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 PLATINUM ETF TR PHYSCL PLATM SHS 003260106 41 450 SH   SOLE   0 450 0
ABERDEEN STD PLATINUM ETF TR PHYSCL PLATM SHS 003260106 95 1,050 SH   SOLE   0 1,050 0
ALCOA CORP COM 013872106 1,224 25,000 SH   SOLE   0 25,000 0
ALEXCO RESOURCE CORP COM 01535P106 488 325,000 SH   SOLE   0 325,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 93 630 SH   SOLE   0 630 0
AMAZON COM INC COM 023135106 2,267 690 SH   SOLE   0 690 0
AMERICAN EXPRESS CO COM 025816109 2,579 15,394 SH   SOLE   0 15,394 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 800 50,000 SH   SOLE   0 50,000 0
APPLE INC COM 037833100 2,420 17,100 SH   SOLE   0 17,100 0
BARRICK GOLD CORP COM 067901108 173 9,600 SH   SOLE   0 9,600 0
BHP GROUP LTD SPONSORED ADS 088606108 268 5,000 SH   SOLE   0 5,000 0
BLACK STONE MINERALS L P COM UNIT 09225M101 844 70,000 SH   SOLE   0 70,000 0
BLACKSTONE INC COM 09260D107 1,687 14,500 SH   SOLE   0 14,500 0
BLOOM ENERGY CORP COM CL A 093712107 562 30,000 SH   SOLE   0 30,000 0
ETF MANAGERS GRP COMMDTY TR BREAKWAVE DRY 26923H200 36 1,000 SH   SOLE   0 1,000 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 303 25,000 SH   SOLE   0 25,000 0
CANADIAN SOLAR INC COM 136635109 1,211 35,000 SH   SOLE   0 35,000 0
CARLYLE GROUP INC COM 14316J108 567 12,000 SH   SOLE   0 12,000 0
CBOE GLOBAL MKTS INC COM 12503M108 74 600 SH   SOLE   0 600 0
CF INDS HLDGS INC COM 125269100 558 10,000 SH   SOLE   0 10,000 0
CHENIERE ENERGY INC COM NEW 16411R208 733 7,500 SH   SOLE   0 7,500 0
CONOCOPHILLIPS COM 20825C104 678 10,000 SH   SOLE   0 10,000 0
CONSTELLATION BRANDS INC CL A 21036P108 737 3,500 SH   SOLE   0 3,500 0
COSTCO WHSL CORP NEW COM 22160K105 2,734 6,084 SH   SOLE   0 6,084 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 292 5,125 SH   SOLE   0 5,125 0
DENBURY INC COM 24790A101 703 10,000 SH   SOLE   0 10,000 0
DIREXION SHS ETF TR DAILY FTSE CHINA 25460E521 125 6,500 SH   SOLE   0 6,500 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 27 1,875 SH   SOLE   0 1,875 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 116 8,125 SH   SOLE   0 8,125 0
DIREXION SHS ETF TR OIL GAS BL 2X SH 25460G500 18 200 SH   SOLE   0 200 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 809 100,000 SH   SOLE   0 100,000 0
ELDORADO GOLD CORP NEW COM 284902509 966 125,000 SH   SOLE   0 125,000 0
ENERGY FUELS INC COM NEW 292671708 42 6,012 SH   SOLE   0 6,012 0
EOG RES INC COM 26875P101 803 10,000 SH   SOLE   0 10,000 0
EQUINOR ASA SPONSORED ADR 29446M102 1,275 50,000 SH   SOLE   0 50,000 0
LAUDER ESTEE COS INC CL A 518439104 2,163 7,211 SH   SOLE   0 7,211 0
FERRARI N V COM N3167Y103 508 2,429 SH   SOLE   0 2,429 0
FORTUNA SILVER MINES INC COM 349915108 786 200,000 SH   SOLE   0 200,000 0
FRANCO NEV CORP COM 351858105 390 3,000 SH   SOLE   0 3,000 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871 55 2,300 SH   SOLE   0 2,300 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 2,030 250,000 SH   SOLE   0 250,000 0
BARRICK GOLD CORP COM 067901108 187 1,000 SH Call SOLE   0 1,000 0
BARRICK GOLD CORP COM 067901108 280 1,500 SH Call SOLE   0 1,500 0
BARRICK GOLD CORP COM 067901108 550 2,950 SH Call SOLE   0 2,950 0
