Consider the information on the Chicago Board of Trade Gold Futures contract in the table above.
Today is June 1st and you want to use CBOT gold futures contracts to speculate on the price of gold, which you think is going to rise. The current spot price for gold is $1,248.70. The futures price for July delivery is $1,250. You buy 1 contract for July delivery. What is your cumulative profit on the transaction if the futures price for gold is $1,258.20 in July?
◦ $800
◦ $820
◦ $950
◦ $1,100