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GOLD AND SILVER BULLION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
GOLD AND SILVER BULLION |
Schedule of gold and silver holdings |
|  | 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 |
Schedule of changes of gold and silver holdings | 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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- Definition 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 + Details
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