Suppose that you confidently anticipate that a gold bar will not change in price this

year, but will increase in price by 10 percent next year. Suppose that the one-period

rate is 4 percent and the two-period rate is 6 percent. You are very risk averse, and

have no idea of the future short rate of interest. Should you buy the gold this period?

Should you buy it next period? Should you buy it in either period? State and explain

the best investment strategy you may assume future and derivative contracts exist.

多谢！！！