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 Limited COM 008474108 18,048 596,643 SH   SOLE   596,643 0 0
Alcoa Inc. COM 013817101 23,098 1,794,700 SH   SOLE   1,794,700 0 0
American Express Company COM 025816109 431 4,785 SH   SOLE   4,785 0 0
AngloGold Ashanti Limited Spon COM 035128206 12,316 721,065 SH   SOLE   721,065 0 0
APACHE CORP COM 037411105 31,603 380,987 SH   SOLE   380,987 0 0
ASA Gold and Precious Metals L COM G3156P103 5,929 442,121 SH   SOLE   442,121 0 0
Asanko Gold, Inc. COM 04341Y105 1,015 490,495 SH   SOLE   490,495 0 0
ASTEC INDS INC COM 046224101 33,107 753,977 SH   SOLE   753,977 0 0
AT&T Inc. COM 00206R102 204 5,803 SH   SOLE   5,803 0 0
BANRO CORP COM 066800103 309 605,585 SH   SOLE   605,585 0 0
Berkshire Hathaway Inc. Class COM 084670702 57,393 459,258 SH   SOLE   459,258 0 0
CDI Corp. COM 125071100 13,330 777,253 SH   SOLE   777,253 0 0
Cisco Systems, Inc. COM 17275R102 45,586 2,033,728 SH   SOLE   2,033,728 0 0
COMCAST CORP NEW CL A SPL COM 20030N200 24,709 506,637 SH   SOLE   506,637 0 0
Compania de Minas Buenaventura COM 204448104 7,449 592,597 SH   SOLE   592,597 0 0
Comstock Mining Inc. COM 205750102 20,113 12,189,617 SH   SOLE   12,189,617 0 0
Core-Mark Holding Company, Inc COM 218681104 22,549 310,593 SH   SOLE   310,593 0 0
CORNING INC COM 219350105 72,702 3,491,941 SH   SOLE   3,491,941 0 0
CTPartners Executive Search In COM 22945C105 478 44,100 SH   SOLE   44,100 0 0
CUI Global, Inc. COM 126576206 1,543 140,294 SH   SOLE   140,294 0 0
Dawson Geophysical Company COM 239359102 4,720 168,499 SH   SOLE   168,499 0 0
Diamond Offshore Drilling, Inc COM 25271C102 25,882 530,810 SH   SOLE   530,810 0 0
DIREXION SHS ETF TR DLY SC BEA COM 25459Y488 340 21,800 SH   SOLE   21,800 0 0
Dolby Laboratories, Inc. Class COM 25659T107 4,926 110,700 SH   SOLE   110,700 0 0
Dynamic Materials Corporation COM 267888105 3,476 182,549 SH   SOLE   182,549 0 0
Eldorado Gold Corporation COM 284902103 13,627 2,442,077 SH   SOLE   2,442,077 0 0
E M C CORP MASS COM 268648102 2,280 83,180 SH   SOLE   83,180 0 0
Emerson Electric Co. COM 291011104 15,416 230,785 SH   SOLE   230,785 0 0
Encore Wire Corporation COM 292562105 10,329 212,915 SH   SOLE   212,915 0 0
Era Group, Inc. COM 26885G109 3,991 136,162 SH   SOLE   136,162 0 0
Essex Rental Corp. COM 297187106 886 299,193 SH   SOLE   299,193 0 0
EXELON CORP COM 30161N101 1,007 30,000 SH   SOLE   30,000 0 0
Exxon Mobil Corporation COM 30231G102 15,554 159,232 SH   SOLE   159,232 0 0
Fidelity National Financial, I COM 31620R105 23,830 757,940 SH   SOLE   757,940 0 0
Fortuna Silver Mines Inc. COM 349915108 68 18,600 SH   SOLE   18,600 0 0
Gold Fields Limited Sponsored COM 38059T106 5,034 1,364,270 SH   SOLE   1,364,270 0 0
Gold Resource Corporation COM 38068T105 109 22,705 SH   SOLE   22,705 0 0
Granite Construction Incorpora COM 387328107 20,633 516,718 SH   SOLE   516,718 0 0
Great Lakes Dredge & Dock Corp COM 390607109 10,595 1,160,445 SH   SOLE   1,160,445 0 0
Hallador Energy Company COM 40609P105 626 73,269 SH   SOLE   73,269 0 0
Halliburton Company COM 406216101 23,192 393,814 SH   SOLE   393,814 0 0
HARSCO CORP COM 415864107 23,283 993,708 SH   SOLE   993,708 0 0
Harvard Bioscience, Inc. COM 416906105 1,061 223,890 SH   SOLE   223,890 0 0
HECLA MNG CO COM 422704106 16,032 5,222,268 SH   SOLE   5,222,268 0 0
Helmerich & Payne, Inc. COM 423452101 12,055 112,076 SH   SOLE   112,076 0 0
Houston Wire & Cable Company COM 44244K109 10,780 821,044 SH   SOLE   821,044 0 0
Hutchinson Technology Incorpor COM 448407106 1,823 644,241 SH   SOLE   644,241 0 0
IAMGOLD Corporation COM 450913108 8,580 2,437,505 SH   SOLE   2,437,505 0 0
InfuSystem Holdings, Inc. COM 45685K102 142 51,234 SH   SOLE   51,234 0 0
Innovative Solutions and Suppo COM 45769N105 1,073 142,556 SH   SOLE   142,556 0 0
