Suppose that on the th of February at the open of an exchange market, you went long one March gold futures contract. The prices for gold futures contracts traded on the exchange market on the th of February were as follows:

March Futures: open close

March Futures: open close

The initial margin per gold futures contract was $ and the maintenance margin was $ Each gold futures calls for delivery of troy ounces of gold.

i Assuming that it costs you $ in brokerage fees to buy the contract, and $ to close your position, if you closed out your position at the market close on February how much did you gain or lose on February

ii Detail all the cashflows that you paid or received on that day.

Answer rating: 100% (QA)

i Gainloss on closing the position on 15 Feb 2017 You went long 1 March 2... View the full answer