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
ABERDEEN STD PALLADIUM ETF TR PHYSCL PALLADM 003262102 75 308 SH   SOLE   0 308 0
ABERDEEN STD PALLADIUM ETF TR PHYSCL PALLADM 003262102 75 308 SH   SOLE   0 308 0
ABERDEEN STD PALLADIUM ETF TR PHYSCL PALLADM 003262102 339 1,384 SH   SOLE   0 1,384 0
AMAZON COM INC COM 023135106 2,135 690 SH   SOLE   0 690 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 1,099 50,000 SH   SOLE   0 50,000 0
APPLE INC COM 037833100 2,089 17,100 SH   SOLE   0 17,100 0
ARCHER DANIELS MIDLAND CO COM 039483102 713 12,500 SH   SOLE   0 12,500 0
BALLARD PWR SYS INC NEW COM 058586108 243 10,000 SH   SOLE   0 10,000 0
BARRICK GOLD CORP COM 067901108 254 725 SH Call SOLE   0 725 0
BARRICK GOLD CORP COM 067901108 333 950 SH Call SOLE   0 950 0
BARRICK GOLD CORP COM 067901108 525 1,500 SH Call SOLE   0 1,500 0
BARRICK GOLD CORP COM 067901108 190 9,600 SH   SOLE   0 9,600 0
BARRICK GOLD CORP COM 067901108 1,980 100,000 SH   SOLE   0 100,000 0
BHP GROUP LTD SPONSORED ADS 088606108 347 5,000 SH   SOLE   0 5,000 0
CF INDS HLDGS INC COM 125269100 454 10,000 SH   SOLE   0 10,000 0
CANADIAN SOLAR INC COM 136635109 1,737 35,000 SH   SOLE   0 35,000 0
COMSTOCK MNG INC COM NEW 205750300 626 136,600 SH   SOLE   0 136,600 0
DECKERS OUTDOOR CORP COM 243537107 486 1,472 SH   SOLE   0 1,472 0
ELDORADO GOLD CORP NEW COM 284902509 1,349 125,000 SH   SOLE   0 125,000 0
FORTUNA SILVER MINES INC COM 349915108 1,456 225,000 SH   SOLE   0 225,000 0
FRANCO NEV CORP COM 351858105 376 3,000 SH   SOLE   0 3,000 0
HALLIBURTON CO COM 406216101 429 20,000 SH   SOLE   0 20,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,180 500,000 SH   SOLE   0 500,000 0
HECLA MNG CO COM 422704106 1,053 185,000 SH   SOLE   0 185,000 0
HOME DEPOT INC COM 437076102 1,335 4,373 SH   SOLE   0 4,373 0
IAMGOLD CORP COM 450913108 1,490 500,000 SH   SOLE   0 500,000 0
ISHARES INC MSCI TURKEY ETF 464286715 103 4,500 SH   SOLE   0 4,500 0
ISHARES TR U.S. REAL ES ETF 464287739 184 2,000 SH   SOLE   0 2,000 0
LAUDER ESTEE COS INC CL A 518439104 1,865 6,411 SH   SOLE   0 6,411 0
LOUISIANA PAC CORP COM 546347105 555 10,000 SH   SOLE   0 10,000 0
MICROSOFT CORP COM 594918104 307 1,300 SH   SOLE   0 1,300 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 452 54,200 SH   SOLE   0 54,200 0
MOODYS CORP COM 615369105 90 300 SH   SOLE   0 300 0
NEWMONT CORP COM 651639106 220 180 SH Call SOLE   0 180 0
NEWMONT CORP COM 651639106 336 275 SH Call SOLE   0 275 0
NEWMONT CORP COM 651639106 1,647 1,350 SH Call SOLE   0 1,350 0
NEWMONT CORP COM 651639106 175 2,900 SH   SOLE   0 2,900 0
NEWMONT CORP COM 651639106 3,014 50,000 SH   SOLE   0 50,000 0
NIKE INC CL B 654106103 2,339 17,600 SH   SOLE   0 17,600 0
POSCO SPONSORED ADR 693483109 361 5,000 SH   SOLE   0 5,000 0
PAN AMERN SILVER CORP COM 697900108 3,754 125,000 SH   SOLE   0 125,000 0
PHILLIPS 66 COM 718546104 530 6,500 SH   SOLE   0 6,500 0
PIEDMONT LITHIUM LTD SPONSORED ADS 720162106 1,390 20,000 SH   SOLE   0 20,000 0
PINDUODUO INC SPONSORED ADS 722304102 596 4,450 SH   SOLE   0 4,450 0
