Short selling

In short selling, the trader borrows stock (usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers) then sells it on the market, hoping for the price to fall. The trader eventually buys back the stock, making money if the price fell in the meantime and losing money if it rose. Exiting a short position by buying back the stock is called "covering a short position." This strategy may also be used by unscrupulous traders in illiquid or thinly traded markets to artificially lower the price of a stock. Hence most markets either prevent short selling or place restrictions on when and how a short sale can occur. The practice of naked shorting is illegal in most (but not all) stock market

Day care

Child care or day care is the care of a child during the day by a person other than the child's legal guardians, typically performed by someone outside the child's immediate family. Day care is typically an ongoing service during specific periods, such as the parents' time at work. The service is known as child care in the United Kingdom and Australia and child care or day care in North America (although child care also has a broader meaning). Child care is provided in nurseries or crèches or by a nanny or family child care provider caring for children in their own homes. It can also take on a more formal structure, with education, child development, discipline and even preschool education falling into the fold of services. Some childminders care for children from several families at the same time, either in their own home (commonly known as "family day care" in Australia) or in a specialized child care facility. Some employers provide nursery provisions for their employees at or near the place of employment. Child care in the child's own home is traditionally provided by a nanny or au pair, or by extended family members including grandparents, aunts and uncles.

Children

In England, childcare is inspected and regulated by OFSTED (previously this was administered by Local Authority Social Services). Care for children under five is split into Childcare on Domestic Premises which is Childminding and Daycare. In the UK being a ‘Childminder’ is a protected title and can only be used by registered professionals. Registered Childminders are trained, insured and qualified in Paediatric First Aid. They comply/administer/work with The Early Years Foundation Stage EYFS and have the same responsibilities for education as nurseries and reception classes. They generally work from their own homes and are always self-employed setting their own terms and conditions. The basic numbers of children that childminders can care for is 6 children under 8 years of age; of these children, 3 may be under 5 and of these 1 may be under 1. These numbers include the childminders own children (although the childminder’s children will not be included in the childminding ‘Certificate’). Some childminders work with either childminding assistants or with co-childminders, which often increases the number of children that can be cared for and individual childminders can request a ‘variation’ which may increase the children that they care for particularly for ‘continuity of care’ or for twins. There is a professional body – The National Childminding Association NCMA which “Promotes and supports quality child-minding expertise” and provides information for Childminders and parents.

Western society

It is traditional in Western society for children to be taken care of by their parents or their legal guardians. In families where children live with one or both of their parents, the childcare role may also be taken on by the child's extended family. If a parent or extended family is unable to care for the children, orphanages and foster homes are a way of providing for children's care, housing, and schooling. The two main types of child care options for employed parents needing childcare are centre-based care (including creches, daycare, and preschools) and home-based care (also known as nanny or family daycare). As well as these licensed option's parents may also choose to find their own caregiver or arrange childcare exchanges/swaps with another family.[1] In-home care typically is provided by nannies, au-pairs, or friends and family. The child is watched inside their own home or the caregiver's home, reducing exposure to outside children and illnesses. Depending on the number of children in the home, the children utilizing in-home care enjoy the greatest amount of interaction with their caregiver, forming a close bond. There are no required licensing or background checks for in-home care, making parental vigilance essential in choosing an appropriate caregiver. Nanny and au-pair services provide certified caregivers and the cost of in-home care is the highest of childcare options per child, though a household with many children may find this the most convenient and affordable option. At the same time, a nanny or au-pair is not always the best methods of childcare. It confines the child into a world of their own. It keeps them from interacting with other children a lot of the time. As mentioned the caregivers do not need licenses or background checks so there is no way of telling if a person is really qualified or has a criminal background (unless you live in a country where there is an option of obtaining home-based care through a government licensed and funded agency). These things should be taken in consideration when making a choice. Family child care is provided from a care giver's personal home, making the atmosphere most similar to a child's home.[2] State licensing requirements vary, so the parent should conduct careful interviews and home inspections, as well as complete a background check on the caregiver's license. Any complaints against the caregiver will be documented and available for public record. Family care (depending upon the relative levels of state subsidy for centre-based care) is generally the most affordable childcare option, and offers often greater flexibility in hours available for care. In addition, family care generally has a small ratio of children in care, allowing for more interaction between child and provider than would be had at a commercial care center.

Characteristics gold

Gold is the most malleable and ductile of all metals; a single gram can be beaten into a sheet of 1 square meter, or an ounce into 300 square feet. Gold leaf can be beaten thin enough to become transparent. The transmitted light appears greenish blue, because gold strongly reflects yellow and red.[15] Such semi-transparent sheets also strongly reflect infrared light, making them useful as infrared (radiant heat) shields in visors of heat-resistant suits, and in sun-visors for spacesuits.[16] Gold readily creates alloys with many other metals. These alloys can be produced to modify the hardness and other metallurgical properties, to control melting point or to create exotic colors (see below).[17] Gold is a good conductor of heat and electricity and reflects infrared radiation strongly. Chemically, it is unaffected by air, moisture and most corrosive reagents, and is therefore well suited for use in coins and jewelry and as a protective coating on other, more reactive, metals. However, it is not chemically inert. Gold is almost insoluble, but can be dissolved in aqua regia. Common oxidation states of gold include +1 (gold(I) or aurous compounds) and +3 (gold(III) or auric compounds). Gold ions in solution are readily reduced and precipitated out as gold metal by adding any other metal as the reducing agent. The added metal is oxidized and dissolves allowing the gold to be displaced from solution and be recovered as a solid precipitate. High quality pure metallic gold is tasteless and scentless, in keeping with its resistance to corrosion (it is metal ions which confer taste to metals).[18] In addition, gold is very dense, a cubic meter weighing 19,300 kg. By comparison, the density of lead is 11,340 kg/m3, and that of the densest element, osmium, is 22,610 kg/

