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GOLD AND SILVER BULLION INVESTMENTS | 12 Months Ended
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Dec. 31, 2013
GOLD AND SILVER BULLION INVESTMENTS |
GOLD AND SILVER BULLION INVESTMENTS | NOTE 4 GOLD AND SILVER BULLION INVESTMENTS 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 December 31, 2013 and 2012:
|  | 2013 |  | 2012 |
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|  | 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 year ended December 31, 2013, the Company sold its remaining holdings of gold and silver bullion. 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 at the time of the sale. Changes in the Company's holdings of gold and silver for the year ended December 31, 2013 and 2012 are as follows:
|  | 2013 |  | 2012 |
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|  | 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 | )
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Ending Balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,014 |  | $ | 676 |  | $ | 1,690 |
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