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 5,172 135,050 SH   SOLE   135,050 0 0
ALAMOS GOLD INC COM 011527108 1,221 120,500 SH   SOLE   120,500 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 3,138 182,322 SH   SOLE   182,322 0 0
AURICO GOLD INC COM 05155C105 855 200,757 SH   SOLE   200,757 0 0
B2GOLD COM 11777Q951 1,949 668,400 SH   SOLE   668,400 0 0
BARRICK GOLD CORP COM 067901108 243 13,300 SH   SOLE   13,300 0 0
CENTRAL FD CDA LTD CL A 153501101 534 36,700 SH   SOLE   36,700 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 233 4,900 SH   SOLE   4,900 0 0
DIREXION SHS ETF TR DLYFINBEAR3X NEW 25459Y447 35 2,000 SH   SOLE   2,000 0 0
DIREXION SHS ETF TR GLD MNRS BEAR 3X 25459W235 72 4,300 SH   SOLE   4,300 0 0
ELDORADO GOLD CORP NEW COM 284902103 3,021 395,433 SH   SOLE   395,433 0 0
ETFS GOLD TR SHS 26922Y105 378 2,900 SH   SOLE   2,900 0 0
FORTUNA SILVER MINES COM 349915959 1,106 200,000 SH   SOLE   200,000 0 0
FRANCO NEVADA CORP COM 351858105 2,222 38,736 SH   SOLE   38,736 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 2,065 555,000 SH   SOLE   555,000 0 0
GOLDCORP INC NEW COM 380956409 13,074 468,450 SH   SOLE   468,450 0 0
IAMGOLD CORP COM 450913108 2,344 569,000 SH   SOLE   569,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 1,278 308,800 SH   SOLE   308,800 0 0
MAG SILVER CORP COM 55903Q104 1,418 150,000 SH   SOLE   150,000 0 0
NEW GOLD INC CDA COM 644535106 955 149,900 SH   SOLE   149,900 0 0
NEWMONT MINING CORP COM 651639106 3,021 118,761 SH   SOLE   118,761 0 0
PAN AMERICAN SILVER CORP COM 697900108 384 25,000 SH   SOLE   25,000 0 0
RANDGOLD RES LTD ADR 752344309 10,871 128,500 SH   SOLE   128,500 0 0
ROYAL GOLD INC COM 780287108 5,146 67,600 SH   SOLE   67,600 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 3,535 320,500 SH   SOLE   320,500 0 0
SILVER WHEATON CORP COM 828336107 6,209 236,000 SH   SOLE   236,000 0 0
SPDR GOLD TRUST COM 863307104 5,326 41,600 SH   SOLE   41,600 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 533 48,400 SH   SOLE   48,400 0 0
TAHOE RES INC COM 873868103 3,066 117,100 SH   SOLE   117,100 0 0
YAMANA GOLD INC COM 98462Y100 3,055 371,750 SH   SOLE   371,750 0 0