GOLDEN STAR RES LTD CDA COM 38119T807 476 200,000 SH   SOLE   0 200,000 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,193 5,800 SH   SOLE   0 5,800 0
HALLIBURTON CO COM 406216101 432 20,000 SH   SOLE   0 20,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 1,575 500,000 SH   SOLE   0 500,000 0
HECLA MNG CO COM 422704106 825 150,000 SH   SOLE   0 150,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,189 9,000 SH   SOLE   0 9,000 0
HOME DEPOT INC COM 437076102 1,435 4,373 SH   SOLE   0 4,373 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109 18 50,000 SH Call SOLE   0 50,000 0
IAMGOLD CORP COM 450913108 1,130 500,000 SH   SOLE   0 500,000 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 145 1,260 SH   SOLE   0 1,260 0
INVESCO QQQ TR UNIT SER 1 46090E103 36 100 SH   SOLE   0 100 0
IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 198 20,000 SH   SOLE   0 20,000 0
IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 396 40,000 SH   SOLE   0 40,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 777 55,000 SH   SOLE   0 55,000 0
KIRKLAND LAKE GOLD LTD COM 49741E100 2,080 50,000 SH   SOLE   0 50,000 0
KKR & CO INC COM 48251W104 1,248 20,500 SH   SOLE   0 20,500 0
LAS VEGAS SANDS CORP COM 517834107 128 3,500 SH   SOLE   0 3,500 0
LINDE PLC SHS G5494J103 587 2,000 SH   SOLE   0 2,000 0
LOUISIANA PAC CORP COM 546347105 614 10,000 SH   SOLE   0 10,000 0
MARKETAXESS HLDGS INC COM 57060D108 84 200 SH   SOLE   0 200 0
MARRIOTT INTL INC NEW CL A 571903202 1,037 7,000 SH   SOLE   0 7,000 0
MAVERIX METALS INC COM NEW 57776F405 224 50,000 SH   SOLE   0 50,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 340 50,000 SH   SOLE   0 50,000 0
MGM RESORTS INTERNATIONAL COM 552953101 561 13,000 SH   SOLE   0 13,000 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 402 41,700 SH   SOLE   0 41,700 0
MOODYS CORP COM 615369105 107 300 SH   SOLE   0 300 0
MOSAIC CO NEW COM 61945C103 714 20,000 SH   SOLE   0 20,000 0
MSCI INC COM 55354G100 386 634 SH   SOLE   0 634 0
NEWMONT CORP COM 651639106 119 180 SH Call SOLE   0 180 0
NEWMONT CORP COM 651639106 182 275 SH Call SOLE   0 275 0
NEWMONT CORP COM 651639106 894 1,350 SH Call SOLE   0 1,350 0
NEWMONT CORP COM 651639106 157 2,900 SH   SOLE   0 2,900 0
NEWMONT CORP COM 651639106 2,715 50,000 SH   SOLE   0 50,000 0
NIKE INC CL B 654106103 1,220 8,400 SH   SOLE   0 8,400 0
NIO INC SPON ADS 62914V106 499 14,000 SH   SOLE   0 14,000 0
NIU TECHNOLOGIES ADS 65481N100 174 7,500 SH   SOLE   0 7,500 0
OCCIDENTAL PETE CORP COM 674599105 740 25,000 SH   SOLE   0 25,000 0
PAN AMERN SILVER CORP COM 697900108 1,164 50,000 SH   SOLE   0 50,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109 139 170,000 SH   SOLE   0 170,000 0
PHILLIPS 66 COM 718546104 455 6,500 SH   SOLE   0 6,500 0
PIEDMONT LITHIUM INC COM 72016P105 681 12,500 SH   SOLE   0 12,500 0
POSCO SPONSORED ADR 693483109 345 5,000 SH   SOLE   0 5,000 0
POTLATCHDELTIC CORPORATION COM 737630103 516 10,000 SH   SOLE   0 10,000 0
PRETIUM RES INC COM 74139C102 386 40,000 SH   SOLE   0 40,000 0
PRETIUM RES INC COM 74139C102 578 60,000 SH   SOLE   0 60,000 0
RANGE RES CORP COM 75281A109 679 30,000 SH   SOLE   0 30,000 0
RAYONIER INC COM 754907103 535 15,000 SH   SOLE   0 15,000 0
