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 672 100,000 SH   SOLE   100,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 5,334 139,281 SH   SOLE   139,281 0 0
ALAMOS GOLD INC COM 011527108 8,101 798,900 SH   SOLE   798,900 0 0
ALEXCO RESOURCE CORP COM 01535P106 7,312 5,803,250 SH   SOLE   5,803,250 0 0
ALLIED NEVADA GOLD CORP COM 019344100 1,545 410,875 SH   SOLE   410,875 0 0
ALMADEN MINERALS LTD COM 020283107 1,437 1,026,333 SH   SOLE   1,026,333 0 0
ALPS ETF TR ALERIAN MLP COM 00162Q866 901 47,411 SH   SOLE   47,411 0 0
APPLE INC COM 037833100 14,527 156,320 SH   SOLE   156,320 0 0
APPLIED MATLS INC COM 038222105 879 39,000 SH   SOLE   39,000 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 1,856 80,000 SH   SOLE   80,000 0 0
ASANKO GOLD INC COM 04341Y105 12,053 4,653,509 SH   SOLE   4,653,509 0 0
AVINO SILVER & GOLD MINES COM 053906103 81 35,500 SH   SOLE   35,500 0 0
B2GOLD CORP COM 11777Q209 2,350 804,793 SH   SOLE   804,793 0 0
BAKER HUGHES INC COM 057224107 484 6,500 SH   SOLE   6,500 0 0
BARRICK GOLD CORP COM 067901108 216 11,830 SH   SOLE   11,830 0 0
CAE INC COM 124765108 15,895 1,210,590 SH   SOLE   1,210,590 0 0
CAMECO CORP COM 13321L108 304 15,510 SH   SOLE   15,510 0 0
CANADIAN NAT RES LTD COM 136385101 27,495 598,880 SH   SOLE   598,880 0 0
CBS CORP CL B CALL 124857902 53,813 866,000 SH   SOLE   866,000 0 0
CENTRAL FD CDA LTD CL A COM 153501101 183 12,605 SH   SOLE   12,605 0 0
CITIGROUP INC COM 172967424 16,752 355,660 SH   SOLE   355,660 0 0
COEUR MNG INC COM 192108504 5,029 547,800 SH   SOLE   547,800 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR COM 204448104 1,181 100,000 SH   SOLE   100,000 0 0
CONVERSANT INC COM 21249J105 610 24,000 SH   SOLE   24,000 0 0
CREDIT SUISSE AG NASSAU BRH VELOCITY COM 22539T597 267 5,000 SH   SOLE   5,000 0 0
CRESCENT PT ENERGY CORP COM 22576C101 5,554 125,345 SH   SOLE   125,345 0 0
DENISON MINES CORP COM 248356107 5,297 4,306,711 SH   SOLE   4,306,711 0 0
DISCOVER FINL SVCS COM 254709108 17,287 278,920 SH   SOLE   278,920 0 0
DRDGOLD LIMITED SPON ADR REPSTG COM 26152H301 63 21,200 SH   SOLE   21,200 0 0
ELDORADO GOLD CORP COM 284902103 2,140 280,164 SH   SOLE   280,164 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 2,379 435,800 SH   SOLE   435,800 0 0
ENERPLUS CORP COM 292766102 2,551 101,298 SH   SOLE   101,298 0 0
ETFS PALLADIUM TR COM 26923A106 3,974 48,350 SH   SOLE   48,350 0 0
ETFS PLATINUM TR COM 26922V101 2,390 16,525 SH   SOLE   16,525 0 0
EURASIAN MINERALS INC COM 29843R100 6,441 7,958,995 SH   SOLE   7,958,995 0 0
EXETER RES CORP COM 301835104 543 764,100 SH   SOLE   764,100 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 46,851 4,334,054 SH   SOLE   4,334,054 0 0
FOOT LOCKER INC COM 344849104 3,550 70,000 SH   SOLE   70,000 0 0
FORD MTR CO CALL 345370900 14,430 837,000 SH   SOLE   837,000 0 0
FORD MTR CO COM 345370860 14,025 813,510 SH   SOLE   813,510 0 0
FORTUNA SILVER MINES INC COM 349915108 49,914 9,058,873 SH   SOLE   9,058,873 0 0
