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      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65983</Sole>
      <Shared>0</Shared>
      <None>800</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mosaic Company (The)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61945C103</cusip>
    <value>331</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Oracle Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>1081</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PG&amp;E Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69331C108</cusip>
    <value>797</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19479</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19479</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPG Industries</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693506107</cusip>
    <value>460</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2751</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2751</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pepco Holdings, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>737679100</cusip>
    <value>1053</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pepsico Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>1842</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23167</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22867</Sole>
      <Shared>0</Shared>
      <None>300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pfizer Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>1379</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48011</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48011</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Phillips 66</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718546104</cusip>
    <value>611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10560</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pitney Bowes, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>724479100</cusip>
    <value>187</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Plum Creek Timber Company, Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>729251108</cusip>
    <value>2040</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43567</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43067</Sole>
      <Shared>0</Shared>
      <None>500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>14790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>195658</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>195358</Sole>
      <Shared>0</Shared>
      <None>300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Rayonier Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754907103</cusip>
    <value>1928</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34637</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34187</Sole>
      <Shared>0</Shared>
      <None>450</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Realty Income Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>756109104</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Safeguard Scientifics</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>786449108</cusip>
    <value>170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10851</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10851</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sanofi-Aventis SA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80105N105</cusip>
    <value>1799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35534</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35534</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Southern Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>1995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Statoil ASA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85771p102</cusip>
    <value>1145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Telefonica de Espana S.A. ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879382208</cusip>
    <value>283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18264</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18264</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Total S.A. ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89151E109</cusip>
    <value>1906</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TransCanada PL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89353D107</cusip>
    <value>2594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59034</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58734</Sole>
      <Shared>0</Shared>
      <None>300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Unilever PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904767704</cusip>
    <value>1863</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48280</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48280</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Union Pacific Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>343</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2210</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2210</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>United Technologies</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>1868</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17321</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17321</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UnitedHealth Group Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>910581107</cusip>
    <value>2256</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Verizon Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1545</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33111</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33111</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASA (Bermuda) Limited</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3156P103</cusip>
    <value>2164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>163300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>161800</Sole>
      <Shared>0</Shared>
      <None>1500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AngloGold Ashanti Ltd.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>035128206</cusip>
    <value>584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BHP Billiton Ltd.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>088606108</cusip>
    <value>372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Barrick Gold Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>067901108</cusip>
    <value>706</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37925</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37925</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Central Fund of Canada Ltd.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>153501101</cusip>
    <value>4606</value>
    <shrsOrPrnAmt>
      <sshPrnamt>313328</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>313328</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Freeport McMoRan Copper &amp; Gold</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35671D857</cusip>
    <value>1269</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38368</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38368</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Goldcorp, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>380956409</cusip>
    <value>3855</value>
    <shrsOrPrnAmt>
      <sshPrnamt>148218</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>146718</Sole>
      <Shared>0</Shared>
      <None>1500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Hecla Mining</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422704106</cusip>
    <value>356</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IAMGOLD Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>450913108</cusip>
    <value>750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>157850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>157850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Kinross Gold Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>496902404</cusip>
    <value>879</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>174150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Market Vectors Junior Gold Min</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57060U589</cusip>
    <value>461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Newmont Mining</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>3309</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117768</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>116768</Sole>
      <Shared>0</Shared>
      <None>1000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pan American Silver Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697900108</cusip>
    <value>1093</value>
    <shrsOrPrnAmt>
      <sshPrnamt>103625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>103625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Silver Wheaton Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828336107</cusip>
    <value>3080</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>124350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sprott Physical Gold Trust ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85207H104</cusip>
    <value>3250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>294777</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>294277</Sole>
      <Shared>0</Shared>
      <None>500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>852075107</cusip>
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    <nameOfIssuer>Yamana Gold, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98462Y100</cusip>
    <value>2481</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238575</sshPrnamt>
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      <Sole>238575</Sole>
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    <nameOfIssuer>iShares Comex Gold Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464285105</cusip>
    <value>137</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10659</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10659</Sole>
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      <None>0</None>
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</informationTable>
