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
ADVANTAGE OIL & GAS LTD COM 00765F101 1,726 350,000 SH   SOLE   350,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,232 40,733 SH   SOLE   40,733 0 0
ALAMOS GOLD INC COM 011527108 5,402 598,900 SH   SOLE   598,900 0 0
ALEXCO RESOURCE CORP COM 01535P106 8,705 5,803,250 SH   SOLE   5,803,250 0 0
ALLIED NEVADA GOLD CORP COM 019344100 1,771 410,875 SH   SOLE   410,875 0 0
ALMADEN MINERALS LTD COM 020283107 3,021 2,173,838 SH   SOLE   2,173,838 0 0
ALERIAN MLP ETF COM 00162Q866 392 22,211 SH   SOLE   22,211 0 0
APPLE INC COM 037833100 12,163 22,660 SH   SOLE   22,660 0 0
ASANKO GOLD INC COM 04341Y105 6,986 3,374,929 SH   SOLE   3,374,929 0 0
B2GOLD CORP COM 11777Q209 3,248 1,207,293 SH   SOLE   1,207,293 0 0
BAKER HUGHES INC COM 057224107 423 6,500 SH   SOLE   6,500 0 0
BARRICK GOLD CORP COM 067901108 187 10,500 SH   SOLE   10,500 0 0
BAYTEX ENERGY CORP COM 07317Q105 411 10,000 SH   SOLE   10,000 0 0
BELLATRIX EXPLORATION LTD COM 078314101 10,664 1,265,000 SH   SOLE   1,265,000 0 0
CABOT CORP COM 127055101 301 5,100 SH   SOLE   5,100 0 0
CABOT OIL & GAS CORP COM 127097103 1,694 50,000 SH   SOLE   50,000 0 0
CAE INC COM 124765108 14,295 1,084,590 SH   SOLE   1,084,590 0 0
CAMECO CORP COM 13321L108 1,181 51,590 SH   SOLE   51,590 0 0
CANADIAN NAT RES LTD COM 136385101 23,532 613,280 SH   SOLE   613,280 0 0
CENTRAL FD CDA LTD COM 153501101 173 12,605 SH   SOLE   12,605 0 0
CISCO SYS INC COM 17275R102 6,500 290,000 SH   SOLE   290,000 0 0
CITIGROUP INC CALL 172967904 8,092 170,000 SH   SOLE   170,000 0 0
CITIGROUP INC COM 172967424 12,741 267,660 SH   SOLE   267,660 0 0
COEUR MNG INC COM 192108504 5,089 547,800 SH   SOLE   547,800 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR COM 204448104 1,508 120,000 SH   SOLE   120,000 0 0
CONVERSANT INC COM 21249J105 676 24,000 SH   SOLE   24,000 0 0
CREDIT SUISSE AG NASSAU BRH VELOCITY COM 22539T597 228 5,000 SH   SOLE   5,000 0 0
CRESCENT PT ENERGY CORP COM 22576C101 3,653 100,060 SH   SOLE   100,060 0 0
DENISON MINES CORP COM 248356107 7,204 4,900,777 SH   SOLE   4,900,777 0 0
DISCOVER FINL SVCS COM 254709108 16,428 282,320 SH   SOLE   282,320 0 0
ELDORADO GOLD CORP COM 284902103 1,256 225,018 SH   SOLE   225,018 0 0
ENCANA CORP COM 292505104 1,604 75,000 SH   SOLE   75,000 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 1,871 434,000 SH   SOLE   434,000 0 0
ENERPLUS CORP COM 292766102 3,004 150,000 SH   SOLE   150,000 0 0
ETFS PALLADIUM TR COM 26923A106 3,751 49,650 SH   SOLE   49,650 0 0
ETFS PLATINUM TR COM 26922V101 1,749 12,665 SH   SOLE   12,665 0 0
EURASIAN MINERALS INC COM 29843R100 8,277 7,958,854 SH   SOLE   7,958,854 0 0
