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GOLD AND SILVER BULLION | 9 Months Ended
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Sep. 30, 2012
GOLD AND SILVER BULLION |
GOLD AND SILVER BULLION |
NOTE 4 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 September 30, 2012 and December 31, 2011.
|  | September 30, 2012 |  | December 31, 2011 |
|  | Gold |  | Silver |  | Gold |  | Silver |
|  | (dollars in thousands, except ounces and per ounce) |
# of ounces |  | 793 |  | 24,969 |  | 5,656 |  | 552,812 |
Average cost per ounce |  | $ | 1,278.63 |  | $ | 27.08 |  | $ | 1,278.63 |  | $ | 28.18 |
Total cost |  | $ | 1,014 |  | $ | 676 |  | $ | 7,232 |  | $ | 15,578 |
Fair value per ounce |  | $ | 1,776.00 |  | $ | 34.65 |  | $ | 1,574.50 |  | $ | 28.18 |
Total fair value |  | $ | 1,408 |  | $ | 865 |  | $ | 8,905 |  | $ | 15,578 |
The fair value of gold and silver was based on the daily London P.M. fix as at September 30, 2012 and December 31, 2011. Since ASC Topic 815 does not consider gold and silver to be readily convertible to cash, the Company carries these assets at the lower of cost or market. During the first nine months of 2012, the Company sold 4,863 ounces of gold and 527,843 ounces of silver with a cost of $6.2 million and $14.5 million, respectively. Changes in the Company’s holdings of gold and silver for the nine months ended September 30, 2012 and year ended December 31, 2011 are as follows (in thousands):
|  | Nine Months Ended September 30, 2012 |  | Year Ended December 31, 2011 |
|  | Gold |  | Silver |  | Total |  | Gold |  | Silver |  | Total |
Opening Balance |  | $ | 7,232 |  | $ | 15,578 |  | $ | 22,810 |  | $ | 4,569 |  | $ | — |  | $ | 4,569 |
Purchases |  | — |  | — |  | — |  | 7,387 |  | 23,912 |  | 31,299 |
Proceeds from sale |  | (7,982 | ) | (15,854 | ) | (23,836 | ) | (6,218 | ) | (5,521 | ) | (11,739 | )
Gain on sale |  | 1,764 |  | 1,311 |  | 3,075 |  | 1,494 |  | 581 |  | 2,075 |
Unrealized loss |  | — |  | (359 | ) | (359 | ) | — |  | (3,394 | ) | (3,394 | )
Ending Balance |  | $ | 1,014 |  | $ | 676 |  | $ | 1,690 |  | $ | 7,232 |  | $ | 15,578 |  | $ | 22,810 |

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