FRANCO NEVADA CORP COM 351858105 968 16,880 SH   SOLE   16,880 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 211 5,791 SH   SOLE   5,791 0 0
GENERAL MTRS CO COM 37045V100 7,333 202,000 SH   SOLE   202,000 0 0
GENERAL MTRS CO CALL 37045V900 16,771 462,000 SH   SOLE   462,000 0 0
GILDAN ACTIVEWEAR INC COM 375916103 25,672 436,000 SH   SOLE   436,000 0 0
GLOBAL X FDS GLB X GURU INDEX COM 37950E341 286 10,800 SH   SOLE   10,800 0 0
GLOBAL X FDS SILVER MNR ETF COM 37950E853 2,154 151,900 SH   SOLE   151,900 0 0
GOLDCORP INC COM 380956409 5,314 190,400 SH   SOLE   190,400 0 0
GOLDEN MINERALS CO COM 381119106 76 65,900 SH   SOLE   65,900 0 0
GOLDEN STAR RES LTD COM 38119T104 3,835 6,500,000 SH   SOLE   6,500,000 0 0
GROUPE CGI INC CL A COM 39945C109 33,992 958,060 SH   SOLE   958,060 0 0
HARMONY GOLD MNG LTD SPONSORED ADR COM 413216300 43 14,500 SH   SOLE   14,500 0 0
HECLA MNG CO COM 422704106 171 49,615 SH   SOLE   49,615 0 0
IAMGOLD CORP COM 450913108 8,424 2,044,745 SH   SOLE   2,044,745 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104 26,622 140,930 SH   SOLE   140,930 0 0
ISHARES RUSSELL 2000 ETF CALL 464287905 96,711 814,000 SH   SOLE   814,000 0 0
ISHARES MSCI EMG MKT ETF COM 464287234 240 5,552 SH   SOLE   5,552 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 558 4,700 SH   SOLE   4,700 0 0
ISHARES SILVER TRUST COM 46428Q109 1,759 86,853 SH   SOLE   86,853 0 0
ISHARES TRANS AVG ETF COM 464287192 250 1,700 SH   SOLE   1,700 0 0
KINROSS GOLD CORP COM 496902404 50 12,045 SH   SOLE   12,045 0 0
LAKE SHORE GOLD CORP COM 510728108 3,232 3,532,566 SH   SOLE   3,532,566 0 0
LYONDELLBASELL INDUSTRIES COM N53745100 17,171 175,840 SH   SOLE   175,840 0 0
LYONDELLBASELL INDUSTRIES CALL N53745900 11,230 115,000 SH   SOLE   115,000 0 0
MAG SILVER CORP COM 55903Q104 25,023 2,645,163 SH   SOLE   2,645,163 0 0
MAGNA INTL INC COM 559222401 12,391 115,000 SH   SOLE   115,000 0 0
MARKET VECTORS GOLD MINER ETF COM 57060U100 4,148 156,822 SH   SOLE   156,822 0 0
MARKET VECTORS JR GOLD MINERS ETF COM 57061R544 14,047 332,400 SH   SOLE   332,400 0 0
MARKET VECTORS GOLD MINER ETF PUT 57060U950 3,306 125,000 SH   SOLE   125,000 0 0
MARKET VECTORS JR GOLD MINERS ETF PUT 57061R954 6,339 150,000 SH   SOLE   150,000 0 0
MIDWAY GOLD CORP COM 598153104 63 70,000 SH   SOLE   70,000 0 0
MINES MGMT INC COM 603432105 96 85,400 SH   SOLE   85,400 0 0
MORGAN STANLEY COM 617446448 970 30,000 SH   SOLE   30,000 0 0
NCR CORP COM 62886E108 18,352 523,000 SH   SOLE   523,000 0 0
NEVSUN RES LTD COM 64156L101 4,529 1,207,667 SH   SOLE   1,207,667 0 0
NEW GOLD INC COM 644535106 171 26,800 SH   SOLE   26,800 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 33 40,000 SH   SOLE   40,000 0 0
NOVAGOLD RES INC COM COM 66987E206 55 13,000 SH   SOLE   13,000 0 0
NXP SEMICONDUCTORS COM N6596X109 31,716 479,240 SH   SOLE   479,240 0 0
NXP SEMICONDUCTORS CALL N6596X909 16,744 253,000 SH   SOLE   253,000 0 0
PAN AMERICAN SILVER CORP COM 697900108 9,499 618,842 SH   SOLE   618,842 0 0
PENGROWTH ENERGY CORP COM 70706P104 2,654 369,685 SH   SOLE   369,685 0 0
