Futures Margining System Example: A Hypothetical Gold Futures Contract

Day 2

Opening Account Balance (from Day 1)	$1,800
Price closes at $388/oz.; investor loss of $5/oz. ($500 per contract) paid to clearinghouse	- $500

Account balance on Day 2, after loss is paid to Clearinghouse

$1,300

Margin call of $1,200 made to restore the account to the initial margin level ($2,500)

$1,200

Account balance at end of Day 2, after the margin call is met

$2,500