[1 point] Using the information below, what is the basis for the December Gold Futures Contract? The spot price on August 9th was $1,718.35 per troy ounce. Contract Month October December Futures Price August 9th $1,724.20 $1,726.30 ounce 5. (1.5 points] The spot price of Gold was $1,800.20, $1,738.90, $1,802, and $1,823.70 per troy oun on July 26th, August 9th, August 23d, and September 3rd, respectively. Jose is interested in hedging his risk against price movements as he needs to buy Gold soon. He entered into a long position on two October contracts on July 26th and closed out the position on September 3rd. What is his net price paid per troy ounce? Contract Month October December Futures Price July 26th $1,801.20 $1,803.50 Futures Price August 9th $1,724.20 $1,726.30 Futures Price August 23rd $1,803.90 $1,781.30 Futures Price September 3rd $1,831.40 $1,833.70