The price of gold is currently $1,900 per ounce. A trader has written 100 call options on 10-month gold futures contracts, and the options mature in 1 year. The current 10-month futures price is $2,000 per ounce, the exercise price of the options is $1,950, the risk-free interest rate is 7% per annum, and the volatility of gold futures prices is 18% per annum. (Assume gold offers no yield and has no storage costs.) (i) What risk has the trader exposed themself to by writing these naked options? (ii) What position should the trader take in gold itself to create a delta-neutral portfolio?