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GOLD AND SILVER BULLION | 9 Months Ended
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Sep. 30, 2013
GOLD AND SILVER BULLION |
GOLD AND SILVER BULLION | NOTE 4 GOLD AND SILVER BULLION From time to time, the Company invests 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, 2013 and December 31, 2012:
|  | As at September 30, 2013 |  | As at December 31, 2012 |
|  | Gold |  | Silver |  | Gold |  | Silver |
|  | (dollars in thousands, except ounces and per ounce) |
Number of ounces |  | — |  | — |  | 793 |  | 24,969 |
Average cost per ounce |  | n/a |  | n/a |  | $ | 1,278.63 |  | $ | 27.08 |
Total cost |  | $ | — |  | $ | — |  | $ | 1,014 |  | $ | 676 |
Fair value per ounce |  | n/a |  | n/a |  | $ | 1,657.50 |  | $ | 29.95 |
Total fair value |  | $ | — |  | $ | — |  | $ | 1,314 |  | $ | 748 |
The fair value of gold and silver was based on the daily London P.M. fix as at the reporting date. Since ASC Topic 815, Derivatives and Hedging, 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 nine months ended September 30, 2013, the Company recorded a realized loss of $0.2 million on its gold and silver bullion, as a result of its average cost of $1,278.63 and $27.08 per ounce, respectively, being lower than its selling price of $1,245.70 per ounce of gold and $19.18 per ounce of silver in the third quarter of 2013. Changes in the Company’s holdings of gold and silver for the nine months ended September 30, 2013 and year ended December 31, 2012 are as follows:
|  | Nine months ended September 30, 2013 |  | Year ended December 31, 2012 |
|  | Gold |  | Silver |  | Total |  | Gold |  | Silver |  | Total |
|  | (in thousands) |
Opening Balance |  | $ | 1,014 |  | $ | 676 |  | $ | 1,690 |  | $ | 7,232 |  | $ | 15,578 |  | $ | 22,810 |
Proceeds from sale |  | (988 | ) | (479 | ) | (1,467 | ) | (7,982 | ) | (15,854 | ) | (23,836 | )
(Loss) gain on sale |  | (26 | ) | (197 | ) | (223 | ) | 1,764 |  | 1,311 |  | 3,075 |
Unrealized loss |  | — |  | — |  | — |  | — |  | (359 | ) | (359 | )
Ending Balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,014 |  | $ | 676 |  | $ | 1,690 |

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