A tax form distributed by the Internal Revenue Service (IRS) and used to report gains and losses from straddles or financial contracts. Section 1256 contracts include regulated futures contracts, foreign currency contracts, options, dealer equity options or dealer securities futures contracts. These investments are considered "sold" at year end (even if the positions are not actually closed) for tax purposes, and are assigned their fair market value in order to determine gains and losses. Individual tax filers report gains and losses for contracts according to mark-to-market rules. For reported investments, 40% of the gain or loss is reported as short-term, with the remaining 60% reported as long-term. Form 6781 has separate sections for straddles and Section 1256 Contracts, meaning that investors have to identify the specific type of investment used. Investors trading foreign securities contracts in foreign exchanges must still report gains or losses from that contract on Form 6781, even if those contracts would generally not be treated as a Section 1256 Contract.
Name given to the five industrialized nations that meet periodically to achieve a cooperative effort on international economic and monetary issues. |||The G-5 consists of five of the world's leading industrialized countries: France, Germany, Japan, the United Kingdom, and the United States.
A form of arbitrage that involves switching from a domestic currency that carries a lower interest rate to a foreign currency that offers a higher rate of interest on deposits. There is a foreign exchange risk implicit in this transaction since the investor or speculator will need to convert the foreign currency deposit proceeds back into the domestic currency some time in the future. The term "uncovered" in this arbitrage refers to the fact that this foreign exchange risk is not covered through a forward or futures contract. |||Total returns from uncovered interest arbitrage depend considerably on currency fluctuations, since adverse currency movements can wipe out all the gains and in fact even lead to negative returns. If the interest rate differential obtained by investing in a foreign currency is 3%, and the foreign currency appreciates against the domestic currency by 2% during the holding period, the total return from this arbitrage activity is 5%. On the other hand, if the foreign currency depreciates by 4% during the holding period, the total return is -1%.
The difference between the cost of a raw commodity and the income it generates once sold as a finished product. |||The gross processing margin will be adjusted for each different commodity. For example, the GPM for oil is called the crack spread; for soybeans, it's called the crush spread.
Killer application or "killer app" is a buzzword that describes a software application that surpasses all of its competitors. The term is sometimes used to describe a type of software. For example, email applications have been described as the killer app of the 90s.
An exchange-traded fund that invests primarily in raw silver assets, which are held in trust by the fund manager and/or custodian. Typically, silver ETFs are established as grantor trusts, where each share of the ETF represents the specific right to a precise amount of silver, measured in ounces. Silver ETFs aim to track as closely as possible the spot price of silver on the open market.The first to market was the iShares Silver Trust, managed by Barclays Global Investors and introduced in 2006. The introduction of silver and gold ETFs in the early 2000s opened up an attractive investment vehicle for both individual and institutional investors. Precious metals like silver are seen as a hedge against inflation. ETFs allow for greater liquidity than holding the metal itself, and are easier for individuals to access than the futures markets.Silver ETFs held in taxable accounts are subject to a higher long-term capital-gains rate on any holdings of more than one year. Because silver ETFs are considered to be investments in the raw metal itself, gains are assessed on silver as a “collectible” and are subject to a 28% long-term capital-gains rate. Silver ETFs held in IRAs are not subject to this higher gains tax, having been given a special clearance by the Internal Revenue Service.
A risk-mitigating investment strategy that utilizes options to limit the possible range of returns. To employ a fence, the investor purchases a security (a long position), a long put with a strike price near the spot price of the security, a short put with a strike price lower than the spot price of the security and a short call with a strike price higher than the spot price of the security. The options are typically set to expire at the same time. The option premiums should balance each other, having a net derivative investment of zero while the underlying security is bought. A fence is used to limit the movement of an option investment return, just as a fence used on a farm is designed to keep animals from wandering outside of a property. An investor may employ a fence if the underlying security has increased in value, since employing a fence will reduce the risk of loss. When the options employed expire, the strategy is designed to keep the value of the investment between the strike prices of the short call and long put.
The currency abbreviation for the Ugandan shilling (UGX), the currency for Uganda. The Ugandan shilling is made up of 100 cents and is often presented with the symbol USh. Even though the shilling is made up cents, no subdivisions have been used since the currency was revalued in 1987. |||The Ugandan shilling (UGS) was first introduced in 1966 and replaced the East African shilling at par. After many years of high inflation, the value of the shilling had decreased to a point at which it was necessary to introduce the new shilling in force today (UGX). The new shilling replaced the old at a rate of 100:1.Although the new shilling is a very stable currency and is used in most transactions in Uganda, the U.S. dollar (USD), Great Britain pound (GPB) and the euro (EUR) are also widely used.
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