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
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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
1/100 BERKSHIRE HTWY CLA100 SH COM 084990175 217 100 SH   SOLE   100 0 0
AMERISERV FINANCIAL INC COM 03074A102 298 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI ADR ADR 035128206 2,280 244,101 SH   SOLE   197,131 0 46,970
APPLE INC COM COM 037833100 373 2,995 SH   SOLE   2,995 0 0
BANK OF UTICA NY NON VTG COM 065437204 465 1,000 SH   SOLE   1,000 0 0
BP PLC ADS ADR 055622104 5,603 143,272 SH   SOLE   113,272 0 30,000
BRT REALTY TRUST COM 055645303 143 20,000 SH   SOLE   20,000 0 0
CAMECO CORP COM 13321l108 4,998 358,805 SH   SOLE   275,165 0 83,640
CERUS CORP COM 157085101 2,717 651,596 SH   SOLE   501,800 0 149,796
CVS CAREMARK CORPORATION COM 126650100 250 2,420 SH   SOLE   2,420 0 0
DEUTSCHE BANK AG ADR ADR D18190898 6,320 181,970 SH   SOLE   142,330 0 39,640
DREAMWORKS ANIMATION INC COM 26153c103 4,821 199,225 SH   SOLE   160,525 0 38,700
EXELON CORP COM 30161n101 6,336 188,521 SH   SOLE   140,941 0 47,580
EXXON MOBIL CORP COM 30231G102 266 3,129 SH   SOLE   3,129 0 0
FIRSTENERGY CORP COM 337932107 7,273 207,443 SH   SOLE   163,383 0 44,060
FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 7,544 595,213 SH   SOLE   451,203 0 144,010
FORD MOTOR CO COM 345370860 8,168 506,087 SH   SOLE   397,817 0 108,270
GENERAL ELECTRIC CO COM 369604103 7,097 286,037 SH   SOLE   224,667 0 61,370
INTEL CORP COM 458140100 240 7,670 SH   SOLE   7,670 0 0
INTL BUSINESS MACHINES CORP COM 459200101 201 1,250 SH   SOLE   1,250 0 0
ISHARES GOLD TRUST ISHARES 464285105 115 10,050 SH   SOLE   10,050 0 0
M & T BANK CORP COM 55261F104 3,417 26,903 SH   SOLE   26,903 0 0
MDC HOLDING INC COM 552676108 6,513 228,531 SH   SOLE   185,706 0 42,825
MICROSOFT CORP COM 594918104 893 21,977 SH   SOLE   21,887 0 90
NEWMONT MINING CORP COM 651639106 2,975 137,052 SH   SOLE   100,412 0 36,640
NTT DOCOMO INC ADR ADR 62942m201 6,581 377,569 SH   SOLE   306,079 0 71,490
OMEROS CORPORATION COM 682143102 592 26,890 SH   SOLE   26,890 0 0
ORANGE SA ADR ADR 684060106 7,206 450,105 SH   SOLE   373,505 0 76,600
PAN AMERICAN SILVER CORP COM 697900108 2,942 335,499 SH   SOLE   278,559 0 56,940
PFIZER INC COM 717081103 8,547 245,683 SH   SOLE   200,703 0 44,980
ROYAL DUTCH SHELL PLC ADR ADR 780259206 4,711 78,976 SH   SOLE   63,726 0 15,250
SCHNITZER STEEL INDUSTRIES INC COM 806882106 2,774 174,904 SH   SOLE   135,164 0 39,740
SEACO LTD ORD COM G79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TR GOLD SHS ISHARES 78463V107 240 2,110 SH   SOLE   2,010 0 100
ST JOE COMPANY COM 790148100 3,046 164,102 SH   SOLE   128,732 0 35,370
TIDEWATER INC COM 886423102 3,235 169,033 SH   SOLE   135,633 0 33,400
TOTAL SA ADR ADR 89151E109 4,753 95,710 SH   SOLE   77,970 0 17,740
TRANSALTA CORP COM 89346d107 5,086 546,903 SH   SOLE   436,113 0 110,790
UCORE RARE MATERIALS INC COM 90348v103 2 10,000 SH   SOLE   0 0 10,000
UNIVERSAL CORP COM 913456109 6,976 147,930 SH   SOLE   116,730 0 31,200
WASHINGTON FEDERAL INC COM 938824109 7,656 351,105 SH   SOLE   276,105 0 75,000
WESTERN UNION COMPANY COM 959802109 8,224 395,201 SH   SOLE   305,091 0 90,110