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Suppose you sold a futures contract on gold 3 months ago when the futures price was $1,350 per ounce. Each contract is on 100 ounces

Suppose you sold a futures contract on gold 3 months ago when the futures price was $1,350 per ounce. Each contract is on 100 ounces of gold. The contract is closed out today. The current futures price is $1,340.

Part a. What was your position?

Part b. What was the buyers position?

Part c. Calculate your loss/gain on the contract.

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