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
4D PHARMA PLC SPONSORED ADS 35085K109 945 195,954 SH   SOLE   0 0 0
ACTIVISION BLIZZARD INC COM 00507V109 41,010 511,706 SH   SOLE   0 0 0
AFLAC INC COM 001055102 221 3,427 SH   SOLE   0 0 0
AGNICO EAGLE MINES LTD COM 008474108 11,854 193,432 SH   SOLE   0 0 0
ALLEGHANY CORP DEL COM 017175100 4,153 4,900 SH   SOLE   0 0 0
ALPHABET INC CAP STK CL A 02079K305 16,886 6,072 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103 367,237 113,874,595 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109 143,519 767,708 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 1,558 1,449,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LTD SPONS ADR 035128206 115,686 4,882,311 SH   SOLE   0 0 0
APA CORPORATION COM 03743Q108 1,074 26,000 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,236 152,142 SH   SOLE   0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 106,443 1,604,629 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209 4,172 905,900 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108 249,177 10,153,496 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 40,866 115,788 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104 56,291 1,915,000 SH   SOLE   0 0 0
BRF SA SPONSORED ADR 10552T107 149 37,510 SH   SOLE   0 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 241,623 3,308,778 SH   SOLE   0 0 0
CENTENE CORP DEL COM 15135B101 28,661 340,373 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102 55,838 5,681,450 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105 56,260 667,258 SH   SOLE   0 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 334 2,417 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735 210,391 2,419,547 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100 3,582 22,000 SH   SOLE   0 0 0
CIGNA CORP NEW COM 125523100 378,977 1,581,446 SH   SOLE   0 0 0
CLEAN HARBORS INC COM 184496107 1,116 10,000 SH   SOLE   0 0 0
CONOCOPHILLIPS COM 20825C104 25,244 252,400 SH   SOLE   0 0 0
CABOT CORP COM 127097103 56,658 2,100,389 SH   SOLE   0 0 0
COTY INC COM CL A 222070203 48,358 5,376,188 SH   SOLE   0 0 0
CUMMINS INC COM 231021106 882 4,300 SH   SOLE   0 0 0
DAVITA INC COM 23918K108 2,262 20,000 SH   SOLE   0 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 1,216 95,850 SH   SOLE   0 0 0
DOW INC COM 260557103 1,043 16,363 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 3,676 391,730 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104 1,307 35,000 SH   SOLE   0 0 0
EHEALTH INC COM 28238P109 16,408 1,324,843 SH   SOLE   0 0 0
EQUINOX GOLD CORP COM 29446Y502 6,770 817,965 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102 49,282 596,451 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103 83,811 2,461,049 SH   SOLE   0 0 0
FISERV INC COM 337738108 2,028 20,000 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108 14,074 3,695,940 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100 14,878 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301 51,202 559,559 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100 85,981 1,965,511 SH   SOLE   0 0 0
GODADDY INC CL A 380237107 47,808 571,152 SH   SOLE   0 0 0
Gold Fields Ltd SPONS ADR 38059T106 66,004 4,267,957 SH   SOLE   0 0 0
GOLD RESOURCE CORP COM 38068T105 3,844 1,720,043 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101 4,293 2,501,996 SH   SOLE   0 0 0
GREAT PANTHER MINING LIMITED COM 39115V101 3,451 14,049,172 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700 38,047 1,718,103 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC *W EXP 06/30/205 42806J148 170 11,150 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108 25,165 7,243,957 SH   SOLE   0 0 0
II-VI INC COM 902104108 26,993 372,501 SH   SOLE   0 0 0
IMV INC COM 44974L103 6,276 4,419,545 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301 2,909 2,014,579 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107 31,887 721,275 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 1,200 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 24,222 177,693 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404 451,663 76,878,243 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108 3,261 125,059 SH   SOLE   0 0 0
LOCKHEED MARTIN CORP COM 539830109 46,584 105,537 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104 1,287 7,592 SH   SOLE   0 0 0
MARATHON OIL CORP COM 565849106 2,223 88,501 SH   SOLE   0 0 0
MARKEL CORP COM 570535104 1,477 1,000 SH   SOLE   0 0 0
MARSH & MCLENNAN COS INC COM 571748102 494 2,900 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,155 3,000 SH   SOLE   0 0 0
FACEBOOK INC CL A 30303M102 16,697 75,106 SH   SOLE   0 0 0
MICROSOFT CORP COM 594918104 415 1,346 SH   SOLE   0 0 0
NEWMONT MINING CORP COM 651639106 114,782 1,444,619 SH   SOLE   0 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 1,268 6,723 SH   SOLE   0 0 0
NEXTERA ENERGY INC COM 65339F101 822 9,700 SH   SOLE   0 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 1,355 60,000 SH   SOLE   0 0 0
NORTHROP GRUMMAN CORP COM 666807102 151,889 339,626 SH   SOLE   0 0 0
NOV INC COM 62955J103 491 25,048 SH   SOLE   0 0 0
NOW INC COM 67011P100 2,536 230,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108 6,290 60,580 SH   SOLE   0 0 0
ORMAT TECHNOLOGIES INC COM 686688102 1,661 20,300 SH   SOLE   0 0 0
OVINTIV INC COM 69047Q102 45,312 838,894 SH   SOLE   0 0 0
PERFORMANCE SHIPPING INC COM NEW Y67305121 319 105,572 SH   SOLE   0 0 0
PFIZER INC COM 717081103 29,959 578,634 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109 2,633 28,000 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103 779 163,788 SH   SOLE   0 0 0
SHELL PLC SPON ADS 780259305 1,867 34,000 SH   SOLE   0 0 0
SOUTHWEST AIRLS CO COM 844741108 24,486 534,580 SH   SOLE   0 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,027 5,683 SH   SOLE   0 0 0
SSR MNG INC COM 784730103 12,598 579,359 SH   SOLE   0 0 0
STEALTHGAS INC SHS Y81669106 404 167,994 SH   SOLE   0 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205 916 81,498 SH   SOLE   0 0 0
TIM S A SPONSORED ADR 88706T108 845 58,330 SH   SOLE   0 0 0
TWITTER INC COM 90184L102 1,354 35,000 SH   SOLE   0 0 0
BANCORP DEL COM NEW 902973304 1,063 20,000 SH   SOLE   0 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 237 6,181 SH   SOLE   0 0 0
VICTORIAS SECRET AND CO COMMON STOCK 926400102 31,568 615,059 SH   SOLE   0 0 0
VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 764 84,867 SH   SOLE   0 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 70,827 4,262,823 SH   SOLE   0 0 0
DISNEY WALT CO COM DISNEY 254687106 3,579 26,086 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101 1,066 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 297,429 6,248,318 SH   SOLE   0 0 0
YAMANA GOLD INC COM 98462Y100 20,573 3,683,646 SH   SOLE   0 0 0
ZYNGA INC CL A 98986T108 34,289 3,713,040 SH   SOLE   0 0 0