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
APPLE INC COM 037833100 301 3,150 SH   SOLE   3,150 0 0
BANK OF AMERICA CORP COM 060505104 5,186 391,100 SH   SOLE   391,100 0 0
ISHARES INC ETF 464286251 120 2,383 SH   SOLE   2,383 0 0
ISHARES INC ETF 464288778 4,745 146,400 SH   SOLE   146,400 0 0
NEWMONT MINING CORP COM 651639106 4,787 122,400 SH   SOLE   122,400 0 0
OWENS ILL INC COM 690768403 416 23,100 SH   SOLE   23,100 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 5,440 98,550 SH   SOLE   98,550 0 0
SIEMENS A G SPONSORED ADR 826197501 1,968 19,186 SH   SOLE   19,186 0 0
STEEL DYNAMICS INC COM 858119100 453 18,500 SH   SOLE   18,500 0 0
TELEFONICA S A SPONSORED ADR 879382208 3,793 400,500 SH   SOLE   400,500 0 0
TEMPLETON EMRGNG MKT ETF 880192109 1,430 136,616 SH   SOLE   136,616 0 0
VALE SA SPONSORED ADR 91912E105 2,006 396,366 SH   SOLE   396,366 0 0
CISCO SYSTEMS INC COM 17275R102 2,742 95,600 SH   SOLE   95,600 0 0
HEWLETT PACKARD CO COM 40434L105 2,819 224,800 SH   SOLE   224,800 0 0
HESS CORP COM 42809H107 2,253 37,500 SH   SOLE   37,500 0 0
ISHARES SILVER TRUST ETF 46428Q109 3,393 190,000 SH   SOLE   190,000 0 0
ISHARES INC ETF 46434G806 3,543 265,000 SH   SOLE   265,000 0 0
METLIFE INC COM 59156R108 199 5,000 SH   SOLE   5,000 0 0
MORGAN STAN EMER MKT ETF 61744H105 1,742 188,361 SH   SOLE   188,361 0 0
POWERSHS DB MULTI SE ETF 73936B408 99 4,500 SH   SOLE   4,500 0 0
POWERSHS DB MULTI SE ETF 73936B705 80 6,000 SH   SOLE   6,000 0 0
SPDR GOLD TR GOLD ETF 78463V107 6,133 48,500 SH   SOLE   48,500 0 0
SPDR SERIES TRUST ETF 78464A417 5,314 148,900 SH   SOLE   148,900 0 0
SPDR S&P MTLS&MNG ETF 78464A755 2,935 120,400 SH   SOLE   120,400 0 0
SELECT SECTOR SPDR ETF 81369Y506 212 3,100 SH   SOLE   3,100 0 0
VANECK VECTORS GOLD MINERS ETF ETF 92189F106 293 10,600 SH   SOLE   10,600 0 0
VANECK VECTORS JUNIOR GOLD MINERS ETF ETF 92189F791 4,575 107,250 SH   SOLE   107,250 0 0
VANECK VECTORS ETF ETF 92189F825 1,795 120,000 SH   SOLE   120,000 0 0
WISDOMTREE TRUST ETF 97717X784 1,515 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR B019MJ8 1,101 74,749 SH   SOLE   74,749 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 876 294,101 SH   SOLE   294,101 0 0
GOLDEN OCEAN GROUP LTD SPONSORED ADR BVXBS91 217 327,253 SH   SOLE   327,253 0 0