1. What is a forward transaction? What is a forward contract?
2. What is the spot price? What is the settlement date?
3. An opinion column in the Wall Street Journal observes: "Speculators earn a profit by absorbing risk that others don't want. Without speculators, investors would find it difficult to quickly hedge or sell their positions." In what sense do speculators earn a profit by absorbing risk? Why would the absence of speculators make it difficult for investors to quickly hedge or sell their positions?