20. The current price of gold is $642 per troy ounce. Assume that you initiate a long position in 10 COMEX gold futures contracts at this price on 7-July-2006. The initial margin is 5% of the initial price of the futures, and the maintenance margin is 3% of the initial price. Assume the following evolution of gold prices over the next five days, and compute the margin account assuming that you meet all margin calls.
Date | Price per Ounce |
7-Jul-06 | 642 |
8-Jul-06 | 640 |
9-Jul-06 | 635 |
10-Jul-06 | 632 |
11-Jul-06 | 620 |
12-Jul-06 | 625 |
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