I for one do not believe AG will start with a dividend in 2013. Basically for two reasons, one the still unpredictable silver price trend in the short term ( out a year) and more importantly, the need for cash to continue to fund the expansions at Del Toro in 2013. Once Del Toro is done , shareholders will reap the rewards with a dividend that will be increasing for years to come once it is started in 2014.