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 1,693 58,325 SH   SOLE   58,325 0 0
ALAMOS GOLD INC COM 011527108 6,359 798,900 SH   SOLE   798,900 0 0
ALCOA INC COM 013817101 301 18,700 SH   SOLE   18,700 0 0
ALEXCO RESOURCE CORP COM 01535P106 3,909 5,835,750 SH   SOLE   5,835,750 0 0
ALLIED NEVADA GOLD CORP COM 019344100 1,360 410,875 SH   SOLE   410,875 0 0
ALMADEN MINERALS LTD COM 020283107 959 715,366 SH   SOLE   715,366 0 0
ALPS ETF TR ALERIAN MLP COM 00162Q866 731 38,157 SH   SOLE   38,157 0 0
ALPS ETF TR SPROTT GOLD MINERS COM 00162Q643 18,188 920,000 SH   SOLE   920,000 0 0
APPLE INC COM 037833100 7,558 75,020 SH   SOLE   75,020 0 0
APPLIED MATLS INC COM 038222105 1,080 50,000 SH   SOLE   50,000 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 3,011 187,000 SH   SOLE   187,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 563 11,022 SH   SOLE   11,022 0 0
ASANKO GOLD INC COM 04341Y105 7,087 3,407,089 SH   SOLE   3,407,089 0 0
ASTRAZENECA PLC CALL 046353908 8,573 120,000 SH   SOLE   120,000 0 0
AVINO SILVER & GOLD MINES COM 053906103 49 35,500 SH   SOLE   35,500 0 0
B2GOLD CORP COM 11777Q209 2,293 1,129,793 SH   SOLE   1,129,793 0 0
BAKER HUGHES INC COM 057224107 423 6,500 SH   SOLE   6,500 0 0
BARRICK GOLD CORP COM 067901108 176 12,030 SH   SOLE   12,030 0 0
BAYTEX ENERGY CORP COM 07317Q105 2,855 75,400 SH   SOLE   75,400 0 0
BHP BILLITON LTD SPONSORED ADR COM 088606108 409 6,950 SH   SOLE   6,950 0 0
BUNGE LIMITED COM G16962105 262 3,115 SH   SOLE   3,115 0 0
CAE INC COM 124765108 20,521 1,691,790 SH   SOLE   1,691,790 0 0
CAMECO CORP COM 13321L108 521 29,510 SH   SOLE   29,510 0 0
CANADIAN NAT RES LTD COM 136385101 388 10,000 SH   SOLE   10,000 0 0
CANADIAN NAT RES LTD CALL 136385901 11,050 284,500 SH   SOLE   284,500 0 0
CBS CORP COM 124857202 6,688 125,000 SH   SOLE   125,000 0 0
CENTRAL FD CDA LTD CL A COM 153501101 790 64,215 SH   SOLE   64,215 0 0
CHEVRON CORP COM 166764100 346 2,900 SH   SOLE   2,900 0 0
CITIGROUP INC COM 172967424 18,280 352,760 SH   SOLE   352,760 0 0
COEUR MNG INC COM 192108504 3,770 760,000 SH   SOLE   760,000 0 0
COMPANIA DE MINAS BUENAVENTU SPON ADR COM 204448104 816 70,500 SH   SOLE   70,500 0 0
CONVERSANT INC COM 21249J105 822 24,000 SH   SOLE   24,000 0 0
CRESCENT PT ENERGY CORP COM 22576C101 1,817 50,345 SH   SOLE   50,345 0 0
DENISON MINES CORP COM 248356107 4,699 4,121,993 SH   SOLE   4,121,993 0 0
DISCOVER FINL SVCS COM 254709108 26,137 405,920 SH   SOLE   405,920 0 0
DRDGOLD LIMITED SPON ADR COM 26152H301 72 21,200 SH   SOLE   21,200 0 0
ELDORADO GOLD CORP COM 284902103 1,554 230,514 SH   SOLE   230,514 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 1,906 436,200 SH   SOLE   436,200 0 0
ENERPLUS CORP COM 292766102 8,536 450,000 SH   SOLE   450,000 0 0
ETFS PALLADIUM TR COM 26923A106 5,274 70,150 SH   SOLE   70,150 0 0
ETFS PLATINUM TR COM 26922V101 3,746 29,665 SH   SOLE   29,665 0 0
EURASIAN MINERALS INC COM 29843R100 5,585 7,867,280 SH   SOLE   7,867,280 0 0
