The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108 16,620 572,498 SH   SOLE   572,498 0 0
AMERICAN EXPRESS CO COM 025816109 365 4,175 SH   SOLE   4,175 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 3,647 303,893 SH   SOLE   303,893 0 0
APACHE CORP COM 037411105 34,189 364,218 SH   SOLE   364,218 0 0
ASA GOLD AND PRECIOUS MTLS L SHS G3156P103 4,352 370,051 SH   SOLE   370,051 0 0
ASANKO GOLD INC COM 04341Y105 1,027 493,515 SH   SOLE   493,515 0 0
ASTEC INDS INC COM 046224101 13,374 366,716 SH   SOLE   366,716 0 0
AT&T INC COM 00206R102 212 6,013 SH   SOLE   6,013 0 0
ATWOOD OCEANICS INC COM 050095108 30,629 701,042 SH   SOLE   701,042 0 0
AUDIOCODES LTD ORD M15342104 93 19,325 SH   SOLE   19,325 0 0
BANRO CORP COM 066800103 99 624,790 SH   SOLE   624,790 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 60,605 438,719 SH   SOLE   438,719 0 0
C D I CORP COM 125071100 9,216 634,694 SH   SOLE   634,694 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 26,229 453,392 SH   SOLE   453,392 0 0
CISCO SYS INC COM 17275R102 47,721 1,895,941 SH   SOLE   1,895,941 0 0
COCA COLA CO COM 191216100 770 18,045 SH   SOLE   18,045 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 12,436 370,015 SH   SOLE   370,015 0 0
COMCAST CORP NEW CL A SPL 20030N200 24,752 462,653 SH   SOLE   462,653 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 16,113 1,391,474 SH   SOLE   1,391,474 0 0
COMSTOCK MNG INC COM 205750102 25,850 21,363,727 SH   SOLE   21,363,727 0 0
CORNING INC COM 219350105 43,089 2,227,966 SH   SOLE   2,227,966 0 0
CTPARTNERS EXECUTIVE SEARCH COM 22945C105 391 25,070 SH   SOLE   25,070 0 0
CUI GLOBAL INC COM NEW 126576206 1,012 139,824 SH   SOLE   139,824 0 0
DAWSON GEOPHYSICAL CO COM 239359102 3,074 169,076 SH   SOLE   169,076 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 27,815 811,633 SH   SOLE   811,633 0 0
DYNAMIC MATLS CORP COM 267888105 11,278 592,047 SH   SOLE   592,047 0 0
ELDORADO GOLD CORP NEW COM 284902103 15,782 2,341,542 SH   SOLE   2,341,542 0 0
E M C CORP MASS COM 268648102 2,008 68,615 SH   SOLE   68,615 0 0
EMERSON ELEC CO COM 291011104 12,970 207,254 SH   SOLE   207,254 0 0
ENCORE WIRE CORP COM 292562105 7,257 195,660 SH   SOLE   195,660 0 0
ENSCO PLC SHS CLASS A G3157S106 29,219 707,305 SH   SOLE   707,305 0 0
ENSTAR GROUP LIMITED SHS G3075P101 15,642 114,742 SH   SOLE   114,742 0 0
ERA GROUP INC COM 26885G109 20,527 943,782 SH   SOLE   943,782 0 0
ESSEX RENT CORP COM 297187106 749 356,703 SH   SOLE   356,703 0 0
EXELON CORP COM 30161N101 16,553 485,582 SH   SOLE   485,582 0 0
EXXON MOBIL CORP COM 30231G102 14,275 151,781 SH   SOLE   151,781 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 19,896 717,218 SH   SOLE   717,218 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 3,281 238,468 SH   SOLE   238,468 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 5,047 1,294,033 SH   SOLE   1,294,033 0 0
GOLD RESOURCE CORP COM 38068T105 218 42,525 SH   SOLE   42,525 0 0
GRANITE CONSTR INC COM 387328107 14,822 465,944 SH   SOLE   465,944 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 11,430 1,849,481 SH   SOLE   1,849,481 0 0
HALLADOR ENERGY COMPANY COM 40609P105 1,072 90,515 SH   SOLE   90,515 0 0
HALLIBURTON CO COM 406216101 23,611 366,004 SH   SOLE   366,004 0 0
HARVARD BIOSCIENCE INC COM 416906105 1,075 262,915 SH   SOLE   262,915 0 0
HECLA MNG CO COM 422704106 12,278 4,950,879 SH   SOLE   4,950,879 0 0
HOUSTON WIRE & CABLE CO COM 44244K109 15,399 1,285,408 SH   SOLE   1,285,408 0 0
HUTCHINSON TECHNOLOGY INC COM 448407106 2,258 616,941 SH   SOLE   616,941 0 0
INFUSYSTEM HLDGS INC COM 45685K102 161 51,234 SH   SOLE   51,234 0 0
INNERWORKINGS INC COM 45773Y105 5,677 701,760 SH   SOLE   701,760 0 0
