UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31,2013

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Puplava Financial Services, Inc.
Address: 10809 Thornmint Road
         2nd Floor
         San Diego, CA  92127

13F File Number:  028-11894

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:      James J. Puplava
Title:     President
Phone:     858-487-3939

Signature, Place, and Date of Signing:

 /s/James J. Puplava     San Diego, CA     May 13, 2013

Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.



                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:         0

Form 13F Information Table Entry Total:    108

Form 13F Information Table Value Total:    $194,002 (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

NONE



                                    
                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER            VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M CO                          COM              88579y101     4731    44507 SH       SOLE                                      44507
ABERDEEN ASIA PACIFIC INCOM    COM              003009107      201    25900 SH       SOLE                                      25900
AGNICO EAGLE MINES LTD         COM              008474108     2469    60175 SH       SOLE                                      60175
ALLIED NEVADA GOLD CORP        COM              019344100      473    28784 SH       SOLE                                      28784
AMERICAN ELEC PWR INC          COM              025537101     4907   100925 SH       SOLE                                     100925
AMERICAN TOWER CORP NEW        COM              03027x100     4037    52491 SH       SOLE                                      52491
AMERICAN WTR WKS CO INC NEW    COM              030420103     1415    34167 SH       SOLE                                      34167
ANALOG DEVICES INC             COM              032654105      813    17507 SH       SOLE                                      17507
APPLE INC                      COM              037833100     1855     4191 SH       SOLE                                       4191
ASANKO GOLD INC                COM              04341y105       71    21850 SH       SOLE                                      21850
AT&T INC                       COM              00206r102     5628   153402 SH       SOLE                                     153402
BANK OF AMERICA CORPORATION    COM              060505104     5582   458309 SH       SOLE                                     458309
BCE INC                        COM NEW          05534b760      471    10100 SH       SOLE                                      10100
BUCKEYE PARTNERS L P           UNIT LTD PARTN   118230101      490     8026 SH       SOLE                                       8026
CAMPBELL SOUP CO               COM              134429109      577    12741 SH       SOLE                                      12741
CARBO CERAMICS INC             COM              140781105      561     6165 SH       SOLE                                       6165
CBL & ASSOC PPTYS INC          COM              124830100     3217   136350 SH       SOLE                                     136350
CENTRAL FD CDA LTD             CL A             153501101     1005    51930 SH       SOLE                                      51930
CHEVRON CORP NEW               COM              166764100     1040     8753 SH       SOLE                                       8753
CINCINNATI FINL CORP           COM              172062101      581    12319 SH       SOLE                                      12319
CLOROX CO DEL                  COM              189054109      412     4655 SH       SOLE                                       4655
COCA COLA ENTERPRISES INC NE   COM              19122t109      432    11710 SH       SOLE                                      11710
COLGATE PALMOLIVE CO           COM              194162103     1003     8500 SH       SOLE                                       8500
CONOCOPHILLIPS                 COM              20825c104     1399    23287 SH       SOLE                                      23287
CONSOL ENERGY INC              COM              20854p109      391    11625 SH       SOLE                                      11625
COSTCO WHSL CORP NEW           COM              22160k105     7013    66098 SH       SOLE                                      66098
DENISON MINES CORP             COM              248356107       15    11079 SH       SOLE                                      11079
DISNEY WALT CO                 COM DISNEY       254687106     7233   127356 SH       SOLE                                     127356
DRESSER-RAND GROUP INC         COM              261608103      513     8325 SH       SOLE                                       8325
DTE ENERGY CO                  COM              233331107      786    11502 SH       SOLE                                      11502
EBAY INC                       COM              278642103     5795   106888 SH       SOLE                                     106888
ELDORADO GOLD CORP NEW         COM              284902103      196    20650 SH       SOLE                                      20650
ENDEAVOUR SILVER CORP          COM              29258y103      307    49410 SH       SOLE                                      49410
EXXON MOBIL CORP               COM              30231g102     6863    76168 SH       SOLE                                      76168
FEDEX CORP                     COM              31428x106     4186    42630 SH       SOLE                                      42630
FIRST MAJESTIC SILVER CORP     COM              32076v103     1255    77670 SH       SOLE                                      77670
FORTUNA SILVER MINES INC       COM              349915108      112    26050 SH       SOLE                                      26050
FRANCO NEVADA CORP             COM              351858105     1052    23081 SH       SOLE                                      23081
FREEPORT-MCMORAN COPPER & GO   COM              35671d857     2727    82397 SH       SOLE                                      82397
GAMCO GLOBAL GOLD NAT RES &    COM SH BEN INT   36465a109      378    30050 SH       SOLE                                      30050
GENERAL ELECTRIC CO            COM              369604103     5245   226893 SH       SOLE                                     226893
GOLD RESOURCE CORP             COM              38068t105      473    36344 SH       SOLE                                      36344
GOLDCORP INC NEW               COM              380956409     1846    54910 SH       SOLE                                      54910
GREAT PANTHER SILVER LTD       COM              39115v101      533   410201 SH       SOLE                                     410201
HALLIBURTON CO                 COM              406216101      553    13702 SH       SOLE                                      13702
HCP INC                        COM              40414l109      870    17450 SH       SOLE                                      17450
HEADWATERS INC                 COM              42210p102      476    43700 SH       SOLE                                      43700
HECLA MNG CO                   COM              422704106      247    62625 SH       SOLE                                      62625
HOLLY ENERGY PARTNERS L P      COM UT LTD PTN   435763107      264     6600 SH       SOLE                                       6600
HOME DEPOT INC                 COM              437076102     1054    15108 SH       SOLE                                      15108