PFIZER INC COM 717081103 23,239 783,000 SH   SOLE   783,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q205 6,888 5,835,768 SH   SOLE   5,835,768 0 0
POTASH CORP SASK INC COM 73755L107 1,063 28,000 SH   SOLE   28,000 0 0
POWERSHARES QQQ TRUST COM 73935A104 225 2,400 SH   SOLE   2,400 0 0
PRECISION DRILLING CORP COM 74022D308 25,750 1,818,490 SH   SOLE   1,818,490 0 0
PRETIUM RES INC COM 74139C102 15,311 1,851,355 SH   SOLE   1,851,355 0 0
PRIMERO MNG CORP COM 74164W106 3,776 471,452 SH   SOLE   471,452 0 0
RANDGOLD RES LTD ADR COM 752344309 3,933 46,487 SH   SOLE   46,487 0 0
REVETT MNG CO COM 761505205 201 195,400 SH   SOLE   195,400 0 0
RIO ALTO MNG LTD COM 76689T104 3,350 1,450,000 SH   SOLE   1,450,000 0 0
RLJ ENTMT INC COM 74965F104 382 100,000 SH   SOLE   100,000 0 0
ROYAL GOLD INC COM 780287108 1,025 13,458 SH   SOLE   13,458 0 0
RUBICON MINERALS CORP COM 780911103 284 193,000 SH   SOLE   193,000 0 0
RYDEX ETF TRUST GUG S&P500 EQ WT COM 78355W833 311 3,600 SH   SOLE   3,600 0 0
SELECT SECTOR SPDR TR TECHNOLOGY COM 81369Y803 234 6,100 SH   SOLE   6,100 0 0
SHAW COMMUNICATIONS INC CL B COM 82028K200 14,567 567,680 SH   SOLE   567,680 0 0
SILVER BULL RES INC COM 827458100 1,621 5,313,300 SH   SOLE   5,313,300 0 0
SILVER STD RES INC COM 82823L106 361 41,700 SH   SOLE   41,700 0 0
SILVER WHEATON CORP COM 828336107 24,460 931,106 SH   SOLE   931,106 0 0
SILVERCREST MINES INC COM 828365106 16,683 7,832,292 SH   SOLE   7,832,292 0 0
SPDR GOLD TRUST GOLD COM 78463V107 244 1,904 SH   SOLE   1,904 0 0
SPDR S&P 500 ETF TR CALL 78462F903 118,117 603,500 SH   SOLE   603,500 0 0
SPDR S&P 500 ETF TR PUT 78462F953 391,538 2,000,500 SH   SOLE   2,000,500 0 0
SPDR S&P 500 ETF TR COM 78462F103 2,329 11,900 SH   SOLE   11,900 0 0
SPDR SERIES TRUST S&P OILGAS EXP COM 78464A730 304 3,700 SH   SOLE   3,700 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104 25,366 2,303,943 SH   SOLE   2,303,943 0 0
SPROTT PHYSICAL PLAT PALLAD COM 85207Q104 1,082 106,910 SH   SOLE   106,910 0 0
SPROTT PHYSICAL SILVER TRUST COM 85207K107 4,305 508,294 SH   SOLE   508,294 0 0
STANTEC INC COM 85472N109 4,712 76,000 SH   SOLE   76,000 0 0
TAHOE RES INC COM 873868103 10,139 387,000 SH   SOLE   387,000 0 0
TE CONNECTIVITY LTD COM H84989104 22,266 360,060 SH   SOLE   360,060 0 0
TECK RESOURCES LTD CL B COM 878742204 405 17,750 SH   SOLE   17,750 0 0
TIMMINS GOLD CORP COM 88741P103 7,742 4,423,866 SH   SOLE   4,423,866 0 0
TRINITY INDS INC COM 896522109 14,511 331,900 SH   SOLE   331,900 0 0
U S GEOTHERMAL INC COM 90338S102 2,761 4,602,493 SH   SOLE   4,602,493 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 21,228 433,849 SH   SOLE   433,849 0 0
VIACOM INC COM 92553P201 17,851 205,820 SH   SOLE   205,820 0 0
VISTA GOLD CORP COM 927926303 820 1,639,040 SH   SOLE   1,639,040 0 0
VODAFONE GROUP PLC COM 92857W308 17,397 521,039 SH   SOLE   521,039 0 0
WI-LAN INC COM 928972108 3,027 952,000 SH   SOLE   952,000 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 26,887 355,090 SH   SOLE   355,090 0 0
YAMANA GOLD INC COM 98462Y100 4,193 510,112 SH   SOLE   510,112 0 0