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 22,544 806,886 SH   SOLE   806,886 0 0
AMERICAN EXPRESS CO COM 025816109 295 3,775 SH   SOLE   3,775 0 0
AMERICAN VANGUARD CORP COM 030371108 1,194 112,393 SH   SOLE   112,393 0 0
APACHE CORP COM 037411105 19,432 322,102 SH   SOLE   322,102 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,008 100,055 SH   SOLE   100,055 0 0
ASA GOLD AND PRECIOUS MTLS L SHS G3156P103 3,229 320,325 SH   SOLE   320,325 0 0
ASANKO GOLD INC COM 04341Y105 1,384 954,420 SH   SOLE   954,420 0 0
AT&T INC COM 00206R102 303 9,291 SH   SOLE   9,291 0 0
ATWOOD OCEANICS INC COM 050095108 27,409 975,058 SH   SOLE   975,058 0 0
AUDIOCODES LTD ORD M15342104 58 12,600 SH   SOLE   12,600 0 0
AVID TECHNOLOGY INC COM 05367P100 14,543 976,068 SH   SOLE   976,068 0 0
B2GOLD CORP COM 11777Q209 967 636,171 SH   SOLE   636,171 0 0
BAKER HUGHES INC COM 057224107 328 5,157 SH   SOLE   5,157 0 0
BANRO CORP COM 066800103 123 618,540 SH   SOLE   618,540 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 54,104 374,892 SH   SOLE   374,892 0 0
BARRETT BILL CORP COM 06846N104 564 67,895 SH   SOLE   67,895 0 0
BRADY CORP CL A 104674106 736 26,000 SH   SOLE   26,000 0 0
CARBO CERAMICS INC COM 140781105 945 30,985 SH   SOLE   30,985 0 0
CHASE CORP COM 16150R104 1,069 24,443 SH   SOLE   24,443 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 46,105 935,956 SH   SOLE   935,956 0 0
CISCO SYS INC COM 17275R102 19,637 713,433 SH   SOLE   713,433 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 1,915 329,095 SH   SOLE   329,095 0 0
COCA COLA CO COM 191216100 11,527 284,267 SH   SOLE   284,267 0 0
COLFAX CORP COM 194014106 21,917 459,191 SH   SOLE   459,191 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 12,570 1,240,853 SH   SOLE   1,240,853 0 0
COMSTOCK MNG INC COM 205750102 12,613 21,022,076 SH   SOLE   21,022,076 0 0
COMSTOCK RES INC COM NEW 205768203 288 80,750 SH   SOLE   80,750 0 0
CORNING INC COM 219350105 330 14,543 SH   SOLE   14,543 0 0
CUI GLOBAL INC COM NEW 126576206 96 16,425 SH   SOLE   16,425 0 0
CVR PARTNERS LP COM 126633106 694 52,796 SH   SOLE   52,796 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 16,496 202,956 SH   SOLE   202,956 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 25,636 956,913 SH   SOLE   956,913 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 44,449 1,508,012 SH   SOLE   1,508,012 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 273 11,300 SH   SOLE   11,300 0 0
DYNAMIC MATLS CORP COM 267888105 8,213 643,170 SH   SOLE   643,170 0 0
ELDORADO GOLD CORP NEW COM 284902103 9,654 2,103,347 SH   SOLE   2,103,347 0 0
E M C CORP MASS COM 268648102 385 15,066 SH   SOLE   15,066 0 0
EMERALD OIL INC COM NEW 29101U209 264 356,165 SH   SOLE   356,165 0 0
EMERSON ELEC CO COM 291011104 9,379 165,652 SH   SOLE   165,652 0 0
ENCORE WIRE CORP COM 292562105 3,095 81,711 SH   SOLE   81,711 0 0
ENSCO PLC SHS CLASS A G3157S106 18,783 891,467 SH   SOLE   891,467 0 0
ENSTAR GROUP LIMITED SHS G3075P101 40,537 285,751 SH   SOLE   285,751 0 0
ERA GROUP INC COM 26885G109 29,126 1,397,615 SH   SOLE   1,397,615 0 0
EXELON CORP COM 30161N101 13,765 409,559 SH   SOLE   409,559 0 0
EXXON MOBIL CORP COM 30231G102 333 3,916 SH   SOLE   3,916 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 337 23,872 SH   SOLE   23,872 0 0
