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

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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 3,893 137,250 SH   SOLE   137,250 0 0
ALAMOS GOLD INC COM 011527108 679 120,000 SH   SOLE   120,000 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 2,318 259,000 SH   SOLE   259,000 0 0
ASANKO GOLD INC COM 04341Y105 237 138,500 SH   SOLE   138,500 0 0
AURICO GOLD INC COM 05155C105 566 199,257 SH   SOLE   199,257 0 0
B2GOLD COM 11777Q951 913 597,100 SH   SOLE   597,100 0 0
CENTRAL FD CDA LTD CL A 153501101 419 35,900 SH   SOLE   35,900 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 193 4,700 SH   SOLE   4,700 0 0
ELDORADO GOLD CORP NEW COM 284902103 1,632 394,433 SH   SOLE   394,433 0 0
ETFS GOLD TR SHS 26922Y105 310 2,700 SH   SOLE   2,700 0 0
FORTUNA SILVER MINES COM 349915959 729 200,000 SH   SOLE   200,000 0 0
FRANCO NEVADA CORP COM 351858105 1,683 35,300 SH   SOLE   35,300 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 1,497 463,500 SH   SOLE   463,500 0 0
GOLDCORP INC NEW COM 380956409 7,254 447,800 SH   SOLE   447,800 0 0
IAMGOLD CORP COM 450913108 600 300,000 SH   SOLE   300,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 946 407,900 SH   SOLE   407,900 0 0
MAG SILVER CORP COM 55903Q104 1,176 150,000 SH   SOLE   150,000 0 0
NEWMONT MINING CORP COM 651639106 2,581 110,500 SH   SOLE   110,500 0 0
RANDGOLD RES LTD ADR 752344309 8,529 127,400 SH   SOLE   127,400 0 0
ROYAL GOLD INC COM 780287108 4,148 67,350 SH   SOLE   67,350 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 1,865 289,150 SH   SOLE   289,150 0 0
SILVER STD RES INC COM 82823L106 713 113,500 SH   SOLE   113,500 0 0
SILVER WHEATON CORP COM 828336107 3,999 230,700 SH   SOLE   230,700 0 0
SPDR GOLD TRUST COM 863307104 4,093 36,000 SH   SOLE   36,000 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 455 47,100 SH   SOLE   47,100 0 0
TAHOE RES INC COM 873868103 1,473 141,528 SH   SOLE   141,528 0 0
VERIZON COMMUNICATIONS INC COM 92343v104 47 1,000 SH   SOLE   1,000 0 0
YAMANA GOLD INC COM 98462Y100 750 250,000 SH   SOLE   250,000 0 0