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
AGNICO EAGLE MINES LTD COM 008474108 4,445 178,595 SH   SOLE   178,595 0 0
AGRIUM INC COM 008916108 237 2,500 SH   SOLE   2,500 0 0
AK STL HLDG CORP COM 001547108 95 16,000 SH   SOLE   16,000 0 0
ALAMOS GOLD INC COM 011527108 5,482 768,900 SH   SOLE   768,900 0 0
ALCOA INC COM 013817101 595 37,700 SH   SOLE   37,700 0 0
ALEXCO RESOURCE CORP COM 01535P106 2,863 5,598,750 SH   SOLE   5,598,750 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 395 1,380 SH   SOLE   1,380 0 0
ALLIED NEVADA GOLD CORP COM 019344100 357 410,875 SH   SOLE   410,875 0 0
ALMADEN MINERALS LTD COM 020283107 580 616,925 SH   SOLE   616,925 0 0
ALPS ETF TR ALERIAN MLP COM 00162Q866 644 36,772 SH   SOLE   36,772 0 0
ALPS ETF TR SPROTT GL MINE COM 00162Q643 20,115 1,145,500 SH   SOLE   1,145,500 0 0
APPLE INC COM 037833100 8,667 78,520 SH   SOLE   78,520 0 0
APPLIED MATLS INC COM 038222105 623 25,000 SH   SOLE   25,000 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 2,244 200,000 SH   SOLE   200,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 555 10,677 SH   SOLE   10,677 0 0
ASANKO GOLD INC COM 04341Y105 5,154 3,346,489 SH   SOLE   3,346,489 0 0
ASTRAZENECA PLC CALL 046353908 8,446 120,000 SH   SOLE   120,000 0 0
B2GOLD CORP COM 11777Q209 4,511 2,784,551 SH   SOLE   2,784,551 0 0
BARRICK GOLD CORP COM 067901108 126 11,730 SH   SOLE   11,730 0 0
BAYTEX ENERGY CORP COM 07317Q105 13,074 787,100 SH   SOLE   787,100 0 0
BERKSHIRE HATHAWAY INC CL B COM 084670702 812 5,410 SH   SOLE   5,410 0 0
BHP BILLITON LTD SPONSORED ADR COM 088606108 282 5,950 SH   SOLE   5,950 0 0
BOULDER BRANDS INC COM 101405108 212 19,165 SH   SOLE   19,165 0 0
BUNGE LIMITED COM G16962105 265 2,915 SH   SOLE   2,915 0 0
CABOT OIL & GAS CORP COM 127097103 281 9,500 SH   SOLE   9,500 0 0
CAE INC COM 124765108 18,620 1,431,190 SH   SOLE   1,431,190 0 0
CAMECO CORP COM 13321L108 484 29,510 SH   SOLE   29,510 0 0
CANADIAN NAT RES LTD COM 136385101 309 10,000 SH   SOLE   10,000 0 0
CANADIAN NATL RY CO COM 136375102 4,279 62,100 SH   SOLE   62,100 0 0
CENTRAL FD CDA LTD CL A COM 153501101 685 59,115 SH   SOLE   59,115 0 0
CF INDS HLDGS INC COM 125269100 448 1,645 SH   SOLE   1,645 0 0
CHEVRON CORP COM 166764100 415 3,700 SH   SOLE   3,700 0 0
CITIGROUP INC COM 172967424 21,896 404,660 SH   SOLE   404,660 0 0
COEUR MNG INC COM 192108504 2,728 533,800 SH   SOLE   533,800 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR COM 204448104 1,056 110,500 SH   SOLE   110,500 0 0
CRESCENT PT ENERGY CORP COM 22576C101 2,554 110,285 SH   SOLE   110,285 0 0
CVS HEALTH CORP COM 126650100 19,907 206,700 SH   SOLE   206,700 0 0
DENISON MINES CORP COM 248356107 3,247 3,491,157 SH   SOLE   3,491,157 0 0
DISCOVER FINL SVCS COM 254709108 28,889 441,120 SH   SOLE   441,120 0 0
DOMINION DIAMOND CORP COM 257287102 368 20,500 SH   SOLE   20,500 0 0
DRDGOLD LIMITED SPON ADR COM 26152H301 17 11,200 SH   SOLE   11,200 0 0
ELDORADO GOLD CORP COM 284902103 64 10,514 SH   SOLE   10,514 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 901 417,000 SH   SOLE   417,000 0 0
ENERPLUS CORP COM 292766102 1,920 200,000 SH   SOLE   200,000 0 0
EOG RES INC COM 26875P101 322 3,500 SH   SOLE   3,500 0 0
ETFS PALLADIUM TR COM 26923A106 5,436 70,150 SH   SOLE   70,150 0 0
ETFS PLATINUM TR COM 26922V101 3,472 29,665 SH   SOLE   29,665 0 0
