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 16,586 655,042 SH   SOLE   655,042 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 21,778 1,535,848 SH   SOLE   1,535,848 0 0
ALTRA INDL MOTION CORP COM 02208R106 635 27,450 SH   SOLE   27,450 0 0
AMERICAN EXPRESS CO COM 025816109 280 3,775 SH   SOLE   3,775 0 0
AMERICAN VANGUARD CORP COM 030371108 416 36,018 SH   SOLE   36,018 0 0
APACHE CORP COM 037411105 12,807 327,032 SH   SOLE   327,032 0 0
ARDMORE SHIPPING CORP COM Y0207T100 307 25,400 SH   SOLE   25,400 0 0
ASA GOLD AND PRECIOUS MTLS L SHS G3156P103 2,212 282,805 SH   SOLE   282,805 0 0
ASANKO GOLD INC COM 04341Y105 843 573,710 SH   SOLE   573,710 0 0
ATWOOD OCEANICS INC COM 050095108 17,782 1,200,658 SH   SOLE   1,200,658 0 0
AVID TECHNOLOGY INC COM 05367P100 23,602 2,965,028 SH   SOLE   2,965,028 0 0
B2GOLD CORP COM 11777Q209 448 426,800 SH   SOLE   426,800 0 0
BANRO CORP COM 066800103 108 655,540 SH   SOLE   655,540 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 43,952 337,056 SH   SOLE   337,056 0 0
BARRETT BILL CORP COM 06846N104 212 64,305 SH   SOLE   64,305 0 0
BRADY CORP CL A 104674106 665 33,848 SH   SOLE   33,848 0 0
CARBO CERAMICS INC COM 140781105 320 16,875 SH   SOLE   16,875 0 0
CHASE CORP COM 16150R104 1,026 26,050 SH   SOLE   26,050 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 42,123 1,062,114 SH   SOLE   1,062,114 0 0
CISCO SYS INC COM 17275R102 813 30,981 SH   SOLE   30,981 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 839 319,005 SH   SOLE   319,005 0 0
COCA COLA CO COM 191216100 4,678 116,590 SH   SOLE   116,590 0 0
COLFAX CORP COM 194014106 14,320 478,755 SH   SOLE   478,755 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 3,834 643,315 SH   SOLE   643,315 0 0
COMSTOCK MNG INC COM 205750102 14,429 23,654,116 SH   SOLE   23,654,116 0 0
CUI GLOBAL INC COM NEW 126576206 85 16,425 SH   SOLE   16,425 0 0
CVR PARTNERS LP COM 126633106 742 79,316 SH   SOLE   79,316 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 26,207 362,321 SH   SOLE   362,321 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 847 48,978 SH   SOLE   48,978 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 43,809 1,803,601 SH   SOLE   1,803,601 0 0
DYNAMIC MATLS CORP COM 267888105 7,049 738,871 SH   SOLE   738,871 0 0
ELDORADO GOLD CORP NEW COM 284902103 6,005 1,865,027 SH   SOLE   1,865,027 0 0
EMERSON ELEC CO COM 291011104 13,091 296,369 SH   SOLE   296,369 0 0
ENSCO PLC SHS CLASS A G3157S106 9,684 687,762 SH   SOLE   687,762 0 0
ENSTAR GROUP LIMITED SHS G3075P101 38,066 253,774 SH   SOLE   253,774 0 0
ERA GROUP INC COM 26885G109 17,412 1,163,111 SH   SOLE   1,163,111 0 0
FUSION TELECOMM INTL INC COM NEW 36113B400 31 16,611 SH   SOLE   16,611 0 0
GENERAL MTRS CO COM 37045V100 36,786 1,225,372 SH   SOLE   1,225,372 0 0
GOLDCORP INC NEW COM 380956409 522 41,658 SH   SOLE   41,658 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 5,010 993,994 SH   SOLE   993,994 0 0
HALLIBURTON CO COM 406216101 10,835 306,501 SH   SOLE   306,501 0 0
