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 13,392 479,300 SH   SOLE   479,300 0 0
ALAMOS GOLD INC COM 011527108 2,632 450,000 SH   SOLE   450,000 0 0
B2GOLD CORP COM 11777Q209 2,375 1,594,338 SH   SOLE   1,594,338 0 0
BARRICK GOLD CORP COM 067901108 15,070 1,375,000 SH   SOLE   1,375,000 0 0
COMPANIA DE MINAS BUENAVENTURA SPONSORED ADR 204448104 8,094 799,000 SH   SOLE   799,000 0 0
ELDORADO GOLD CORP COM 284902103 2,984 650,000 SH   SOLE   650,000 0 0
ETFS PALLADIUM TRUST SH BEN INT 26923A106 4,992 70,000 SH   SOLE   70,000 0 0
ETFS PLATINUM TRUST SH BEN INT 26922V101 2,491 22,500 SH   SOLE   22,500 0 0
FRANCO NEVADA CORP COM 351858105 10,886 225,000 SH   SOLE   225,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,969 315,000 SH   SOLE   315,000 0 0
GOLDCORP INC COM 380956409 16,895 932,400 SH   SOLE   932,400 0 0
KINROSS GOLD CORP COM NO PAR 496902404 2,240 1,000,000 SH   SOLE   1,000,000 0 0
NEW GOLD INC COM 644535106 2,034 600,000 SH   SOLE   600,000 0 0
NEWMONT MINING CORP COM 651639106 13,468 620,368 SH   SOLE   620,368 0 0
PRIMERO MINING CORP COM 74164W106 686 200,000 SH   SOLE   200,000 0 0
RANDGOLD RESOURCES LTD ADR 752344309 22,831 329,600 SH   SOLE   329,600 0 0
ROYAL GOLD INC COM 780287108 13,253 210,000 SH   SOLE   210,000 0 0
STILLWATER MINING CO COM 86074Q102 1,938 150,000 SH   SOLE   150,000 0 0
TAHOE RESOURCES INC COM 873868103 7,749 708,200 SH   SOLE   708,200 0 0