Judy decides to take a short position in 2 contracts of April gold futures at...
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Judy decides to take a short position in 2 contracts of April gold futures at a price of $1,800 per unit. The gold futures multiplier is 100. The initial margin for the two gold futures is $6,000, and the maintenance margin is $4,000 for the two gold futures. The position is marked-to-market on a daily basis. On the day of the first marking-to-market, the futures price drops to $1,795. On the day of the second marking-to-market, the value of the index is X and Judy is not required to add anything to the margin account. Calculate the largest possible value of X
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