ROYAL GOLD INC COM 780287108 315 3,300 SH   SOLE   0 3,300 0
ROYAL GOLD INC COM 780287108 477 5,000 SH   SOLE   0 5,000 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 259 1,570 SH Call SOLE   0 1,570 0
S&P GLOBAL INC COM 78409V104 420 989 SH   SOLE   0 989 0
SABINE RTY TR UNIT BEN INT 785688102 857 20,000 SH   SOLE   0 20,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 288 50,000 SH   SOLE   0 50,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 3,744 650,000 SH   SOLE   0 650,000 0
SCHLUMBERGER LTD COM STK 806857108 356 12,000 SH   SOLE   0 12,000 0
SEABRIDGE GOLD INC COM 811916105 618 40,000 SH   SOLE   0 40,000 0
SEABRIDGE GOLD INC COM 811916105 834 54,000 SH   SOLE   0 54,000 0
SILVERCORP METALS INC COM 82835P103 198 52,000 SH   SOLE   0 52,000 0
SILVERCORP METALS INC COM 82835P103 1,143 300,000 SH   SOLE   0 300,000 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 43 100 SH   SOLE   0 100 0
SSR MNG INC COM 784730103 3,472 238,610 SH   SOLE   0 238,610 0
STARBUCKS CORP COM 855244109 1,875 17,000 SH   SOLE   0 17,000 0
TESLA INC COM 88160R101 3,959 5,105 SH   SOLE   0 5,105 0
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102 101 5,000 SH   SOLE   0 5,000 0
TOTALENERGIES SE SP SPONSORED ADS 89151E109 959 20,000 SH   SOLE   0 20,000 0
UNITED STS OIL FD LP UNITS 91232N207 26 500 SH   SOLE   0 500 0
UNITED STS GASOLINE FD LP UNITS 91201T102 92 2,400 SH   SOLE   0 2,400 0
UNITED STS NAT GAS FD LP UNIT PAR 912318300 99 4,900 SH   SOLE   0 4,900 0
VALERO ENERGY CORP COM 91913Y100 529 7,500 SH   SOLE   0 7,500 0
VANECK ETF TRUST VANECK SHRT MUNI 92189F528 1,530 85,000 SH   SOLE   0 85,000 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 823 13,400 SH   SOLE   0 13,400 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 437 20,000 SH   SOLE   0 20,000 0
VISA INC COM CL A 92826C839 346 1,555 SH   SOLE   0 1,555 0
WHEATON PRECIOUS METALS CORP COM 962879102 338 9,000 SH   SOLE   0 9,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 4,698 125,000 SH   SOLE   0 125,000 0
ALASKA AIR GROUP INC COM 011659109 110,413 1,884,186 SH   SOLE   0 1,884,186 0
ALLEGIANT TRAVEL CO COM 01748X102 108,763 556,391 SH   SOLE   0 556,391 0
AMERICAN AIRLS GROUP INC COM 02376R102 375,529 18,300,657 SH   SOLE   0 18,300,657 0
AZUL S A SPONSR ADR PFD 05501U106 17,883 891,500 SH   SOLE   0 891,500 0
BOEING CO COM 097023105 73,638 334,809 SH   SOLE   0 334,809 0
BOOKING HOLDINGS INC COM 09857L108 72,985 30,745 SH   SOLE   0 30,745 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 19,045 873,207 SH   SOLE   0 873,207 0
COPA HOLDINGS SA CL A P31076105 18,831 231,400 SH   SOLE   0 231,400 0
DELTA AIR LINES INC DEL COM NEW 247361702 376,874 8,844,732 SH   SOLE   0 8,844,732 0
EMBRAER S.A. SPONSORED ADS 29082A107 18,542 1,090,708 SH   SOLE   0 1,090,708 0
EXPEDIA GROUP INC COM NEW 30212P303 79,988 488,029 SH   SOLE   0 488,029 0
FRANCO-NEVADA CO COM 351858105 8,372 64,447 SH   SOLE   0 64,447 0
GENERAL DYNAMICS CORP COM 369550108 68,885 351,398 SH   SOLE   0 351,398 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 18,052 2,365,933 SH   SOLE   0 2,365,933 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 2,547 313,695 SH   SOLE   0 313,695 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,682 851,282 SH   SOLE   0 851,282 0