EURASIAN MINERALS INC COM 29843R100 5,844 7,730,256 SH   SOLE   7,730,256 0 0
EXETER RES CORP COM 301835104 415 704,100 SH   SOLE   704,100 0 0
EXXON MOBIL CORP COM 30231G102 573 6,200 SH   SOLE   6,200 0 0
FEDEX CORP COM 31428X106 10,767 62,000 SH   SOLE   62,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 19,808 3,945,879 SH   SOLE   3,945,879 0 0
FOOT LOCKER INC COM 344849104 3,933 70,000 SH   SOLE   70,000 0 0
FORTUNA SILVER MINES INC COM 349915108 28,102 6,176,253 SH   SOLE   6,176,253 0 0
FRANCO NEVADA CORP COM 351858105 1,087 22,092 SH   SOLE   22,092 0 0
FREEPORT-MCMORAN INC CL B COM 35671D857 284 12,141 SH   SOLE   12,141 0 0
GILDAN ACTIVEWEAR INC COM 375916103 31,170 551,200 SH   SOLE   551,200 0 0
GILEAD SCIENCES INC COM 375558103 2,828 30,000 SH   SOLE   30,000 0 0
GLOBAL X FDS SILVER MNR ETF COM 37950E853 1,407 151,900 SH   SOLE   151,900 0 0
GOLDCORP INC COM 380956409 2,285 123,400 SH   SOLE   123,400 0 0
GOLDEN MINERALS CO COM 381119106 36 65,900 SH   SOLE   65,900 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 1,365 6,500,000 SH   SOLE   6,500,000 0 0
GROUPE CGI INC CL A COM 39945C109 40,288 1,055,760 SH   SOLE   1,055,760 0 0
HARMONY GOLD MNG LTD SPONSORED ADR COM 413216300 27 14,500 SH   SOLE   14,500 0 0
HECLA MNG CO COM 422704106 493 176,615 SH   SOLE   176,615 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104 30,926 141,030 SH   SOLE   141,030 0 0
INTL PAPER CO COM 460146103 258 4,820 SH   SOLE   4,820 0 0
ISHARES RUSSELL 2000 ETF PUT 464287955 142,348 1,190,000 SH   SOLE   1,190,000 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 299 2,500 SH   SOLE   2,500 0 0
ISHARES TRANS AVG ETF COM 464287192 295 1,800 SH   SOLE   1,800 0 0
KINROSS GOLD CORP COM 496902404 30 10,545 SH   SOLE   10,545 0 0
LAKE SHORE GOLD CORP COM 510728108 2,967 4,362,966 SH   SOLE   4,362,966 0 0
MAG SILVER CORP COM 55903Q104 21,949 2,693,126 SH   SOLE   2,693,126 0 0
MARKET VECTORS JR GOLD MINERS COM 57061R544 2,015 84,200 SH   SOLE   84,200 0 0
MARKET VECTORS SEMICONDUCTOR COM 57060U233 224 4,100 SH   SOLE   4,100 0 0
MCDONALDS CORP COM 580135101 4,216 45,000 SH   SOLE   45,000 0 0
MCEWEN MNG INC COM 58039P107 222 200,000 SH   SOLE   200,000 0 0
MEMORIAL RESOURCE DEV CORP COM 58605Q109 1,803 100,000 SH   SOLE   100,000 0 0
MICRON TECHNOLOGY INC CALL 595112903 21,006 600,000 SH   SOLE   600,000 0 0
MINES MGMT INC COM 603432105 40 85,400 SH   SOLE   85,400 0 0
MONDELEZ INTL INC CL A COM 609207105 214 5,902 SH   SOLE   5,902 0 0
MONSANTO CO COM 61166W101 939 7,863 SH   SOLE   7,863 0 0
MORGAN STANLEY COM 617446448 1,164 30,000 SH   SOLE   30,000 0 0
MOSAIC CO COM 61945C103 535 11,715 SH   SOLE   11,715 0 0
NEVSUN RES LTD COM 64156L101 4,448 1,143,403 SH   SOLE   1,143,403 0 0
NXP SEMICONDUCTORS N V COM N6596X109 26,224 343,240 SH   SOLE   343,240 0 0
NXP SEMICONDUCTORS N V CALL N6596X909 9,321 122,000 SH   SOLE   122,000 0 0
PAN AMERICAN SILVER CORP COM 697900108 6,320 686,975 SH   SOLE   686,975 0 0
PEMBINA PIPELINE CORP COM 706327103 349 9,587 SH   SOLE   9,587 0 0
PFIZER INC COM 717081103 11,843 380,200 SH   SOLE   380,200 0 0
PLATINUM GROUP METALS LTD COM 72765Q205 2,831 5,813,890 SH   SOLE   5,813,890 0 0
POTASH CORP SASK INC COM 73755L107 883 25,000 SH   SOLE   25,000 0 0
POWERSHARES QQQ TRUST COM 73935A104 320 3,100 SH   SOLE   3,100 0 0