EXETER RES CORP COM 301835104 426 704,100 SH   SOLE   704,100 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 43,609 4,523,754 SH   SOLE   4,523,754 0 0
FOOT LOCKER INC COM 344849104 3,289 70,000 SH   SOLE   70,000 0 0
FORD MTR CO CALL 345370900 4,998 320,400 SH   SOLE   320,400 0 0
FORD MTR CO COM 345370860 12,828 822,310 SH   SOLE   822,310 0 0
FORTUNA SILVER MINES INC COM 349915108 33,286 9,069,828 SH   SOLE   9,069,828 0 0
FRANCO NEVADA CORP COM 351858105 716 15,605 SH   SOLE   15,605 0 0
GENERAL MTRS CO COM 37045V100 13,350 387,850 SH   SOLE   387,850 0 0
GENERAL MTRS CO CALL 37045V900 2,279 66,200 SH   SOLE   66,200 0 0
GILDAN ACTIVEWEAR INC COM 375916103 9,320 185,000 SH   SOLE   185,000 0 0
GLOBAL X FDS SILVER MNR ETF COM 37950E853 1,943 151,900 SH   SOLE   151,900 0 0
GOLDCORP INC COM 380956409 4,171 170,400 SH   SOLE   170,400 0 0
GOLDEN MINERALS CO COM 381119106 55 65,900 SH   SOLE   65,900 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 2,416 4,000,000 SH   SOLE   4,000,000 0 0
GROUPE CGI INC COM 39945C109 23,705 766,660 SH   SOLE   766,660 0 0
HARMONY GOLD MNG LTD COM 413216300 44 14,500 SH   SOLE   14,500 0 0
HECLA MNG CO COM 422704106 143 46,615 SH   SOLE   46,615 0 0
HELMERICH & PAYNE INC COM 423452101 516 4,800 SH   SOLE   4,800 0 0
IAMGOLD CORP COM 450913108 7,198 2,044,745 SH   SOLE   2,044,745 0 0
INTERCONTINENTALEXCHANGE GRO COM 45866F104 15,971 80,730 SH   SOLE   80,730 0 0
ISHARES RUSSELL 2000 ETF PUT 464287955 68,408 588,000 SH   SOLE   588,000 0 0
ISHARES SILVER TRUST COM 46428Q109 1,654 86,853 SH   SOLE   86,853 0 0
JOHNSON & JOHNSON COM 478160104 12,524 127,500 SH   SOLE   127,500 0 0
KINROSS GOLD CORP COM 496902404 78 18,801 SH   SOLE   18,801 0 0
LAKE SHORE GOLD CORP COM 510728108 740 1,132,566 SH   SOLE   1,132,566 0 0
LYONDELLBASELL INDUSTRIES COM N53745100 10,988 123,540 SH   SOLE   123,540 0 0
MAG SILVER CORP COM 55903Q104 18,731 2,714,604 SH   SOLE   2,714,604 0 0
MAGNA INTL INC COM 559222401 11,076 115,000 SH   SOLE   115,000 0 0
MANULIFE FINL CORP COM 56501R106 15,426 798,850 SH   SOLE   798,850 0 0
MARKET VECTORS GOLD MINER ETF COM 57060U100 3,702 156,822 SH   SOLE   156,822 0 0
MARKET VECTORS JR GOLD MINERS ETF COM 57061R544 12,040 332,400 SH   SOLE   332,400 0 0
MINES MGMT INC COM 603432105 95 85,400 SH   SOLE   85,400 0 0
MORGAN STANLEY COM 617446448 935 30,000 SH   SOLE   30,000 0 0
NEVSUN RES LTD COM 64156L101 569 168,700 SH   SOLE   168,700 0 0
NEW GOLD INC CDA COM 644535106 144 29,600 SH   SOLE   29,600 0 0
NXP SEMICONDUCTORS N V COM N6596X109 21,380 363,540 SH   SOLE   363,540 0 0
PAN AMERICAN SILVER CORP COM 697900108 7,898 613,642 SH   SOLE   613,642 0 0
PENGROWTH ENERGY CORP COM 70706P104 2,248 369,685 SH   SOLE   369,685 0 0