HAWAIIAN HOLDINGS INC COM 419879101 115,622 5,338,054 SH   SOLE   0 5,338,054 0
JETBLUE AWYS CORP COM 477143101 109,509 7,162,115 SH   SOLE   0 7,162,115 0
KINROSS GOLD CORP COM 496902404 2,505 467,274 SH   SOLE   0 467,274 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 19,154 704,446 SH   SOLE   0 704,446 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,491 366,287 SH   SOLE   0 366,287 0
NEW GOLD INC CDA COM 644535106 2,404 2,267,697 SH   SOLE   0 2,267,697 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 3,453 307,449 SH   SOLE   0 307,449 0
ROYAL GOLD INC COM 780287108 8,074 84,550 SH   SOLE   0 84,550 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 18,325 166,500 SH   SOLE   0 166,500 0
SABRE CORP COM 78573M104 76,348 6,448,315 SH   SOLE   0 6,448,315 0
SANDSTORM GOLD LTD COM NEW 80013R206 3,355 582,413 SH   SOLE   0 582,413 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,289 185,508 SH   SOLE   0 185,508 0
SILVERCORP METALS INC COM 82835P103 2,448 642,514 SH   SOLE   0 642,514 0
SKYWEST INC COM 830879102 116,278 2,356,675 SH   SOLE   0 2,356,675 0
SOUTHWEST AIRLS CO COM 844741108 378,718 7,363,764 SH   SOLE   0 7,363,764 0
SPIRIT AIRLS INC COM 848577102 111,364 4,293,125 SH   SOLE   0 4,293,125 0
SSR MINING INC COM 784730103 2,510 172,495 SH   SOLE   0 172,495 0
SUN COUNTRY HOLD COM 866683105 110,659 3,299,320 SH   SOLE   0 3,299,320 0
TEXTRON INC COM 883203101 70,085 1,003,939 SH   SOLE   0 1,003,939 0
TRIP COM GROUP LTD ADS 89677Q107 34,624 1,125,984 SH   SOLE   0 1,125,984 0
TRIPADVISOR INC COM 896945201 69,764 2,060,962 SH   SOLE   0 2,060,962 0
UNITED AIRLINES COM 910047109 365,102 7,675,045 SH   SOLE   0 7,675,045 0
WHEATON PRECIOUS METALS CORP COM 962879102 7,757 206,405 SH   SOLE   0 206,405 0
BURCON NUTRASCIENCE CORP COM 120831102 1,176 750,000 SH   SOLE   0 750,000 0
CENTERRA GOLD INC COM 152006102 3,513 515,258 SH   SOLE   0 515,258 0
CORVUS GOLD INC COM 221013105 92 29,000 SH   SOLE   0 29,000 0
EMX ROYALTY CORP COM 26873J107 2,585 1,000,000 SH   SOLE   0 1,000,000 0
EQUINOX GOLD CORP COM 29446Y502 972 147,525 SH   SOLE   0 147,525 0
EXCELLON RES INC COM 30069C801 129 100,000 SH   SOLE   0 100,000 0
FORTUNA SILVER MINES INC COM 349915108 3,692 940,628 SH   SOLE   0 940,628 0
INTEGRA RESOURCE CORP COM NEW 45826T301 320 140,000 SH   SOLE   0 140,000 0
MAVERIX METALS INC COM NEW 57776F405 3,477 778,000 SH   SOLE   0 778,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 854 125,000 SH   SOLE   0 125,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,050 300,000 SH   SOLE   0 300,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 342 50,000 SH   SOLE   0 50,000 0
NOMAD ROYALTY COMPANY LTD COM NEW 65532M606 602 100,000 SH   SOLE   0 100,000 0
NOMAD ROYALTY COMPANY LTD COM NEW 65532M606 471 78,300 SH   SOLE   0 78,300 0
NUTRIEN LTD COM 67077M108 648 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP METALS LTD COM 72765Q882 598 300,000 SH   SOLE   0 300,000 0
STANDARD LITHIUM LTD COM 853606101 814 100,000 SH   SOLE   0 100,000 0
WEST FRASER TIMBER CO LTD COM 952845105 568 6,750 SH   SOLE   0 6,750 0