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 6,616 240,225 SH   SOLE   240,225 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 6,588 460,700 SH Call SOLE   460,700 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 15,957 1,115,875 SH   SOLE   1,115,875 0 0
ASANKO GOLD INC COM 04341Y105 347 162,000 SH   SOLE   162,000 0 0
AURICO GOLD INC COM 05155C105 15,265 3,493,185 SH   SOLE   3,493,185 0 0
B2GOLD CORP COM 11777Q209 25,893 12,158,299 SH   SOLE   12,158,299 0 0
BARRICK GOLD CORP COM 067901108 23,739 1,508,200 SH Call SOLE   1,508,200 0 0
BARRICK GOLD CORP COM 067901108 2,674 169,893 SH   SOLE   169,893 0 0
COEUR MNG INC COM NEW 192108504 15,688 1,179,552 SH   SOLE   1,179,552 0 0
COMSTOCK MNG INC COM 205750102 1,563 947,073 SH   SOLE   947,073 0 0
ELDORADO GOLD CORP NEW COM 284902103 10,823 1,748,627 SH   SOLE   1,748,627 0 0
EXETER RES CORP COM 301835104 1,767 2,445,758 SH   SOLE   2,445,758 0 0
GOLDCORP INC NEW COM 380956409 2,070 83,722 SH   SOLE   83,722 0 0
GOLDEN MINERALS CO COM 381119106 220 162,000 SH   SOLE   162,000 0 0
HECLA MNG CO COM 422704106 1,758 590,070 SH   SOLE   590,070 0 0
IAMGOLD CORP COM 450913108 26,163 6,225,742 SH   SOLE   6,225,742 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 7,484 394,500 SH Call SOLE   394,500 0 0
KIMBER RES INC COM 49435N101 201 2,490,199 SH   SOLE   2,490,199 0 0
KINROSS GOLD CORP COM NO PAR 496902404 28,768 5,640,793 SH   SOLE   5,640,793 0 0
MAG SILVER CORP COM 55903Q104 5,766 986,206 SH   SOLE   986,206 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 65,327 2,667,500 SH Call SOLE   2,667,500 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,102 45,000 SH   SOLE   45,000 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57060u589 16,698 1,822,883 SH   SOLE   1,822,883 0 0
MIDWAY GOLD CORP COM 598153104 407 445,429 SH   SOLE   445,429 0 0
NEWMONT MINING CORP COM 651639106 9,166 306,034 SH   SOLE   306,034 0 0
NOVACOPPER INC COM 66988k102 1,514 865,383 SH   SOLE   865,383 0 0
NOVAGOLD RES INC COM NEW 66987E206 11,058 5,240,897 SH   SOLE   5,240,897 0 0
PAN AMERICAN SILVER CORP COM 697900108 1,735 148,981 SH   SOLE   148,981 0 0
PRETIUM RES INC COM 74139c102 17,325 2,610,700 SH   SOLE   2,610,700 0 0
PRIMERO MNG CORP COM 74164W106 4,812 1,076,900 SH   SOLE   1,076,900 0 0
ROYAL GOLD INC COM 780287108 1,336 31,750 SH   SOLE   31,750 0 0
RUBICON MINERALS CORP COM 780911103 9,323 7,263,300 SH   SOLE   7,263,300 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 2,809 478,871 SH   SOLE   478,871 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 18,210 152,888 SH   SOLE   152,888 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 357,330 3,000,000 SH Call SOLE   3,000,000 0 0
STILLWATER MNG CO COM 86074q102 12,526 1,166,332 SH   SOLE   1,166,332 0 0
VISTA GOLD CORP COM NEW 927926303 11,722 12,084,310 SH   SOLE   12,084,310 0 0
YAMANA GOLD INC COM 98462Y100 1,222 128,101 SH   SOLE   128,101 0 0