It is now 15th June 2020, you are bullish on the gold price for the next 6 months and willing to speculate by using $197,000 to take the appropriate position in 6-month futures contract. The current...

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Extracted text: It is now 15th June 2020, you are bullish on the gold price for the next 6 months and willing to speculate by using $197,000 to take the appropriate position in 6-month futures contract. The current spot price and December futures price of gold are $1,950 and $1,975 per ounce, respectively. Each contract is on 100 ounces of gold. The required initial margin is $9,850 per contract. The maintenance margin per contract is $7,350. At the end of the first day of trading, the futures contract settles at $1,990 per ounce. What is the balance of your margin account at the end of that day? $227,000 $197,000 None of the other answers $167,000 O $195,500