PFIZER INC COM 717081103 18,369 571,900 SH   SOLE   571,900 0 0
PLATINUM GROUP METALS LTD COM 72765Q205 5,846 5,787,843 SH   SOLE   5,787,843 0 0
POTASH CORP SASK INC COM 73755L107 1,014 28,000 SH   SOLE   28,000 0 0
POWERSHARES QQQ PUT 73935A954 4,384 50,000 SH   SOLE   50,000 0 0
PRECISION DRILLING CORP COM 74022D308 20,157 1,683,990 SH   SOLE   1,683,990 0 0
PRETIUM RES INC COM 74139C102 10,681 1,854,255 SH   SOLE   1,854,255 0 0
PRIMERO MNG CORP COM 74164W106 10,678 1,480,938 SH   SOLE   1,480,938 0 0
RANDGOLD RES LTD COM 752344309 3,262 43,500 SH   SOLE   43,500 0 0
REVETT MNG CO COM 761505205 154 195,400 SH   SOLE   195,400 0 0
RIO ALTO MNG LTD COM 76689T104 2,311 1,191,200 SH   SOLE   1,191,200 0 0
RLJ ENTMT INC COM 74965F104 446 100,000 SH   SOLE   100,000 0 0
ROYAL GOLD INC COM 780287108 770 12,303 SH   SOLE   12,303 0 0
RUBICON MINERALS CORP COM 780911103 119 113,500 SH   SOLE   113,500 0 0
SHAW COMMUNICATIONS INC COM 82028K200 13,723 574,180 SH   SOLE   574,180 0 0
SILVER BULL RES INC COM 827458100 1,754 5,313,300 SH   SOLE   5,313,300 0 0
SILVER STD RES INC COM 82823L106 410 41,250 SH   SOLE   41,250 0 0
SILVER WHEATON CORP COM 828336107 20,560 905,731 SH   SOLE   905,731 0 0
SILVERCREST MINES INC COM 828365106 14,237 7,737,292 SH   SOLE   7,737,292 0 0
SPDR GOLD TRUST COM 78463V107 235 1,904 SH   SOLE   1,904 0 0
SPDR S&P 500 ETF TR CALL 78462F903 46,285 247,500 SH   SOLE   247,500 0 0
SPDR S&P 500 ETF TR PUT 78462F953 272,380 1,456,500 SH   SOLE   1,456,500 0 0
SPDR S&P 500 ETF TR COM 78462F103 1,085 5,800 SH   SOLE   5,800 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104 24,450 2,291,442 SH   SOLE   2,291,442 0 0
SPROTT PHYSICAL PLAT PALLAD COM 85207Q104 947 98,510 SH   SOLE   98,510 0 0
SPROTT PHYSICAL SILVER TRUST COM 85207K107 7,015 894,833 SH   SOLE   894,833 0 0
STANTEC INC COM 85472N109 4,642 76,000 SH   SOLE   76,000 0 0
TAHOE RES INC COM 873868103 9,031 427,000 SH   SOLE   427,000 0 0
TE CONNECTIVITY LTD COM H84989104 17,940 297,960 SH   SOLE   297,960 0 0
TECK RESOURCES LTD COM 878742204 379 17,500 SH   SOLE   17,500 0 0
TIMMINS GOLD CORP COM 88741P103 5,508 4,423,866 SH   SOLE   4,423,866 0 0
U S GEOTHERMAL INC COM 90338S102 3,452 4,602,493 SH   SOLE   4,602,493 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 20,809 437,449 SH   SOLE   437,449 0 0
VIACOM INC COM 92553P201 16,923 199,120 SH   SOLE   199,120 0 0
VISTA GOLD CORP COM 927926303 862 1,665,940 SH   SOLE   1,665,940 0 0
VODAFONE GROUP PLC COM 92857W308 16,993 461,639 SH   SOLE   461,639 0 0
WI-LAN INC COM 928972108 4,434 1,488,000 SH   SOLE   1,488,000 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 19,801 270,390 SH   SOLE   270,390 0 0
YAMANA GOLD INC COM 98462Y100 719 81,945 SH   SOLE   81,945 0 0