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
Estimated average burden
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
AGNICO EAGLE MINES LTD COM 008474108 4,085 135,050 SH   SOLE   135,050 0 0
ALAMOS GOLD INC COM 011527108 1,086 120,500 SH   SOLE   120,500 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 3,114 182,322 SH   SOLE   182,322 0 0
AURICO GOLD INC COM 05155C105 873 200,757 SH   SOLE   200,757 0 0
B2GOLD COM 11777Q951 1,811 668,400 SH   SOLE   668,400 0 0
BARRICK GOLD CORP COM 067901108 148 8,300 SH   SOLE   8,300 0 0
CENTRAL FD CDA LTD CL A 153501101 232 157 SH   SOLE   157 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 228 4,900 SH   SOLE   4,900 0 0
ELDORADO GOLD CORP NEW COM 284902103 2,602 395,433 SH   SOLE   395,433 0 0
ETFS GOLD TR SHS 26922Y105 366 2,900 SH   SOLE   2,900 0 0
FORTUNA SILVER MINES COM 349915959 736 200,000 SH   SOLE   200,000 0 0
FRANCO NEVADA CORP COM 351858105 1,778 38,736 SH   SOLE   38,736 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 1,859 504,800 SH   SOLE   503,800 0 0
GOLDCORP INC NEW COM 380956409 11,468 468,450 SH   SOLE   468,450 0 0
IAMGOLD CORP COM 450913108 2,002 569,000 SH   SOLE   569,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 1,478 287,600 SH   SOLE   287,600 0 0
MAG SILVER CORP COM 55903Q104 1,040 150,000 SH   SOLE   150,000 0 0
NEW GOLD INC CDA COM 644535106 732 149,900 SH   SOLE   149,900 0 0
NEWMONT MINING CORP COM 651639106 2,976 121,761 SH   SOLE   121,761 0 0
PAN AMERICAN SILVER CORP COM 697900108 322 25,000 SH   SOLE   25,000 0 0
RANDGOLD RES LTD ADR 752344309 9,563 127,500 SH   SOLE   127,500 0 0
ROYAL GOLD INC COM 780287108 4,296 68,600 SH   SOLE   68,600 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 2,753 330,500 SH   SOLE   330,500 0 0
SILVER WHEATON CORP COM 828336107 5,257 231,700 SH   SOLE   231,700 0 0
SPDR GOLD TRUST COM 863307104 7,702 41,600 SH   SOLE   41,600 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 565 48,400 SH   SOLE   48,400 0 0
TAHOE RES INC COM 873868103 2,363 117,100 SH   SOLE   117,100 0 0
YAMANA GOLD INC COM 98462Y100 3,264 371,750 SH   SOLE   371,750 0 0