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GOLD AND SILVER BULLION | 12 Months Ended
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Dec. 31, 2011
GOLD AND SILVER BULLION |
GOLD AND SILVER BULLION |
NOTE 3 GOLD AND SILVER BULLION The Company invested a portion of its cash in physical gold and silver bullion. Below is the balance of its holdings of gold and silver as at December 31, 2011 and 2010. The Company did not invest in silver bullion in 2010.
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
|  | Gold |  | Silver |  | Gold |
|  | (dollars in thousands, except ounces and per ounce) |
# of ounces |  |  | 5,656 |  |  | 552,812 |  |  | 4,442 |
Average cost per ounce |  | $ | 1,278.63 |  | $ | 28.18 |  | $ | 1,019 |
Total cost |  | $ | 7,232 |  | $ | 15,579 |  | $ | 4,569 |
Fair value per ounce |  | $ | 1,574.50 |  | $ | 28.18 |  | $ | 1,405 |
Total fair value |  | $ | 8,905 |  | $ | 15,579 |  | $ | 6,241 |
The market value of gold and silver was based on the daily London P.M. fix as at December 31, 2011 and 2010. Since ASC Topic 815 does not consider gold to be readily convertible to cash, the Company carries this asset at the lower of cost or market. During 2011, the Company sold 4,008 ounces of gold and 150,499 ounces of silver with a cost of $4.7 million and $4.9 million, respectively, resulting in an overall gain of $2.1 million. As at December 31, 2011, the Company's average cost per ounce for silver was written down to its market value of $28.18 and as a result, the Company recorded an unrealized loss of $3.4 million in its statements of operations and comprehensive loss for the year ended December 31, 2011. Changes in the Company's holdings of gold and silver for the years ended December 31, 2011 and 2010 are as follows (in thousands):
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
|  | Gold |  | Silver |  | Total |  | Gold |
Opening Balance |  | $ | 4,569 |  | $ | — |  | $ | 4,569 |  | $ | 2,760 |
Purchases |  |  | 7,387 |  |  | 23,913 |  |  | 31,300 |  |  | 1,809 |
Proceeds from sale |  |  | (6,218 | ) |  | (5,521 | ) |  | (11,739 | ) |  | — |
Gain on sale |  |  | 1,494 |  |  | 581 |  |  | 2,075 |  |  | — |
Unrealized loss |  |  | — |  |  | (3,394 | ) |  | (3,394 | ) |  | — |
Ending Balance |  | $ | 7,232 |  | $ | 15,579 |  | $ | 22,811 |  | $ | 4,569 |

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