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 4,470 168,866 SH   SOLE   168,866 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 22,640 1,704,823 SH   SOLE   1,704,823 0 0
ASANKO GOLD INC COM 04341Y105 379 162,000 SH   SOLE   162,000 0 0
AURICO GOLD INC COM 05155C105 13,309 3,493,185 SH   SOLE   3,493,185 0 0
B2GOLD CORP COM 11777Q209 29,081 11,658,299 SH   SOLE   11,658,299 0 0
BARRICK GOLD CORP COM 067901108 1,301 69,893 SH   SOLE   69,893 0 0
COEUR MNG INC COM NEW 192108504 12,441 1,032,415 SH   SOLE   1,032,415 0 0
COMSTOCK MNG INC COM 205750102 2,019 1,121,856 SH   SOLE   1,121,856 0 0
ELDORADO GOLD CORP NEW COM 284902103 19,555 2,898,927 SH   SOLE   2,898,927 0 0
EXETER RES CORP COM 301835104 1,994 2,445,758 SH   SOLE   2,445,758 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 5,981 1,308,830 SH   SOLE   1,308,830 0 0
GOLDCORP INC NEW COM 380956409 2,906 111,728 SH   SOLE   111,728 0 0
GOLDEN MINERALS CO COM 381119106 154 162,000 SH   SOLE   162,000 0 0
HECLA MNG CO COM 422704106 1,853 590,070 SH   SOLE   590,070 0 0
IAMGOLD CORP COM 450913108 26,798 5,611,805 SH   SOLE   5,611,805 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 170,231 8,145,000 SH Call SOLE   8,145,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 25,961 5,140,793 SH   SOLE   5,140,793 0 0
MAG SILVER CORP COM 55903Q104 5,820 986,206 SH   SOLE   986,206 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 62,550 2,500,000 SH Call SOLE   2,500,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,126 45,000 SH   SOLE   45,000 0 0
MIDWAY GOLD CORP COM 598153104 424 445,429 SH   SOLE   445,429 0 0
NEWMONT MINING CORP COM 651639106 1,844 65,614 SH   SOLE   65,614 0 0
NOVACOPPER INC COM 66988k102 1,636 865,383 SH   SOLE   865,383 0 0
NOVAGOLD RES INC COM NEW 66987E206 12,159 5,240,897 SH   SOLE   5,240,897 0 0
PAN AMERICAN SILVER CORP COM 697900108 1,573 148,981 SH   SOLE   148,981 0 0
PRETIUM RES INC COM 74139C102 18,016 2,610,700 SH   SOLE   2,610,700 0 0
PRIMERO MNG CORP COM 74164W106 5,864 1,076,900 SH   SOLE   1,076,900 0 0
ROYAL GOLD INC COM 780287108 1,545 31,750 SH   SOLE   31,750 0 0
RUBICON MINERALS CORP COM 780911103 9,235 7,263,300 SH   SOLE   7,263,300 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 2,589 478,871 SH   SOLE   478,871 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 18,444 143,888 SH   SOLE   143,888 0 0
STILLWATER MNG CO COM 86074Q102 6,260 568,582 SH   SOLE   568,582 0 0
VISTA GOLD CORP COM NEW 927926303 5,571 12,084,310 SH   SOLE   12,084,310 0 0
YAMANA GOLD INC COM 98462Y100 1,332 128,101 SH   SOLE   128,101 0 0