POTLATCHDELTIC CORPORATION COM 737630103 529 10,000 SH   SOLE   0 10,000 0
RAYONIER INC COM 754907103 161 5,000 SH   SOLE   0 5,000 0
ROYAL GOLD INC COM 780287108 355 3,300 SH   SOLE   0 3,300 0
ROYAL GOLD INC COM 780287108 538 5,000 SH   SOLE   0 5,000 0
SSR MNG INC COM 784730103 3,407 238,610 SH   SOLE   0 238,610 0
SCHLUMBERGER LTD COM 806857108 326 12,000 SH   SOLE   0 12,000 0
SEABRIDGE GOLD INC COM 811916105 485 30,000 SH   SOLE   0 30,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 213 1,800 SH   SOLE   0 1,800 0
TOLL BROTHERS INC COM 889478103 1,002 17,655 SH   SOLE   0 17,655 0
UNITED STS NAT GAS FD LP UNIT PAR 912318300 175 18,317 SH   SOLE   0 18,317 0
WHEATON PRECIOUS METALS CORP COM 962879102 344 9,000 SH   SOLE   0 9,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 4,776 125,000 SH   SOLE   0 125,000 0
WILLIAMS SONOMA INC COM 969904101 1,295 7,228 SH   SOLE   0 7,228 0
KIRKLAND LAKE GOLD LTD COM 49741E100 1,690 50,000 SH   SOLE   0 50,000 0
INVESCO QQQ TR UNIT SER 1 46090E103 32 100 SH   SOLE   0 100 0
TOTAL SE SPONSORED ADS 89151E109 465 10,000 SH   SOLE   0 10,000 0
ALEXCO RESOURCE CORP COM 01535P106 816 325,000 SH   SOLE   0 325,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 143 630 SH   SOLE   0 630 0
BLACKSTONE GROUP INC COM 09260D107 1,524 20,443 SH   SOLE   0 20,443 0
CBOE GLOBAL MKTS INC COM 12503M108 59 600 SH   SOLE   0 600 0
CONOCOPHILLIPS COM 20825C104 530 10,000 SH   SOLE   0 10,000 0
CONSTELLATION BRANDS INC CL A 21036P108 987 4,329 SH   SOLE   0 4,329 0
COSTCO WHSL CORP NEW COM 22160K105 2,144 6,084 SH   SOLE   0 6,084 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 68 900 SH   SOLE   0 900 0
DIREXION SHS ETF TR DAILY FTSE CHINA 25460E521 30 2,200 SH   SOLE   0 2,200 0
DIREXION SHS ETF TR DAILY ENERGY BEA 25460E554 147 8,000 SH   SOLE   0 8,000 0
DIREXION SHS ETF TR OIL GAS BL 2X SH 25460G500 705 10,000 SH   SOLE   0 10,000 0
DIREXION SHS ETF TR DLY S&P OIL GAS 25460G658 92 8,000 SH   SOLE   0 8,000 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 137 11,186 SH   SOLE   0 11,186 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 214 17,400 SH   SOLE   0 17,400 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 290 23,614 SH   SOLE   0 23,614 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 176 7,865 SH   SOLE   0 7,865 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 207 9,254 SH   SOLE   0 9,254 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 310 13,881 SH   SOLE   0 13,881 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 946 100,000 SH   SOLE   0 100,000 0
ETF MANAGERS GRP COMMDTY TR BREAKWAVE DRY 26923H200 68 4,000 SH   SOLE   0 4,000 0
EQUINOR ASA SPONSORED ADR 29446M102 584 30,000 SH   SOLE   0 30,000 0
FIRST TR EXCHANGE-TRADED FD GBL WND ENRG ETF 33736G106 113 5,000 SH   SOLE   0 5,000 0
GLOBAL X FDS MSCI GREECE ETF 37954Y319 132 5,000 SH   SOLE   0 5,000 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 2,373 250,000 SH   SOLE   0 250,000 0
GOLDEN STAR RES LTD CDA COM 38119T807 590 200,000 SH   SOLE   0 200,000 0