EXETER RES CORP COM 301835104 458 764,100 SH   SOLE   764,100 0 0
EXXON MOBIL CORP COM 30231G102 498 5,300 SH   SOLE   5,300 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 31,615 4,053,184 SH   SOLE   4,053,184 0 0
FOOT LOCKER INC COM 344849104 3,896 70,000 SH   SOLE   70,000 0 0
FORD MTR CO COM 345370860 11,053 747,310 SH   SOLE   747,310 0 0
FORTUNA SILVER MINES INC COM 349915108 33,324 8,207,773 SH   SOLE   8,207,773 0 0
FRANCO NEVADA CORP COM 351858105 897 18,348 SH   SOLE   18,348 0 0
GENERAL MTRS CO COM 37045V100 21,221 664,400 SH   SOLE   664,400 0 0
GILDAN ACTIVEWEAR INC COM 375916103 30,003 548,300 SH   SOLE   548,300 0 0
GLOBAL X FDS SILVER MNR ETF COM 37950E853 1,616 151,900 SH   SOLE   151,900 0 0
GOLDCORP INC COM 380956409 2,460 106,800 SH   SOLE   106,800 0 0
GOLDEN MINERALS CO COM 381119106 58 90,900 SH   SOLE   90,900 0 0
GOLDEN STAR RES LTD COM 38119T104 2,699 6,500,000 SH   SOLE   6,500,000 0 0
GROUPE CGI INC CL A COM 39945C109 35,504 1,051,360 SH   SOLE   1,051,360 0 0
HARMONY GOLD MNG LTD SPONSORED ADR COM 413216300 31 14,500 SH   SOLE   14,500 0 0
HECLA MNG CO COM 422704106 476 192,115 SH   SOLE   192,115 0 0
IAMGOLD CORP COM 450913108 2,883 1,044,745 SH   SOLE   1,044,745 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104 27,352 140,230 SH   SOLE   140,230 0 0
INTL PAPER CO COM 460146103 254 5,320 SH   SOLE   5,320 0 0
ISHARES MSCI EMG MKT ETF PUT 464287954 10,806 260,000 SH   SOLE   260,000 0 0
ISHARES TRANS AVG ETF COM 464287192 347 2,300 SH   SOLE   2,300 0 0
ISHARES U.S. TECH ETF COM 464287721 222 2,200 SH   SOLE   2,200 0 0
ISHARES U.S. BR-DEAL ETF COM 464288794 263 6,700 SH   SOLE   6,700 0 0
KINDER MORGAN ENERGY PARTNER COM 494550106 336 3,600 SH   SOLE   3,600 0 0
KINROSS GOLD CORP COM 496902404 62 18,801 SH   SOLE   18,801 0 0
LAKE SHORE GOLD CORP COM 510728108 4,022 3,982,566 SH   SOLE   3,982,566 0 0
LYONDELLBASELL INDUSTRIES NV COM N53745100 10,881 100,140 SH   SOLE   100,140 0 0
MAG SILVER CORP COM 55903Q104 20,229 2,718,948 SH   SOLE   2,718,948 0 0
MAGNA INTL INC COM 559222401 7,593 80,000 SH   SOLE   80,000 0 0
MARKET VECTORS GOLD MINER ETF CALL 57060U900 8,543 400,000 SH   SOLE   400,000 0 0
MARKET VECTORS GOLD MINER ETF COM 57060U100 3,349 156,822 SH   SOLE   156,822 0 0
MARKET VECTORS JR GOLD MINERS ETF COM 57061R544 6,529 194,200 SH   SOLE   194,200 0 0
MARKET VECTORS SEMICONDUCTOR ETF COM 57060U233 225 4,400 SH   SOLE   4,400 0 0
MIDWAY GOLD CORP COM 598153104 73 70,000 SH   SOLE   70,000 0 0
MINES MGMT INC COM 603432105 52 85,400 SH   SOLE   85,400 0 0
MONSANTO CO COM 61166W101 677 6,013 SH   SOLE   6,013 0 0
MORGAN STANLEY COM 617446448 1,037 30,000 SH   SOLE   30,000 0 0
MOSAIC CO COM 61945C103 320 7,215 SH   SOLE   7,215 0 0
NCR CORP CALL 62886E908 4,444 133,000 SH   SOLE   133,000 0 0
NCR CORP COM 62886E108 17,333 518,800 SH   SOLE   518,800 0 0
NEVSUN RES LTD COM 64156L101 4,295 1,189,655 SH   SOLE   1,189,655 0 0
NOVA MEASURING INSTRUMENTS LTD COM M7516K103 1,107 102,486 SH   SOLE   102,486 0 0