INTERGROUP CORP COM 458685104 3,564 128,842 SH   SOLE   128,842 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 317 2,185 SH   SOLE   2,185 0 0
INVENTERGY GLOBAL INC COM 46123X102 8 21,000 SH   SOLE   21,000 0 0
ISHARES MSCI HONG KG ETF 464286871 8,364 437,449 SH   SOLE   437,449 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 21,997 587,685 SH   SOLE   587,685 0 0
KEY ENERGY SVCS INC COM 492914106 1,912 4,067,454 SH   SOLE   4,067,454 0 0
KINROSS GOLD CORP COM NO PAR 496902404 2,434 1,415,386 SH   SOLE   1,415,386 0 0
LAYNE CHRISTENSEN CO COM 521050104 17,750 2,730,723 SH   SOLE   2,730,723 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 20,088 582,931 SH   SOLE   582,931 0 0
LOEWS CORP COM 540424108 485 13,417 SH   SOLE   13,417 0 0
LYDALL INC DEL COM 550819106 696 24,440 SH   SOLE   24,440 0 0
MARKEL CORP COM 570535104 35,852 44,711 SH   SOLE   44,711 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 17,254 880,760 SH   SOLE   880,760 0 0
MAXWELL TECHNOLOGIES INC COM 577767106 10,795 1,991,620 SH   SOLE   1,991,620 0 0
MCEWEN MNG INC COM 58039P107 13 15,000 SH   SOLE   15,000 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 292 10,625 SH   SOLE   10,625 0 0
OLD NATL BANCORP IND COM 680033107 447 32,091 SH   SOLE   32,091 0 0
ORION MARINE GROUP INC COM 68628V308 11,788 1,971,252 SH   SOLE   1,971,252 0 0
PACIFIC DRILLING SA LUXEMBOU REG SHS L7257P106 17 14,000 SH   SOLE   14,000 0 0
PATTERSON UTI ENERGY INC COM 703481101 527 40,125 SH   SOLE   40,125 0 0
PICO HLDGS INC COM NEW 693366205 10,774 1,113,000 SH   SOLE   1,113,000 0 0
PIONEER ENERGY SVCS CORP COM 723664108 1,012 482,051 SH   SOLE   482,051 0 0
POWELL INDS INC COM 739128106 8,883 295,111 SH   SOLE   295,111 0 0
PROFIRE ENERGY INC COM 74316X101 145 151,300 SH   SOLE   151,300 0 0
RANDGOLD RES LTD ADR 752344309 18,823 318,544 SH   SOLE   318,544 0 0
READING INTERNATIONAL INC CL A 755408101 1,781 140,545 SH   SOLE   140,545 0 0
REAL IND INC COM 75601W104 699 79,254 SH   SOLE   79,254 0 0
SEABRIDGE GOLD INC COM 811916105 12,608 2,173,808 SH   SOLE   2,173,808 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464a730 23,873 726,954 SH   SOLE   726,954 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 1,482 36,000 SH   SOLE   36,000 0 0
STONE ENERGY CORP COM 861642106 311 62,740 SH   SOLE   62,740 0 0
SUPERIOR INDS INTL INC COM 868168105 861 46,095 SH   SOLE   46,095 0 0
SYNALLOY CP DEL COM 871565107 5,449 602,729 SH   SOLE   602,729 0 0
TIMMINS GOLD CORP COM 88741P103 4 15,000 SH   SOLE   15,000 0 0
TOTAL S A SPONSORED ADR 89151E109 554 12,401 SH   SOLE   12,401 0 0
TRUSTMARK CORP COM 898402102 288 12,435 SH   SOLE   12,435 0 0
US BANCORP DEL COM NEW 902973304 25,863 630,659 SH   SOLE   630,659 0 0
UCP INC CL A 90265Y106 68 10,090 SH   SOLE   10,090 0 0
UNIT CORP COM 909218109 15,315 1,360,128 SH   SOLE   1,360,128 0 0
WELLS FARGO & CO NEW COM 949746101 38,942 758,359 SH   SOLE   758,359 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 2,151 2,879 SH   SOLE   2,879 0 0
XPLORE TECHNOLOGIES CORP COM PAR $0.001 983950700 94 17,700 SH   SOLE   17,700 0 0
YAMANA GOLD INC COM 98462Y100 12,469 7,334,556 SH   SOLE   7,334,556 0 0