问题如下：
A gold producer enters into a forward contract with an investment bank to sell 10,000 ounces of gold for USD 1,200 per ounce. Explain how the bank would hedge its risk without using futures contracts.
选项：
解释：
The bank can borrow gold from a central bank (paying the lease rate) and sell it in the market (investing the proceeds of the sale). When the forward contract matures, the bank buys the gold from the gold producer and returns it the central bank.
为什么银行赚的就是中间现金投资的利润减去借黄金的租金，再减去从黄金producer买黄金的成本，而不是中间现金投资的利润减去借黄金的租金。