GOLDMAN SACHS GROUP INC COM 38141G104 98 300 SH   SOLE   0 300 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109 175 50,000 SH   SOLE   0 50,000 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109 32 50,000 SH Call SOLE   0 50,000 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 141 1,260 SH   SOLE   0 1,260 0
JPMORGAN CHASE & CO COM 46625H100 1,849 12,144 SH   SOLE   0 12,144 0
JD.COM INC SPON ADR CL A 47215P106 708 8,400 SH   SOLE   0 8,400 0
KKR & CO INC COM 48251W104 879 18,000 SH   SOLE   0 18,000 0
MSCI INC COM 55354G100 266 634 SH   SOLE   0 634 0
MARKETAXESS HLDGS INC COM 57060D108 100 200 SH   SOLE   0 200 0
MAVERIX METALS INC COM NEW 57776F405 369 70,000 SH   SOLE   0 70,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 444 50,000 SH   SOLE   0 50,000 0
MOSAIC CO NEW COM 61945C103 632 20,000 SH   SOLE   0 20,000 0
OZON HLDGS PLC SPONSORED ADS 69269L104 28 500 SH   SOLE   0 500 0
PARAMOUNT GOLD NEV CORP COM 69924M109 170 170,000 SH   SOLE   0 170,000 0
PELOTON INTERACTIVE INC CL A COM 70614W100 491 4,363 SH   SOLE   0 4,363 0
PRETIUM RES INC COM 74139C102 415 40,000 SH   SOLE   0 40,000 0
PRETIUM RES INC COM 74139C102 622 60,000 SH   SOLE   0 60,000 0
PROSHARES TR II PSHS ULSSLVR NEW 74347W114 111 15,890 SH   SOLE   0 15,890 0
PROSHARES TR II PSHS ULSSLVR NEW 74347W114 178 25,424 SH   SOLE   0 25,424 0
PROSHARES TR II PSHS ULSSLVR NEW 74347W114 236 33,686 SH   SOLE   0 33,686 0
RESOLUTE FST PRODS INC COM 76117W109 767 70,000 SH   SOLE   0 70,000 0
S&P GLOBAL INC COM 78409V104 349 989 SH   SOLE   0 989 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 40 100 SH   SOLE   0 100 0
SANDSTORM GOLD LTD COM NEW 80013R206 612 90,000 SH   SOLE   0 90,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 4,420 650,000 SH   SOLE   0 650,000 0
SILVERCORP METALS INC COM 82835P103 255 52,000 SH   SOLE   0 52,000 0
SILVERCORP METALS INC COM 82835P103 1,473 300,000 SH   SOLE   0 300,000 0
TEMPUR SEALY INTL INC COM 88023U101 489 13,377 SH   SOLE   0 13,377 0
TESLA INC COM 88160R101 2,271 3,400 SH   SOLE   0 3,400 0
VALERO ENERGY CORP COM 91913Y100 537 7,500 SH   SOLE   0 7,500 0
VANECK VECTORS ETF TR SHORT MUNI ETF 92189F528 1,533 85,000 SH   SOLE   0 85,000 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,132 18,400 SH   SOLE   0 18,400 0
VISA INC COM CL A 92826C839 329 1,555 SH   SOLE   0 1,555 0
YETI HLDGS INC COM 98585X104 1,040 14,400 SH   SOLE   0 14,400 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103 549 15,000 SH   SOLE   0 15,000 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 715 50,000 SH   SOLE   0 50,000 0
IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 90 9,091 SH   SOLE   0 9,091 0
IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 180 18,182 SH   SOLE   0 18,182 0
LINDE PLC SHS G5494J103 560 2,000 SH   SOLE   0 2,000 0
UBS GROUP AG SHS H42097107 1,315 84,700 SH   SOLE   0 84,700 0
FERRARI N V COM N3167Y103 356 1,700 SH   SOLE   0 1,700 0
YANDEX N V SHS CLASS A N97284108 599 9,350 SH   SOLE   0 9,350 0
AIR TRANSPORT SE COM 00922R105 113,363 3,874,334 SH   SOLE   0 3,874,334 0
