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the spot price of gold today is $1,505 per ounce, and the futures price for a contract maturing in seven months in $1,548 per ounce.

the spot price of gold today is $1,505 per ounce, and the futures price for a contract maturing in seven months in $1,548 per ounce. Suppose CAG puts on a futures hedge today and lifts the hedge after five months. What is the futures price five months from now? Assume a zero basis in your answer.

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