NOTE 5 — INVESTMENTS AND OTHER MARKETABLE SECURITIES

The Company classifies its investments in marketable securities as available-for-sale securities. Such securities are measured at fair market value in the financial statements with unrealized gains or losses recorded in other comprehensive income. At the time securities are sold or otherwise disposed of, gains or losses are included in net income. There were no investment securities as of December 31, 2010. The equity securities reflected in the table below include certain equity securities of silver exploration companies that the Company purchased during the three months ended June 30, 2011. The following table summarizes the Company’s available-for-sale securities on hand as of June 30, 2011 (in thousands):


	Investments in marketable securities
			Gross			Gross
			Unrealized			Unrealized		Estimated
	Cost		Losses			Gains		Fair Value
Equity securities	$	10,443	$	(1,387	)	$	—	$	9,056

	$	10,443	$	(1,387	)	$	—	$	9,056

The investments in equity securities were made on a private purchase basis through agreements with the businesses that the Company invested in. The Company is restricted from selling some of these securities for a period of four months from the purchase date.

The Company recognized an unrealized loss of $1.4 million in other comprehensive loss. The Company assessed this unrealized loss and determined it not to be an other than temporary impairment.

Gross realized gains and losses are based on a carrying value (cost, net of discount or premium) of investments sold or adjusted for other than temporary decline in market value. There were no realized gains and/or losses in any of the periods presented.