Insteel Industries, Inc. COM 45774W108 21,204 1,077,998 SH   SOLE   1,077,998 0 0
INTEL CORP COM 458140100 30,204 1,170,053 SH   SOLE   1,170,053 0 0
Interactive Brokers Group, Inc COM 45841N107 214 9,890 SH   SOLE   9,890 0 0
International Business Machine COM 459200101 16,669 86,596 SH   SOLE   86,596 0 0
Jacobs Engineering Group Inc. COM 469814107 65,145 1,025,912 SH   SOLE   1,025,912 0 0
Key Energy Services, Inc. COM 492914106 22,984 2,487,425 SH   SOLE   2,487,425 0 0
Kinross Gold Corporation COM 496902404 15,367 3,711,950 SH   SOLE   3,711,950 0 0
Kraton Performance Polymers, I COM 50077C106 501 19,185 SH   SOLE   19,185 0 0
Lake Shore Gold Corp. COM 510728108 15 22,900 SH   SOLE   22,900 0 0
Lawson Products, Inc. COM 520776105 8,944 556,555 SH   SOLE   556,555 0 0
Layne Christensen Company COM 521050104 59,229 3,256,156 SH   SOLE   3,256,156 0 0
Lydall, Inc. COM 550819106 17,065 746,195 SH   SOLE   746,195 0 0
MARKEL CORP COM 570535104 31,566 52,954 SH   SOLE   52,954 0 0
MARKET VECTORS ETF TR JR GOLD COM 57061R544 1,882 51,972 SH   SOLE   51,972 0 0
Masonite International Corp. COM 575385109 452 8,000 SH   SOLE   8,000 0 0
Matson, Inc. COM 57686G105 9,422 381,631 SH   SOLE   381,631 0 0
Maxwell Technologies, Inc. COM 577767106 35,754 2,767,308 SH   SOLE   2,767,308 0 0
McDermott International, Inc. COM 580037109 19,279 2,465,318 SH   SOLE   2,465,318 0 0
Medtronic, Inc. COM 585055106 318 5,161 SH   SOLE   5,161 0 0
Microsoft Corporation COM 594918104 18,024 439,714 SH   SOLE   439,714 0 0
Molycorp, Inc. COM 608753109 470 100,120 SH   SOLE   100,120 0 0
Newmont Mining Corporation COM 651639106 50,028 2,134,292 SH   SOLE   2,134,292 0 0
Ocwen Financial Corporation COM 675746309 16,627 424,386 SH   SOLE   424,386 0 0
Old National Bancorp COM 680033107 386 25,860 SH   SOLE   25,860 0 0
Omega Flex, Inc. COM 682095104 369 17,200 SH   SOLE   17,200 0 0
Orion Marine Group, Inc. COM 68628V308 31,574 2,511,815 SH   SOLE   2,511,815 0 0
Pacific Drilling S.A. COM L7257P106 931 85,585 SH   SOLE   85,585 0 0
PICO Holdings, Inc. COM 693366205 15,821 608,724 SH   SOLE   608,724 0 0
POSCO COM 693483109 40,065 577,225 SH   SOLE   577,225 0 0
Powell Industries, Inc. COM 739128106 22,666 349,778 SH   SOLE   349,778 0 0
QUALCOMM Incorporated COM 747525103 214 2,710 SH   SOLE   2,710 0 0
Randgold Resources Limited Spo COM 752344309 19,264 256,852 SH   SOLE   256,852 0 0
Reading International, Inc. Cl COM 755408101 575 78,405 SH   SOLE   78,405 0 0
Richmont Mines Inc. COM 76547T106 17 12,000 SH   SOLE   12,000 0 0
Rio Alto Mining Limited COM 76689T104 2,022 1,042,290 SH   SOLE   1,042,290 0 0
Rubicon Technology, Inc. COM 78112T107 1,250 110,715 SH   SOLE   110,715 0 0
Seabridge Gold Inc. COM 811916105 7,848 1,108,404 SH   SOLE   1,108,404 0 0
Superior Industries Internatio COM 868168105 457 22,285 SH   SOLE   22,285 0 0
SYNALLOY CP DEL COM 871565107 10,295 716,899 SH   SOLE   716,899 0 0
TARGET CORP COM 87612E106 281 4,640 SH   SOLE   4,640 0 0
Tidewater Inc. COM 886423102 25,469 523,828 SH   SOLE   523,828 0 0
Timmins Gold Corp. COM 88741P103 1,139 914,530 SH   SOLE   914,530 0 0
TOTAL S A COM 89151E109 19,533 297,758 SH   SOLE   297,758 0 0
Transcat, Inc. COM 893529107 199 21,215 SH   SOLE   21,215 0 0
Turquoise Hill Resources Ltd. COM 900435108 8,429 2,531,285 SH   SOLE   2,531,285 0 0
U.S. Bancorp COM 902973304 238 5,550 SH   SOLE   5,550 0 0
UCP INC COM 90265Y106 11,188 742,890 SH   SOLE   742,890 0 0
UNIT CORP COM 909218109 7,425 113,565 SH   SOLE   113,565 0 0
Vishay Precision Group, Inc. COM 92835K103 27,945 1,607,884 SH   SOLE   1,607,884 0 0
Walter Investment Management C COM 93317W102 27,863 934,066 SH   SOLE   934,066 0 0
Wells Fargo & Company COM 949746101 53,512 1,075,844 SH   SOLE   1,075,844 0 0
Yamana Gold Inc. COM 98462Y100 17,586 2,002,995 SH   SOLE   2,002,995 0 0