USD) on the spot market. Did you just buy or sell silver?

A. I bought silver and payed dollars in return

B. I sold silver and received dollars in return

C. I bought silver but the currency I pay in depends on the country my trading office is based at

D. Silver is not a financial asset, therefore it has no risk

If you bought 3 million barrels of crude oil yesterday at 65 dpb, what is the best way to measure your profits in dollars today? (Assuming the time value of money is zero).

A. The price at which I bought the crude oil in dollars yesterday.

B. The price my buyer would have to pay in their local currency

C. The average mark to market over these past two days.