You own $1 million in a portfolio that is an equal mix of gold, silver, and platinum. Your plan is to sell this portfolio in the next tax year (i.e., early January 2021). Until then, you would like to hedge any changes in value on the portfolio.

a. What position(s) in futures markets would you recommend? Discuss options and identify specifically: (i) the contract(s) and (ii) the size of position(s) you would recommend from those offered by the CME Group.

b. Do you have a perfect hedge? Explain.