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
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 44,778 19,014 SH Call SOLE   19,014 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 24,370 1,034,800 SH   SOLE   1,034,800 0 0
ASANKO GOLD INC COM 04341Y105 518 162,000 SH   SOLE   162,000 0 0
AURICO GOLD INC COM 05155C105 21,972 3,493,185 SH   SOLE   3,493,185 0 0
AURIZON MINES LTD COM 05155P106 25,642 5,855,560 SH   SOLE   5,855,560 0 0
BARRICK GOLD CORP COM 067901108 44,341 15,082 SH Call SOLE   15,082 0 0
BARRICK GOLD CORP COM 067901108 14,339 487,720 SH   SOLE   487,720 0 0
COEUR D ALENE MINES CORP IDA COM NEW 192108504 24,108 1,278,258 SH   SOLE   1,278,258 0 0
COMSTOCK MNG INC COM 205750102 1,904 947,073 SH   SOLE   947,073 0 0
ELDORADO GOLD CORP NEW COM 284902103 2,293 240,005 SH   SOLE   240,005 0 0
EXETER RES CORP COM 301835104 2,912 2,445,758 SH   SOLE   2,445,758 0 0
GOLDEN MINERALS CO COM 381119106 386 162,000 SH   SOLE   162,000 0 0
IAMGOLD CORP COM 450913108 20,916 2,899,742 SH   SOLE   2,899,742 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 13,715 5,000 SH Call SOLE   5,000 0 0
JAGUAR MNG INC COM 47009M103 858 1,430,087 SH   SOLE   1,430,087 0 0
KIMBER RES INC COM 49435N101 466 2,490,199 SH   SOLE   2,490,199 0 0
KINROSS GOLD CORP COM NO PAR 496902404 45,322 5,715,278 SH   SOLE   5,715,278 0 0
KOBEX MINERALS INC COM 49989C105 150 238,285 SH   SOLE   238,285 0 0
MAG SILVER CORP COM 55903Q104 9,355 986,206 SH   SOLE   986,206 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 142,172 37,562 SH Call SOLE   37,562 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,703 45,000 SH   SOLE   45,000 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57060U589 9,851 5,885 SH Call SOLE   5,885 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57060U589 28,880 1,725,183 SH   SOLE   1,725,183 0 0
MIDWAY GOLD CORP COM 598153104 535 445,429 SH   SOLE   445,429 0 0
NEWMONT MINING CORP COM 651639106 5,077 1,212 SH Call SOLE   1,212 0 0
NOVACOPPER INC COM 66988K102 1,584 865,383 SH   SOLE   865,383 0 0
NOVAGOLD RES INC COM NEW 66987E206 19,024 5,240,897 SH   SOLE   5,240,897 0 0
PAN AMERICAN SILVER CORP COM 697900108 2,448 148,981 SH   SOLE   148,981 0 0
PRETIUM RES INC COM 74139C102 16,003 2,017,600 SH   SOLE   2,017,600 0 0
PRIMERO MNG CORP COM 74164W106 7,185 1,076,900 SH   SOLE   1,076,900 0 0
ROYAL GOLD INC COM 780287108 2,255 31,750 SH   SOLE   31,750 0 0
RUBICON MINERALS CORP COM 780911103 17,654 7,263,300 SH   SOLE   7,263,300 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 4,533 478,871 SH   SOLE   478,871 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,093,856 135,551 SH Call SOLE   135,551 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 33,265 215,350 SH   SOLE   215,350 0 0
STILLWATER MNG CO COM 86074Q102 41,429 3,204,132 SH   SOLE   3,204,132 0 0
VISTA GOLD CORP COM NEW 927926303 26,102 12,084,310 SH   SOLE   12,084,310 0 0