GOLDCORP INC NEW COM 380956409 755 41,688 SH   SOLE   41,688 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 8,904 1,481,561 SH   SOLE   1,481,561 0 0
HALLADOR ENERGY COMPANY COM 40609P105 768 65,659 SH   SOLE   65,659 0 0
HALLIBURTON CO COM 406216101 15,243 347,388 SH   SOLE   347,388 0 0
HECLA MNG CO COM 422704106 30 10,040 SH   SOLE   10,040 0 0
HOUSTON WIRE & CABLE CO COM 44244K109 12,029 1,236,301 SH   SOLE   1,236,301 0 0
INTERGROUP CORP COM 458685104 2,133 106,667 SH   SOLE   106,667 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 39,738 879,933 SH   SOLE   879,933 0 0
KEY ENERGY SVCS INC COM 492914106 7,374 4,051,666 SH   SOLE   4,051,666 0 0
KINROSS GOLD CORP COM NO PAR 496902404 3,398 1,517,017 SH   SOLE   1,517,017 0 0
LAYNE CHRISTENSEN CO COM 521050104 14,807 2,955,565 SH   SOLE   2,955,565 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 24,917 652,266 SH   SOLE   652,266 0 0
LOEWS CORP COM 540424108 14,338 351,153 SH   SOLE   351,153 0 0
MARKEL CORP COM 570535104 38,421 49,965 SH   SOLE   49,965 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 16,713 736,263 SH   SOLE   736,263 0 0
MAXWELL TECHNOLOGIES INC COM 577767106 18,189 2,256,754 SH   SOLE   2,256,754 0 0
MCEWEN MNG INC COM 58039P107 40 39,700 SH   SOLE   39,700 0 0
MRC GLOBAL INC COM 55345K103 265 22,330 SH   SOLE   22,330 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 8,450 147,668 SH   SOLE   147,668 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 604 17,930 SH   SOLE   17,930 0 0
OLD NATL BANCORP IND COM 680033107 1,286 90,645 SH   SOLE   90,645 0 0
ORION MARINE GROUP INC COM 68628V308 18,941 2,137,829 SH   SOLE   2,137,829 0 0
PACIFIC DRILLING SA LUXEMBOU REG SHS L7257P106 76 19,630 SH   SOLE   19,630 0 0
PICO HLDGS INC COM NEW 693366205 13,495 832,491 SH   SOLE   832,491 0 0
PIONEER ENERGY SVCS CORP COM 723664108 751 138,472 SH   SOLE   138,472 0 0
POST HLDGS INC COM 737446104 26,885 573,978 SH   SOLE   573,978 0 0
POWELL INDS INC COM 739128106 10,366 306,949 SH   SOLE   306,949 0 0
RANDGOLD RES LTD ADR 752344309 25,467 367,645 SH   SOLE   367,645 0 0
READING INTERNATIONAL INC CL A 755408101 1,274 94,745 SH   SOLE   94,745 0 0
SEABRIDGE GOLD INC COM 811916105 9,732 1,772,693 SH   SOLE   1,772,693 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464a730 923 17,875 SH   SOLE   17,875 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 1,470 36,000 SH   SOLE   36,000 0 0
STONE ENERGY CORP COM 861642106 997 67,940 SH   SOLE   67,940 0 0
SYNALLOY CP DEL COM 871565107 9,833 682,379 SH   SOLE   682,379 0 0
TIDEWATER INC COM 886423102 8,890 464,478 SH   SOLE   464,478 0 0
TIMMINS GOLD CORP COM 88741P103 78 115,000 SH   SOLE   115,000 0 0
TOTAL S A SPONSORED ADR 89151E109 11,886 239,338 SH   SOLE   239,338 0 0
TRUSTMARK CORP COM 898402102 815 33,565 SH   SOLE   33,565 0 0
US BANCORP DEL COM NEW 902973304 1,624 37,197 SH   SOLE   37,197 0 0
UCP INC CL A 90265Y106 7,128 819,275 SH   SOLE   819,275 0 0
UNIT CORP COM 909218109 12,250 437,820 SH   SOLE   437,820 0 0
VISHAY PRECISION GROUP INC COM 92835K103 417 26,181 SH   SOLE   26,181 0 0
WELLS FARGO & CO NEW COM 949746101 47,515 873,439 SH   SOLE   873,439 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 8,812 12,873 SH   SOLE   12,873 0 0
YAMANA GOLD INC COM 98462Y100 12,818 3,570,565 SH   SOLE   3,570,565 0 0