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 $5000 and the maintenance margin is $4500.

INSTRUCTIONS:

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

Enter the Beginning margin account balance and the closing margin account balance for each day.

Enter the amount of the Margin call if applicable, if not applicable, enter '0'.

Date Futures Daily gain/loss Beginning margin Margin call Closing margin

price/ounce account balance account balance

July 9 $1200 $ ? $ ? $ ? $5000

July 10 $1195 $ ? $ ? $ ? $ ?

July 11 $1202 $ ? $ ? $ ? $ ?

July 12 $1200 $ ? $ ? $ ? $ ?

July 13 $1203 $ ? $ ? $ ? $ ?

July 16 $1201 $ ? $ ? $ ? $ ?

July 17 $1195 $ ? $ ? $ ? $ ?

July 18 $1188 $ ? $ ? $ ? $ ?

July 18 $1188 $ ? $ ? $ ? $ ?

July 20 $1194 $ ? $ ? $ ? $ ?

July 23 $1178 $ ? $ ? $ ? $ ?

July 24 $1178 $ ? $ ? $ ? $ ?