HONEYWELL INTL INC             COM              438516106      676     8975 SH       SOLE                                       8975
IAMGOLD CORP                   COM              450913108       88    12262 SH       SOLE                                      12262
ILLINOIS TOOL WKS INC          COM              452308109     3696    60656 SH       SOLE                                      60656
INERGY L P                     UNIT LTD PTNR    456615103      667    32659 SH       SOLE                                      32659
INTUIT                         COM              461202103      448     6825 SH       SOLE                                       6825
ISHARES SILVER TRUST           ISHARES          46428q109     1261    45975 SH       SOLE                                      45975
ISHARES TR                     CORE TOTUSBD ETF 464287226     3016    27240 SH       SOLE                                      27240
ISHARES TR                     HIGH YLD CORP    464288513      547     5801 SH       SOLE                                       5801
JOHNSON & JOHNSON              COM              478160104     6142    75345 SH       SOLE                                      75345
KIMBER RES INC                 COM              49435n101      345  1772821 SH       SOLE                                    1772821
KIMBERLY CLARK CORP            COM              494368103     1202    12274 SH       SOLE                                      12274
KINROSS GOLD CORP              COM NO PAR       496902404     1301   164093 SH       SOLE                                     164093
LAKE SHORE GOLD CORP           COM              510728108      234   378199 SH       SOLE                                     378199
LENNAR CORP                    CL A             526057104     4231   102001 SH       SOLE                                     102001
LILLY ELI & CO                 COM              532457108     1437    25319 SH       SOLE                                      25319
MARATHON PETE CORP             COM              56585a102     3760    41964 SH       SOLE                                      41964
MARKET VECTORS ETF TR          GOLD MINER ETF   57060u100      212     5607 SH       SOLE                                       5607
MCEWEN MNG INC                 COM              58039p107      198    69566 SH       SOLE                                      69566
NATIONAL PENN BANCSHARES INC   COM              637138108      611    57200 SH       SOLE                                      57200
NEW GOLD INC CDA               COM              644535106     2882   316785 SH       SOLE                                     316785
NEWMONT MINING CORP            COM              651639106     1870    44650 SH       SOLE                                      44650
NEXTERA ENERGY INC             COM              65339f101     1354    17441 SH       SOLE                                      17441
OCCIDENTAL PETE CORP DEL       COM              674599105      234     2993 SH       SOLE                                       2993
PENN WEST PETE LTD NEW         COM              707887105      184    17188 SH       SOLE                                      17188
PEPCO HOLDINGS INC             COM              713291102      900    42100 SH       SOLE                                      42100
PEPSICO INC                    COM              713448108      787     9951 SH       SOLE                                       9951
PFIZER INC                     COM              717081103     7356   254892 SH       SOLE                                     254892
PHILLIPS 66                    COM              718546104     4075    58240 SH       SOLE                                      58240
PIMCO ETF TR                   25YR+ ZERO U S   72201r882      600     5825 SH       SOLE                                       5825
PINNACLE WEST CAP CORP         COM              723484101      745    12878 SH       SOLE                                      12878
POWERSHARES ETF TRUST II       GLOB GLD&P ETF   73936q876      235     7700 SH       SOLE                                       7700
PROCTER & GAMBLE CO            COM              742718109     1167    15151 SH       SOLE                                      15151
QIAGEN NV                      REG SHS          n72482107      574    27275 SH       SOLE                                      27275
ROGERS COMMUNICATIONS INC      CL B             775109200     1150    22532 SH       SOLE                                      22532
ROYAL GOLD INC                 COM              780287108     4234    59619 SH       SOLE                                      59619
RUBICON MINERALS CORP          COM              780911103      441   183360 SH       SOLE                                     183360
SILVER STD RES INC             COM              82823l106      759    72000 SH       SOLE                                      72000
SILVER WHEATON CORP            COM              828336107     4128   131690 SH       SOLE                                     131690
SILVERCREST MINES INC          COM              828365106       24    10000 SH       SOLE                                      10000
SKYWEST INC                    COM              830879102      590    36775 SH       SOLE                                      36775
SOLITARIO EXPL & RTY CORP      COM              8342ep107       97    61000 SH       SOLE                                      61000
SPDR GOLD TRUST                GOLD SHS         78463v107     3910    25315 SH       SOLE                                      25315
SPDR S&P 500 ETF TR            TR UNIT          78462f103     9636    61510 SH       SOLE                                      61510
SPROTT RESOURCE LENDING CORP   COM              85207j100       14    10900 SH       SOLE                                      10900
STAR SCIENTIFIC INC            COM              85517p101       38    23000 SH       SOLE                                      23000
STERICYCLE INC                 COM              858912108      645     6075 SH       SOLE                                       6075
TAHOE RES INC                  COM              873868103      601    34200 SH       SOLE                                      34200
TARGET CORP                    COM              87612e106      814    11905 SH       SOLE                                      11905
TELUS CORP                     COM              87971m103     1214    17575 SH       SOLE                                      17575
TEMPLETON GLOBAL INCOME FD     COM              880198106      113    12150 SH       SOLE                                      12150
TJX COS INC NEW                COM              872540109      538    11525 SH       SOLE                                      11525
TRAVELERS COMPANIES INC        COM              89417e109     1379    16385 SH       SOLE                                      16385
UNION PAC CORP                 COM              907818108     4440    31181 SH       SOLE                                      31181
US BANCORP DEL                 COM NEW          902973304     1177    34703 SH       SOLE                                      34703
VISA INC                       COM CL A         92826c839     5700    33566 SH       SOLE                                      33566
WAL-MART STORES INC            COM              931142103     1196    15984 SH       SOLE                                      15984
XILINX INC                     COM              983919101     1046    27425 SH       SOLE                                      27425
YAMANA GOLD INC                COM              98462y100     3330   216997 SH       SOLE                                     216997