On March 1, the Price of Gold Is $1000 and the December

Short Answer

On March 1, the price of gold is $1000 and the December futures price is $1015. On November 1, the price of gold is $980 and the December futures price is $981. A gold producer entered into a December futures contract on March 1 to hedge the sale of gold on November 1. It closed out its position on November 1. After taking account of the cost of hedging, what is the effective price received by the company for the gold? _ _ _ _ _ _