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 3,835 137,250 SH   SOLE   137,250 0 0
ALAMOS GOLD INC COM 011527108 703 120,000 SH   SOLE   120,000 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 2,668 259,000 SH   SOLE   259,000 0 0
AURICO GOLD INC COM 05155C105 552 188,257 SH   SOLE   188,257 0 0
B2GOLD COM 11777Q951 895 597,100 SH   SOLE   597,100 0 0
CENTRAL FD CDA LTD CL A 153501101 428 35,900 SH   SOLE   35,900 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 189 4,700 SH   SOLE   4,900 0 0
ELDORADO GOLD CORP NEW COM 284902103 1,810 394,433 SH   SOLE   394,433 0 0
ETFS GOLD TR SHS 26922Y105 313 2,700 SH   SOLE   2,700 0 0
FORTUNA SILVER MINES COM 349915959 755 200,000 SH   SOLE   200,000 0 0
FRANCO NEVADA CORP COM 351858105 1,712 35,300 SH   SOLE   35,300 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 1,858 463,500 SH   SOLE   463,500 0 0
GOLDCORP INC NEW COM 380956409 8,114 447,800 SH   SOLE   447,800 0 0
IAMGOLD CORP COM 450913108 561 300,000 SH   SOLE   300,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 914 407,900 SH   SOLE   407,900 0 0
MAG SILVER CORP COM 55903Q104 928 150,000 SH   SOLE   150,000 0 0
NEVSUN RES LTD CALL 64156L901 84 25,000 SH   SOLE   25,000 0 0
NEWMONT MINING CORP COM 651639106 2,399 110,500 SH   SOLE   110,500 0 0
RANDGOLD RES LTD ADR 752344309 8,825 127,400 SH   SOLE   127,400 0 0
ROYAL GOLD INC COM 780287108 4,250 67,350 SH   SOLE   67,350 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 2,466 289,150 SH   SOLE   289,150 0 0
SILVER STD RES INC COM 82823L106 453 100,000 SH   SOLE   100,000 0 0
SILVER WHEATON CORP COM 828336107 4,383 230,700 SH   SOLE   230,700 0 0
SPDR GOLD TRUST COM 863307104 4,092 36,000 SH   SOLE   36,000 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 461 47,100 SH   SOLE   47,100 0 0
TAHOE RES INC COM 873868103 1,324 120,800 SH   SOLE   120,800 0 0
VERIZON COMMUNICATIONS INC COM 92343v104 44 1,000 SH   SOLE   1,000 0 0
YAMANA GOLD INC COM 98462Y100 898 250,000 SH   SOLE   250,000 0 0