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
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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
APPLE INC COM 037833100 1,500 12,950 SH   SOLE   12,950 0 0
BANK OF AMERICA CORP COM 060505104 6,312 285,100 SH   SOLE   285,100 0 0
CISCO SYSTEMS INC COM 17275R102 4,926 162,900 SH   SOLE   162,900 0 0
DEUTSCHE BK AG LDN SPONSORED ADR 25154H731 46 3,000 SH   SOLE   3,000 0 0
GOLDEN OCEAN GROUP LTD SPONSORED ADR G39637205 355 75,450 SH   SOLE   75,450 0 0
HESS CORP COM 42809H107 2,336 37,500 SH   SOLE   37,500 0 0
HEWLETT PACKARD CO COM 40434L105 3,336 224,800 SH   SOLE   224,800 0 0
ISHARES INC ETF 46434G798 4,551 136,000 SH   SOLE   136,000 0 0
ISHARES INC ETF 464288778 5,732 126,400 SH   SOLE   126,400 0 0
ISHARES INC ETF 464286251 614 12,383 SH   SOLE   12,383 0 0
ISHARES SILVER TRUST ETF 46428Q109 2,869 190,000 SH   SOLE   190,000 0 0
METLIFE INC COM 59156R108 1,401 26,000 SH   SOLE   26,000 0 0
MORGAN STAN EMER MKT ETF 61744H105 1,714 188,361 SH   SOLE   188,361 0 0
NEWMONT MINING CORP COM 651639106 4,170 122,400 SH   SOLE   122,400 0 0
OWENS ILL INC COM 690768403 402 23,100 SH   SOLE   23,100 0 0
POWERSHS DB MULTI SE ETF 73936B705 45 3,000 SH   SOLE   3,000 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 5,361 98,550 SH   SOLE   98,550 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR G81075106 1,155 77,749 SH   SOLE   3,000 0 0
SIEMENS A G SPONSORED ADR 826197501 2,347 19,186 SH   SOLE   19,186 0 0
SPDR GOLD TR GOLD ETF 78463V107 5,315 48,500 SH   SOLE   48,500 0 0
STEEL DYNAMICS INC COM 858119100 658 18,500 SH   SOLE   18,500 0 0
SUNTRUST BANKS INC COM 867914103 3,318 60,500 SH   SOLE   60,500 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR Y8565N102 662 294,101 SH   SOLE   294,101 0 0
TELEFONICA S A SPONSORED ADR 879382208 3,681 400,500 SH   SOLE   400,500 0 0
TEMPLETON EMRGNG MKT ETF 880192109 1,925 176,616 SH   SOLE   176,616 0 0
UNITED STATES OIL FD ETF 91232N108 37 3,200 SH   SOLE   3,200 0 0
VALE S.A SPONSORED ADR 91912E105 3,020 396,366 SH   SOLE   396,366 0 0
VANECK VECTORS ETF ETF 92189F825 1,985 125,000 SH   SOLE   125,000 0 0
VANECK VECTORS GOLD MINERS ETF ETF 92189F106 367 17,600 SH   SOLE   17,600 0 0
VANECK VECTORS JUNIOR GOLD MINERS ETF ETF 92189F791 4,179 132,250 SH   SOLE   132,250 0 0
WISDOMTREE TRUST ETF 97717X784 1,526 21,932 SH   SOLE   21,932 0 0