PRECISION DRILLING CORP CALL 74022D908 4,545 750,000 SH   SOLE   750,000 0 0
PRETIUM RES INC COM 74139C102 14,440 2,493,949 SH   SOLE   2,493,949 0 0
PRIMERO MNG CORP COM 74164W106 644 167,702 SH   SOLE   167,702 0 0
PROGRESSIVE WASTE SOLUTIONS COM 74339G101 8,437 280,500 SH   SOLE   280,500 0 0
RANDGOLD RES LTD ADR COM 752344309 3,436 50,979 SH   SOLE   50,979 0 0
REVETT MNG CO COM 761505205 144 195,400 SH   SOLE   195,400 0 0
RIO ALTO MNG LTD COM 76689T104 3,774 1,534,342 SH   SOLE   1,534,342 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A COM 780259206 336 5,020 SH   SOLE   5,020 0 0
ROYAL GOLD INC COM 780287108 896 14,291 SH   SOLE   14,291 0 0
RUBICON MINERALS CORP COM 780911103 542 555,700 SH   SOLE   555,700 0 0
RYDEX ETF TRUST GUG S&P500EQWTTE COM 78355W817 245 2,700 SH   SOLE   2,700 0 0
SELECT SECTOR SPDR CONS DISCR COM 81369Y407 476 6,600 SH   SOLE   6,600 0 0
SELECT SECTOR SPDR HEALTHCARE COM 81369Y209 253 3,700 SH   SOLE   3,700 0 0
SELECT SECTOR SPDR INT-FINL COM 81369Y605 519 21,000 SH   SOLE   21,000 0 0
SELECT SECTOR SPDR TECHNOLOGY COM 81369Y803 554 13,400 SH   SOLE   13,400 0 0
SHAW COMMUNICATIONS INC CL B COM 82028K200 15,278 566,080 SH   SOLE   566,080 0 0
SILVER BULL RES INC COM 827458100 768 5,192,151 SH   SOLE   5,192,151 0 0
SILVER STD RES INC COM 82823L106 192 38,270 SH   SOLE   38,270 0 0
SILVER WHEATON CORP COM 828336107 18,877 928,547 SH   SOLE   928,547 0 0
SILVERCORP METALS INC COM 82835P103 521 401,100 SH   SOLE   401,100 0 0
SILVERCREST MINES INC COM 828365106 9,810 7,724,292 SH   SOLE   7,724,292 0 0
SPDR S&P 500 ETF TRUST CALL 78462F903 242,537 1,180,000 SH   SOLE   1,180,000 0 0
SPDR S&P 500 ETF TRUST PUT 78462F953 219,928 1,070,000 SH   SOLE   1,070,000 0 0
SPDR S&P 500 ETF TRUST COM 78462F103 8,694 42,300 SH   SOLE   42,300 0 0
SPDR S&P RETAIL ETF COM 78464A714 240 2,500 SH   SOLE   2,500 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104 18,275 1,870,503 SH   SOLE   1,870,503 0 0
SPROTT PHYSICAL PLAT PALLAD COM 85207Q104 677 78,210 SH   SOLE   78,210 0 0
SPROTT PHYSICAL SILVER TRUST COM 85207K107 3,414 555,044 SH   SOLE   555,044 0 0
TAHOE RES INC COM 873868103 8,415 606,724 SH   SOLE   606,724 0 0
TALISMAN ENERGY INC COM 87425E103 13,706 1,750,500 SH   SOLE   1,750,500 0 0
TE CONNECTIVITY LTD COM H84989104 28,985 458,260 SH   SOLE   458,260 0 0
TECK RESOURCES LTD CL B COM 878742204 183 13,450 SH   SOLE   13,450 0 0
TIMMINS GOLD CORP COM 88741P103 3,832 4,023,866 SH   SOLE   4,023,866 0 0
TRANSCANADA CORP COM 89353D107 246 5,000 SH   SOLE   5,000 0 0
U S GEOTHERMAL INC COM 90338S102 2,261 4,911,281 SH   SOLE   4,911,281 0 0
UNION PAC CORP COM 907818108 15,785 132,500 SH   SOLE   132,500 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 24,178 516,849 SH   SOLE   516,849 0 0
VERMILION ENERGY INC COM 923725105 1,186 24,200 SH   SOLE   24,200 0 0
VISTA GOLD CORP COM 927926303 375 1,314,963 SH   SOLE   1,314,963 0 0
VODAFONE GROUP PLC COM 92857W308 15,075 441,176 SH   SOLE   441,176 0 0
VULCAN MATLS CO COM 929160109 237 3,600 SH   SOLE   3,600 0 0
WEYERHAEUSER CO COM 962166104 260 7,250 SH   SOLE   7,250 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 5,146 60,000 SH   SOLE   60,000 0 0
YAMANA GOLD INC COM 98462Y100 1,989 494,694 SH   SOLE   494,694 0 0
ZOETIS INC CL A COM 98978V103 297 6,895 SH   SOLE   6,895 0 0