Jewelry

Because of the softness of pure (24k) gold, it is usually alloyed with base metals for use in jewelry, altering its hardness and ductility, melting point, color and other properties. Alloys with lower caratage, typically 22k, 18k, 14k or 10k, contain higher percentages of copper, or other base metals or silver or palladium in the alloy. Copper is the most commonly used base metal, yielding a redder color.[31] Eighteen-carat gold containing 25% copper is found in antique and Russian jewelry and has a distinct, though not dominant, copper cast, creating rose gold. Fourteen-carat gold-copper alloy is nearly identical in color to certain bronze alloys, and both may be used to produce police and other badges. Blue gold can be made by alloying with iron and purple gold can be made by alloying with aluminium, although rarely done except in specialized jewelry. Blue gold is more brittle and therefore more difficult to work with when making jewelry.[31] Fourteen and eighteen carat gold alloys with silver alone appear greenish-yellow and are referred to as green gold. White gold alloys can be made with palladium or nickel. White 18-carat gold containing 17.3% nickel, 5.5% zinc and 2.2% copper is silvery in appearance. Nickel is toxic, however, and its release from nickel white gold is controlled by legislation in Europe.[31] Alternative white gold alloys are available based on palladium, silver and other white metals,[31] but the palladium alloys are more expensive than those using nickel. High-carat white gold alloys are far more resistant to corrosion than are either pure silver or sterling silver. The Japanese craft of Mokume-gane exploits the color contrasts between laminated colored gold alloys to produce decorative wood-grain effects.

Monetary exchange

Gold has been widely used throughout the world as a vehicle for monetary exchange, either by issuance and recognition of gold coins or other bare metal quantities, or through gold-convertible paper instruments by establishing gold standards in which the total value of issued money is represented in a store of gold reserves. The first gold coins of the Grecian age were struck in Lydia at a time approximated to the year 700 BC.[23] The talent coin of gold in use during the periods of Grecian history both before and during the time of the life of Homer weighed between 8.42 and 8.75 grams.[24] From an earlier preference in using silver, European economies re-established the minting of gold as coinage during the thirteenth and fourteenth centuries.[25] However, production has not grown in relation to the world's economies. Today, gold mining output is declining.[26] With the sharp growth of economies in the 20th century, and increasing foreign exchange, the world's gold reserves and their trading market have become a small fraction of all markets and fixed exchange rates of currencies to gold were no longer sustained. At the beginning of World War I the warring nations moved to a fractional gold standard, inflating their currencies to finance the war effort. After World War II gold was replaced by a system of convertible currency following the Bretton Woods system. Gold standards and the direct convertibility of currencies to gold have been abandoned by world governments, being replaced by fiat currency in their stead. Switzerland was the last country to tie its currency to gold; it backed 40% of its value until the Swiss joined the International Monetary Fund in 1999.[27] Pure gold is too soft for day-to-day monetary use and is typically hardened by alloying with copper, silver or other base metals. The gold content of alloys is measured in carats (k). Pure gold is designated as 24k. English gold coins intended for circulation from 1526 into the 1930s were typically a standard 22k alloy called crown gold,[28] for hardness (American gold coins for circulation after 1837 contained the slightly lower amount of 0.900 fine gold, or 21.6 kt).[29] Although the price of some platinum group metals can be much higher, gold has long been considered the most desirable of precious metals, and its value has been used as the standard for many currencies (known as the gold standard) in history. Gold has been used as a symbol for purity, value, royalty, and particularly roles that combine these properties. Gold as a sign of wealth and prestige was ridiculed by Thomas More in his treatise Utopia. On that imaginary island, gold is so abundant that it is used to make chains for slaves, tableware and lavatory-seats. When ambassadors from other countries arrive, dressed in ostentatious gold jewels and badges, the Utopians mistake them for menial servants, paying homage instead to the most modestly dressed of their party.

Market participants

Market participants include individual retail investors, institutional investors such as mutual funds, banks, insurance companies and hedge funds, and also publicly traded corporations trading in their own shares. Some studies have suggested that institutional investors and corporations trading in their own shares generally receive higher risk-adjusted returns than retail investors.[7] A few decades ago, worldwide, buyers and sellers were individual investors, such as wealthy businessmen, usually with long family histories to particular corporations. Over time, markets have become more "institutionalized"; buyers and sellers are largely institutions (e.g., pension funds, insurance companies, mutual funds, index funds, exchange-traded funds, hedge funds, investor groups, banks and various other financial institutions). The rise of the institutional investor has brought with it some improvements in market operations. There has been a gradual tendency for "fixed" (and exorbitant) fees being reduced for all investors, partly from falling administration costs but also assisted by large institutions challenging brokers' oligopolistic approach to setting standardised fees.

Derivative instruments

Financial innovation has brought many new financial instruments whose pay-offs or values depend on the prices of stocks. Some examples are exchange-traded funds (ETFs), stock index and stock options, equity swaps, single-stock futures, and stock index futures. These last two may be traded on futures exchanges (which are distinct from stock exchanges—their history traces back to commodities futures exchanges), or traded over-the-counter. As all of these products are only derived from stocks, they are sometimes considered to be traded in a (hypothetical) derivatives market, rather than the (hypothetical) stock market.

Taxation

According to much national or state legislation, a large array of fiscal obligations are taxed for capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market, in particular in the stock exchanges. However, these fiscal obligations may vary from jurisdictions to jurisdictions because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.[citation needed]