ALASKA AIR GROUP INC COM 011659109 166,950 2,412,220 SH   SOLE   0 2,412,220 0
ALLEGIANT TRAVEL CO COM 01748X102 154,015 631,055 SH   SOLE   0 631,055 0
AMERICAN AIRLS GROUP INC COM 02376R102 448,748 18,776,072 SH   SOLE   0 18,776,072 0
AZUL S A SPONSR ADR PFD 05501U106 41,205 2,040,876 SH   SOLE   0 2,040,876 0
B2GOLD CORP COM 11777Q209 2,642 612,947 SH   SOLE   0 612,947 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 34,722 2,434,900 SH   SOLE   0 2,434,900 0
DELTA AIR LINES INC DEL COM NEW 247361702 415,521 8,606,475 SH   SOLE   0 8,606,475 0
ELDORADO GOLD CORP NEW COM 284902509 2,657 246,260 SH   SOLE   0 246,260 0
FRANCO NEV CORP COM 351858105 10,236 81,696 SH   SOLE   0 81,696 0
GENERAL DYNAMICS CORP COM 369550108 126,730 698,007 SH   SOLE   0 698,007 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 43,873 5,735,012 SH   SOLE   0 5,735,012 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 41,064 230,971 SH   SOLE   0 230,971 0
GRUPO AEROPUERTO DEL PACIFIC SPON ADR B 400506101 39,250 373,135 SH   SOLE   0 373,135 0
IAMGOLD CORP COM 450913108 2,611 876,188 SH   SOLE   0 876,188 0
JETBLUE AWYS CORP COM 477143101 165,821 8,152,460 SH   SOLE   0 8,152,460 0
KINROSS GOLD CORP COM 496902404 2,738 410,431 SH   SOLE   0 410,431 0
MAVERIX METALS INC COM NEW 57776F405 3,795 720,157 SH   SOLE   0 720,157 0
MESA AIR GROUP INC COM NEW 590479135 35,784 2,660,487 SH   SOLE   0 2,660,487 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,543 286,378 SH   SOLE   0 286,378 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 3,713 336,943 SH   SOLE   0 336,943 0
ROYAL GOLD INC COM 780287108 9,187 85,366 SH   SOLE   0 85,366 0
SANDSTORM GOLD LTD COM NEW 80013R206 3,683 541,675 SH   SOLE   0 541,675 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 1,740 97,406 SH   SOLE   0 97,406 0
SKYWEST INC COM 830879102 112,245 2,060,298 SH   SOLE   0 2,060,298 0
SOUTHWEST AIRLS CO COM 844741108 434,245 7,111,768 SH   SOLE   0 7,111,768 0
SPIRIT AIRLS INC COM 848577102 160,169 4,340,622 SH   SOLE   0 4,340,622 0
UNITED AIRLS HLDGS INC COM 910047109 441,800 7,678,134 SH   SOLE   0 7,678,134 0
WHEATON PRECIOUS METALS CORP COM 962879102 9,329 244,152 SH   SOLE   0 244,152 0
CORVUS GOLD INC COM 221013105 52 29,000 SH   SOLE   0 29,000 0
EMX ROYALTY CORP COM 26873J107 3,264 1,100,000 SH   SOLE   0 1,100,000 0
EXCELLON RES INC COM 30069C801 286 100,000 SH   SOLE   0 100,000 0
INTEGRA RES CORP COM NEW 45826T301 379 140,000 SH   SOLE   0 140,000 0
MAVERIX METALS INC COM NEW 57776F405 4,085 778,000 SH   SOLE   0 778,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 1,117 125,000 SH   SOLE   0 125,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,680 300,000 SH   SOLE   0 300,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 447 50,000 SH   SOLE   0 50,000 0
NUTRIEN LTD COM 67077M108 539 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP METALS LTD COM 72765Q882 1,336 350,000 SH   SOLE   0 350,000 0
WEST FRASER TIMBER CO LTD COM 952845105 485 6,750 SH   SOLE   0 6,750 0