Consider a position consisting of a $$\$ 300,000$$ investment in gold and a $$\$ 500,000$$ investment in silver. Suppose that the daily volatilities of these two assets are $1.8 \%$ and $1.2 \%$, respectively, and that the coefficient of correlation between their returns is 0.6 . What is the 10-day $97.5 \% \mathrm{VaR}$ and ES for the portfolio? By how much does diversification reduce the $\mathrm{VaR}$ ? Assume normally distributed returns.