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 11 gold futures contracts, consistent with your forecast of gold futures prices. You open your position at $1264 per ounce. Later in the day you offset your position at $1238 per ounce. What is your total profit or loss (not counting transactions costs or taxes) rounded to the nearest dollar?
Please show all work.