You forecast that the price of gold will fall over the next 6 months. Consider the following transactions which you can use to speculate upon the price of gold. 1. A short-sale of 100 troy ounces of gold at $1,845 per troy ounce. II. A purchase of a forward contract on 100 troy ounces of gold with a delivery date in 6 months and a forward price of $1,846 per troy ounce. III. A purchase of a call option on 100 troy ounces of gold, with an exercise price of $1,845 per troy ounce, a premium of $2 per troy ounce and an expiration date in 6 months. IV. A purchase of a put option on 100 troy ounces of gold, with an exercise price of $1,845 per troy ounce, a premium of $3 per troy ounce and an expiration date in 6 months. If the price of gold in 6 months is $1,800 per troy ounce, the transactions which will result in a speculative profit are: a. II and IV. O b. III and IV. O c. I and IV. O d. I and II. e. I and III. Of. II and