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 COM 008474108 3,811 131,264 SH   SOLE 0 131,264 0 0
ALAMOS GOLD INC COM 011527108 2,956 370,729 SH   SOLE 0 370,729 0 0
ARGONAUT GOLD INC COM 04016A101 3,517 1,004,688 SH   SOLE 0 1,004,688 0 0
AURICO GOLD INC COM 05155C105 2,253 645,693 SH   SOLE 0 645,693 0 0
B2GOLD COM 11777Q209 3,597 1,766,749 SH   SOLE 0 1,766,749 0 0
DETOUR GOLD CORP COM 250669108 2,907 370,713 SH   SOLE 0 370,713 0 0
DUNDEE PREC MTLS INC COM 265269209 4,647 1,169,407 SH   SOLE 0 1,169,407 0 0
ELDORADO GOLD CORP COM 284902103 2,791 414,110 SH   SOLE 0 414,110 0 0
MKT VECTORS JR MINER ETF 57061R544 4,679 139,178 SH   SOLE 0 139,178 0 0
PAN AMERICAN SILVER COM 697900108 2,551 232,315 SH   SOLE 0 232,315 0 0
PRETIUM RESOURCES COM 74139C102 3,058 587,984 SH   SOLE 0 587,984 0 0
PRIMERO MINING CORP COM 74164W106 3,266 671,086 SH   SOLE 0 671,086 0 0
RANDGOLD RESOURCES ADR 752344309 4,398 65,070 SH   SOLE 0 65,070 0 0
SEABRIDGE GOLD INC COM 811916105 2,510 312,235 SH   SOLE 0 312,235 0 0
SILVER WHEATON CORP COM 828336107 2,148 107,788 SH   SOLE 0 107,788 0 0
SPDR GOLD TRUST ETF 78463V107 13,098 112,713 SH   SOLE 0 112,713 0 0
TAHOE RESOURCES INC COM 873868103 1,929 94,788 SH   SOLE 0 94,788 0 0
TOREX GOLD RESOURCES COM 891054108 3,572 2,720,796 SH   SOLE 0 2,720,796 0 0
YAMANA GOLD INC COM 98462Y100 2,091 348,551 SH   SOLE 0 348,551 0 0