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      <sshPrnamt>12200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Overstock.com</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>690370101</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPG Industries</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693506107</cusip>
    <value>223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1882</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1882</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pepsico Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>1886</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13758</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13758</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Petroleo Brasileiro S.A.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71654v408</cusip>
    <value>295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pfizer Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>793</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22075</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22075</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Phillips 66</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718546104</cusip>
    <value>656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6410</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6410</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ProShares Short S&amp;P 500</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74347R503</cusip>
    <value>2297</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>19108</value>
    <shrsOrPrnAmt>
      <sshPrnamt>153628</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>153628</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Public Storage</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74460D109</cusip>
    <value>1858</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7574</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7574</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Qualcomm Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Realty Income Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>756109104</cusip>
    <value>341</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Regeneron Pharmaceuticals, Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886f107</cusip>
    <value>495</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1785</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1785</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sanofi-Aventis SA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80105N105</cusip>
    <value>1237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26709</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26709</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Senior Housing Properties</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81721M109</cusip>
    <value>183</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19780</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19780</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Southern Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>1733</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Starbucks Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855244109</cusip>
    <value>2199</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24875</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Target Stores</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612E106</cusip>
    <value>2281</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21338</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21338</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>The Gabelli Healthcare and Wel</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36246K103</cusip>
    <value>1433</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Total S.A. ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89151E109</cusip>
    <value>1167</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Unilever PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904767704</cusip>
    <value>1506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25065</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25065</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>United Technologies</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>1289</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9439</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9439</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ventas, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92276F100</cusip>
    <value>2059</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28194</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28194</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Verizon Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1285</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21292</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21292</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vestas Wind Systems A/S</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>925458101</cusip>
    <value>600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>W.P. Carey, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92936u109</cusip>
    <value>1857</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Weyerhaeuser Co.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>962166104</cusip>
    <value>1082</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39066</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39066</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASA (Bermuda) Limited</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3156P103</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48080</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48080</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Agnico Eagle Miners Limited</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008474108</cusip>
    <value>906</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Franco-Nevada Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>351858105</cusip>
    <value>2521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Hecla Mining</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422704106</cusip>
    <value>52</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29782</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29782</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IAMGOLD Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>450913108</cusip>
    <value>246</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>72150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Kinross Gold Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>496902404</cusip>
    <value>283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Kirkland Lake Gold Ltd.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49741e100</cusip>
    <value>2077</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46360</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46360</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Market Vectors Gold Miners ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57060U100</cusip>
    <value>358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Newmont Goldcorp   (fmly.Newmo</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>4815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126984</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>126984</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pan American Silver Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697900108</cusip>
    <value>1745</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111269</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111269</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pretium Resources Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74139c102</cusip>
    <value>152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sprott Physical Gold &amp; Silver</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85208R101</cusip>
    <value>3434</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242347</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>242347</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sprott Physical Gold Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85207H104</cusip>
    <value>2478</value>
    <shrsOrPrnAmt>
      <sshPrnamt>209627</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209627</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sprott Physical Silver Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>852075107</cusip>
    <value>182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29150</Sole>
      <Shared>0</Shared>
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