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GOLD AND SILVER BULLION | 12 Months Ended
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Dec. 31, 2012
GOLD AND SILVER BULLION |
GOLD AND SILVER BULLION | NOTE 5 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, 2012 and 2011:
|  | 2012 |  | 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 |  | $ | 1,657.50 |  | $ | 29.95 |  | $ | 1,574.50 |  | $ | 28.18 |
Total fair value |  | $ | 1,314 |  | $ | 748 |  | $ | 8,905 |  | $ | 15,578 |
The market value of gold and silver was based on the daily London P.M. fix as at December 31, 2012 and 2011. Since ASC Topic 815 does not consider gold or silver to be readily convertible to cash, the Company carries this asset at the lower of cost or market. During 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, resulting in an overall gain of $3.1 million. Changes in the Company's holdings of gold and silver for the years ended December 31, 2012 and 2011 are as follows (in thousands):
|  | 2012 |  | 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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