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 7,403 174,425 SH   SOLE   174,425 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 37,171 4,633,491 SH   SOLE   4,633,491 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 2,894 268,747 SH   SOLE   268,747 0 0
ASANKO GOLD INC COM 04341Y105 27,992 10,677,951 SH   SOLE   10,677,951 0 0
BARRICK GOLD CORP COM 067901108 2,078 109,403 SH   SOLE   109,403 0 0
COMSTOCK MNG INC COM 205750102 1,850 8,260,722 SH   SOLE   8,260,722 0 0
ELDORADO GOLD CORP NEW COM 284902103 10,275 3,006,338 SH   SOLE   3,006,338 0 0
EXETER RES CORP COM 301835104 27,407 15,863,936 SH   SOLE   15,863,936 0 0
FRANCO NEVADA CORP COM 351858105 982 15,000 SH   SOLE   15,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059t106 17,429 4,937,496 SH   SOLE   4,937,496 0 0
GOLDCORP INC NEW COM 380956409 8,081 553,881 SH   SOLE   553,881 0 0
IAMGOLD CORP COM 450913108 6,070 1,519,088 SH   SOLE   1,519,088 0 0
ISHARES SILVER TRUST ISHARES 46428q109 2,907 168,500 SH   SOLE   168,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 41,621 2,412,800 SH Call SOLE   2,412,800 0 0
KINROSS GOLD CORP COM NO PAR 496902404 27,974 7,940,805 SH   SOLE   7,940,805 0 0
MAG SILVER CORP COM 55903q104 4,936 377,474 SH   SOLE   377,474 0 0
NEWMONT MINING CORP COM 651639106 2,637 80,000 SH   SOLE   80,000 0 0
PAN AMERICAN SILVER CORP COM 697900108 3,558 203,486 SH   SOLE   203,486 0 0
PRETIUM RES INC COM 74139c102 53,249 4,971,252 SH   SOLE   4,971,252 0 0
ROYAL GOLD INC COM 780287108 619 8,840 SH   SOLE   8,840 0 0
SILVER STD RES INC COM 82823L106 20,416 1,924,254 SH   SOLE   1,924,254 0 0
SILVER WHEATON CORP COM 828336107 4,436 213,139 SH   SOLE   213,139 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,201,850 10,123,400 SH Call SOLE   10,123,400 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 168,891 1,422,600 SH Put SOLE   1,422,600 0 0
TIMMINS GOLD CORP COM 88741P103 2,458 6,545,700 SH   SOLE   6,545,700 0 0
VISTA GOLD CORP COM NEW 927926303 18,224 17,866,829 SH   SOLE   17,866,829 0 0