-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 ZojUnbz1u+2KWcz/LIaWmQ==

<SEC-DOCUMENT>0001019056-11-000044.txt : 20110111
<SEC-HEADER>0001019056-11-000044.hdr.sgml : 20110111
<ACCEPTANCE-DATETIME>20110111143050
ACCESSION NUMBER:		0001019056-11-000044
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110110
FILED AS OF DATE:		20110111
DATE AS OF CHANGE:		20110111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FCMI FINANCIAL CORP ET AL
		CENTRAL INDEX KEY:			0000931301

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33630
		FILM NUMBER:		11522436

	BUSINESS ADDRESS:	
		STREET 1:		BCE PLACE
		STREET 2:		181 BAY STREET SUITE 250
		CITY:			TORONTO CANADA
		STATE:			A6

	MAIL ADDRESS:	
		STREET 1:		BCE PLACE
		STREET 2:		181 BAY STREET SUITE 250
		CITY:			TORONTO CANADA
		STATE:			A6

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FRIEDBERG ALBERT
		CENTRAL INDEX KEY:			0001268239

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33630
		FILM NUMBER:		11522435

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARAMOUNT GOLD & SILVER CORP.
		CENTRAL INDEX KEY:			0001342854
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				203690109
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		2600 NORTH MILITARY TRAIL
		STREET 2:		SUITE 270
		CITY:			WINNEMUCCA
		STATE:			NV
		ZIP:			33431
		BUSINESS PHONE:		(561) 997-9920

	MAIL ADDRESS:	
		STREET 1:		2600 NORTH MILITARY TRAIL
		STREET 2:		SUITE 270
		CITY:			WINNEMUCCA
		STATE:			NV
		ZIP:			33431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT GOLD MINING CORP.
		DATE OF NAME CHANGE:	20051028
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>fcmi_4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001342854</issuerCik>
        <issuerName>PARAMOUNT GOLD &amp; SILVER CORP.</issuerName>
        <issuerTradingSymbol>PZG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000931301</rptOwnerCik>
            <rptOwnerName>FCMI FINANCIAL CORP ET AL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BCE PLACE</rptOwnerStreet1>
            <rptOwnerStreet2>181 BAY STREET SUITE 250</rptOwnerStreet2>
            <rptOwnerCity>TORONTO CANADA</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001268239</rptOwnerCik>
            <rptOwnerName>FRIEDBERG ALBERT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FCMI FINANCIAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>181 BAY STREET</rptOwnerStreet2>
            <rptOwnerCity>TORONTO</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode>M5J 2T3</rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares, par value $0.001/share</value>
            </securityTitle>
            <transactionDate>
                <value>2011-01-10</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>900000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.8875</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17650000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares, par value $0.001/share</value>
            </securityTitle>
            <transactionDate>
                <value>2011-01-10</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>900000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.8875</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16750000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Share Purchase Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.05</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2009-09-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-03-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7700000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7700000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Sale Price of the Common Shares in Table I and the Exercise Price of the Warrants in Table II are given in Canadian Dollars.</footnote>
        <footnote id="F2">Mr. Albert D. Friedberg is the President of FCMI, which is owned by Mr. Friedberg and members of his family and controlled by Mr. Friedberg.</footnote>
    </footnotes>

    <remarks>Name and address of additional Reporting Person: Albert D. Friedberg, FCMI Financial Corporation, 181 Bay Street, Toronto, Ontario, Canada M5J 2T3</remarks>

    <ownerSignature>
        <signatureName>/s/ Henry D. Fenig, Executive Vice President FCMI Financial Corporation</signatureName>
        <signatureDate>2011-01-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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