The following exercise uses December gold futures contracts on the Sydney Futures Exchange.The current future price, on July 9, is $1200/ounce.

The table shows the daily futures price at the end of each trading day and the contract size is 100 ounces.The initial margin is $8000 and the maintenance margin is $7500.

INSTRUCTIONS:

Fill in the correct daily gain/loss, if there is a loss, put a negative sign (-) in front of the figure,if there is no daily gain or loss, enter '0'.

What are the Beginning margin account balance and the closing margin account balance for each day?

??Enter the amount of the Margin call if applicable, if there is no margin call, enter '0'.

Beginning Futures Daily margin Closing margin Date price /ouncegain/loss account Margin call account balance balance July 9 $1200 $ 8000 July 10 $1195 $ $ $ July 11 $1202 $ $ $ July 12 $1200 $ July 13 $1203 July 16 $1201 July 17 $1195 July 18 $1188 $ July 19 $1188 $ $ $ July 20 $1194 $ $ July 23 $1178 $ $ $ $ July 24 $1178 $ $ $ $