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GOLD AND SILVER BULLION (Tables)

9 Months Ended

Sep. 30, 2012

GOLD AND SILVER BULLION

Schedule of gold and silver holdings

		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

Schedule of changes of gold and silver holdings

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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Tabular disclosure of change in investment in physical commodities during the period.

+ References

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Tabular disclosure of the investment holdings which are represented by other than securities (for example, commodities). The investment holdings, other than securities investments table lists the long positions of non-security investments held by entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 12

-Article 12



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 320

-Section S99

-Paragraph 5

-Subparagraph (SX 210.12-13)

-URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611282-123010



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 13

-Article 12



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 12C

-Article 12

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