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Suppose that you think May gold futures prices will rise over the course of today. Assume that the initial margin is $7,975 per contract, and the maintenance margin is $7,250 per contract. Contract size is 100 oz. Assume that you take a speculative long position in 9 gold futures contracts, consistent with your forecast of gold futures prices. You open your position at $1,247 per ounce. Later in the day you offset your position at $1,259 per ounce. What is your total profit or loss (not counting transactions costs or taxes) rounded to the nearest dollar?
Do not round values at intermediate steps in your calculations. Enter your answer in dollars, rounded to the nearest dollar. Do not type dollar signs, commas, or decimal points. For example, type $1,234.56 as 1235 or a loss of -$1,234.56 as -1235
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