2. (Prices are from very old data.) Suppose that the futures price of gold is...
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2. (Prices are from very old data.) Suppose that the futures price of gold is $400 per ounce. The contract size of the futures is 100 ounces with a margin of $2,000 and a maintenance level of $1,500 per contract. We buy two futures contracts on June 2 (equivalently, 200 ounces). In the below graph and also in a Numbers file in Canvas futures prices are given. Fill in the other entries in the Numbers (or excel) file using formulas. Upload that file together with the pdf file of the other solutions. Futures Daily Gain Day Price (Loss) (dollars) (dollars) Cumulative Gain (Loss) (dollars) Margin Margin Account Call Balance (dollars) June 2 400.00 June 3 397.00 June 4 396.10 June 5 398.20 June 6 397.10 June 7 396.70 June 10 395.40 June 11 393.30 June 12 393.30 June 13 393.60 June 14 392.70 June 17 387.00 June 18 387.00 June 19 388.10 June 20 388.70 June 21 391.00
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