INNOVATIVE SOLUTIONS & SUPPO COM 45769N105 775 148,576 SH   SOLE   148,576 0 0
INSTEEL INDUSTRIES INC COM 45774W108 20,643 1,004,036 SH   SOLE   1,004,036 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 244 9,775 SH   SOLE   9,775 0 0
INTERGROUP CORP COM 458685104 1,185 60,780 SH   SOLE   60,780 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 17,167 90,434 SH   SOLE   90,434 0 0
INUVO INC COM NEW 46122W204 18 12,000 SH   SOLE   12,000 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 47,763 978,355 SH   SOLE   978,355 0 0
KEY ENERGY SVCS INC COM 492914106 13,333 2,754,851 SH   SOLE   2,754,851 0 0
KINROSS GOLD CORP COM NO PAR 496902404 11,854 3,592,080 SH   SOLE   3,592,080 0 0
LAKE SHORE GOLD CORP COM 510728108 22 21,400 SH   SOLE   21,400 0 0
LAYNE CHRISTENSEN CO COM 521050104 30,426 3,133,482 SH   SOLE   3,133,482 0 0
LOEWS CORP COM 540424108 16,470 395,351 SH   SOLE   395,351 0 0
MARKEL CORP COM 570535104 36,859 57,941 SH   SOLE   57,941 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 1,768 52,592 SH   SOLE   52,592 0 0
MATSON INC COM 57686G105 13,070 522,181 SH   SOLE   522,181 0 0
MAXWELL TECHNOLOGIES INC COM 577767106 22,006 2,523,608 SH   SOLE   2,523,608 0 0
MCDERMOTT INTL INC COM 580037109 152 26,535 SH   SOLE   26,535 0 0
MCEWEN MNG INC COM 58039P107 40 20,300 SH   SOLE   20,300 0 0
MEDTRONIC INC COM 585055106 302 4,878 SH   SOLE   4,878 0 0
MICROSOFT CORP COM 594918104 429 9,250 SH   SOLE   9,250 0 0
NEWMONT MINING CORP COM 651639106 23,692 1,027,835 SH   SOLE   1,027,835 0 0
OCWEN FINL CORP COM NEW 675746309 16,480 629,499 SH   SOLE   629,499 0 0
OLD NATL BANCORP IND COM 680033107 308 23,745 SH   SOLE   23,745 0 0
OMEGA FLEX INC COM 682095104 276 14,185 SH   SOLE   14,185 0 0
ORION MARINE GROUP INC COM 68628V308 23,736 2,378,352 SH   SOLE   2,378,352 0 0
PACIFIC DRILLING SA LUXEMBOU REG SHS L7257P106 925 111,800 SH   SOLE   111,800 0 0
PICO HLDGS INC COM NEW 693366205 20,096 1,007,306 SH   SOLE   1,007,306 0 0
POSCO SPONSORED ADR 693483109 40,888 538,715 SH   SOLE   538,715 0 0
POST HLDGS INC COM 737446104 20,991 632,655 SH   SOLE   632,655 0 0
POWELL INDS INC COM 739128106 12,194 298,424 SH   SOLE   298,424 0 0
RANDGOLD RES LTD ADR 752344309 22,541 333,498 SH   SOLE   333,498 0 0
READING INTERNATIONAL INC CL A 755408101 817 97,315 SH   SOLE   97,315 0 0
RIO ALTO MNG LTD NEW COM 76689T104 5,438 2,265,662 SH   SOLE   2,265,662 0 0
RUBICON TECHNOLOGY INC COM 78112T107 487 114,690 SH   SOLE   114,690 0 0
SEABRIDGE GOLD INC COM 811916105 12,280 1,527,383 SH   SOLE   1,527,383 0 0
SILVER STD RES INC COM 82823L106 107 17,600 SH   SOLE   17,600 0 0
SUPERIOR INDS INTL INC COM 868168105 266 15,170 SH   SOLE   15,170 0 0
SYNALLOY CP DEL COM 871565107 12,080 694,272 SH   SOLE   694,272 0 0
TARGET CORP COM 87612E106 228 3,637 SH   SOLE   3,637 0 0
TIDEWATER INC COM 886423102 20,066 514,105 SH   SOLE   514,105 0 0
TIMMINS GOLD CORP COM 88741P103 1,189 921,945 SH   SOLE   921,945 0 0
TOTAL S A SPONSORED ADR 89151E109 17,706 274,720 SH   SOLE   274,720 0 0
TRANSCAT INC COM 893529107 194 21,215 SH   SOLE   21,215 0 0
TURQUOISE HILL RES LTD COM 900435108 7,170 1,917,037 SH   SOLE   1,917,037 0 0
US BANCORP DEL COM NEW 902973304 235 5,620 SH   SOLE   5,620 0 0
UCP INC CL A 90265Y106 13,616 1,139,387 SH   SOLE   1,139,387 0 0
UNIT CORP COM 909218109 3,774 64,350 SH   SOLE   64,350 0 0
VISHAY PRECISION GROUP INC COM 92835K103 22,573 1,510,934 SH   SOLE   1,510,934 0 0
WELLS FARGO & CO NEW COM 949746101 52,833 1,018,574 SH   SOLE   1,018,574 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 7,324 11,624 SH   SOLE   11,624 0 0
YAMANA GOLD INC COM 98462Y100 23,880 3,979,936 SH   SOLE   3,979,936 0 0