Investment in Marketable Securities

12 Months Ended

Dec. 31, 2013

Investment in Marketable Securities [Abstract]

INVESTMENTS

INVESTMENTS

The Company invests in marketable equity securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss).

	At December 31, 2013
	Cost		Gross Unrealized Losses			Gross Unrealized Gains		Estimated Fair Value
Marketable securities	$	17,649	$	(3,300	)	$	172	$	14,521

	At December 31, 2012
	Cost		Gross Unrealized Losses			Gross Unrealized Gains		Estimated Fair Value
Marketable securities	$	34,786	$	(10,443	)	$	2,722	$	27,065

The following table summarizes the gross unrealized losses on investment securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2013 (in thousands):

	Less than twelve months					Twelve months or more				Total
	Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value
Marketable equity securities	$	(3,300	)	$	4,146	$	—	$	—	$	(3,300	)	$	4,146

In the years ended December 31, 2013 and 2012, the Company recognized a net unrealized loss of $13.9 million and an unrealized loss of $3.4 million, respectively, in Other comprehensive income (loss). The Company performs a quarterly assessment on each of its marketable securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded other-than-temporary impairment losses of $18.3 million and $0.6 million for the year ended December 31, 2013 and 2012, respectively.

The Company had $1.0 million of short-term investments at December 31, 2012, primarily certificates of deposit with maturity dates of less than one year.