NOVAGOLD RES INC COM 66987E206 39 13,000 SH   SOLE   13,000 0 0
NXP SEMICONDUCTORS NV COM N6596X109 32,603 476,440 SH   SOLE   476,440 0 0
PAN AMERICAN SILVER CORP COM 697900108 7,135 649,775 SH   SOLE   649,775 0 0
PEMBINA PIPELINE CORP COM 706327103 206 4,887 SH   SOLE   4,887 0 0
PENGROWTH ENERGY CORP COM 70706P104 1,142 219,685 SH   SOLE   219,685 0 0
PFIZER INC COM 717081103 11,177 378,000 SH   SOLE   378,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q205 5,280 5,915,443 SH   SOLE   5,915,443 0 0
POTASH CORP SASK INC COM 73755L107 864 25,000 SH   SOLE   25,000 0 0
POWERSHARES DYNAMIC PHARMA COM 73935X799 350 5,500 SH   SOLE   5,500 0 0
POWERSHARES QQQ TRUST COM 73935A104 366 3,700 SH   SOLE   3,700 0 0
PRECISION DRILLING CORP CALL 74022D908 8,092 750,000 SH   SOLE   750,000 0 0
PRECISION DRILLING CORP COM 74022D308 11,173 1,035,490 SH   SOLE   1,035,490 0 0
PRETIUM RES INC COM 74139C102 13,908 2,674,548 SH   SOLE   2,674,548 0 0
PRIMERO MNG CORP COM 74164W106 1,431 295,113 SH   SOLE   295,113 0 0
PROSHARES LARGE CAP CORE PLUS COM 74347R248 317 3,300 SH   SOLE   3,300 0 0
RANDGOLD RES LTD ADR COM 752344309 2,680 39,646 SH   SOLE   39,646 0 0
REVETT MNG CO COM 761505205 217 195,400 SH   SOLE   195,400 0 0
RIO ALTO MNG LTD COM 76689T104 3,922 1,634,342 SH   SOLE   1,634,342 0 0
ROYAL DUTCH SHELL PLC SPONS ADR COM 780259206 352 4,620 SH   SOLE   4,620 0 0
ROYAL GOLD INC COM 780287108 885 13,623 SH   SOLE   13,623 0 0
RUBICON MINERALS CORP COM 780911103 838 611,800 SH   SOLE   611,800 0 0
RYDEX ETF TRUST GUG RUSS TOP 50 COM 78355W205 221 1,600 SH   SOLE   1,600 0 0
SELECT SECTOR SPDR HEALTHCARE COM 81369Y209 358 5,600 SH   SOLE   5,600 0 0
SELECT SECTOR SPDR FINANCIAL COM 81369Y605 315 13,600 SH   SOLE   13,600 0 0
SELECT SECTOR SPDR TECHNOLOGY COM 81369Y803 503 12,600 SH   SOLE   12,600 0 0
SHAW COMMUNICATIONS INC CL B COM 82028K200 13,781 563,180 SH   SOLE   563,180 0 0
SILVER BULL RES INC COM 827458100 1,169 5,313,300 SH   SOLE   5,313,300 0 0
SILVER STD RES INC COM 82823L106 269 44,100 SH   SOLE   44,100 0 0
SILVER WHEATON CORP COM 828336107 18,941 950,382 SH   SOLE   950,382 0 0
SILVERCREST MINES INC COM 828365106 11,558 7,757,292 SH   SOLE   7,757,292 0 0
SPDR GOLD TRUST GOLD COM 78463V107 209 1,797 SH   SOLE   1,797 0 0
SPDR S&P 500 ETF TR PUT 78462F953 1,056,027 5,360,000 SH   SOLE   5,360,000 0 0
SPDR S&P 500 ETF TR COM 78462F103 2,798 14,200 SH   SOLE   14,200 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104 22,158 2,222,503 SH   SOLE   2,222,503 0 0
SPROTT PHYSICAL PLAT PALLAD COM 85207Q104 743 83,910 SH   SOLE   83,910 0 0
SPROTT PHYSICAL SILVER TRUST COM 85207K107 3,736 543,044 SH   SOLE   543,044 0 0
STANTEC INC COM 85472N109 4,957 76,000 SH   SOLE   76,000 0 0
SYNGENTA AG SPONSORED ADR COM 87160A100 231 3,650 SH   SOLE   3,650 0 0
TAHOE RES INC COM 873868103 7,658 377,260 SH   SOLE   377,260 0 0
TE CONNECTIVITY LTD COM H84989104 25,193 455,660 SH   SOLE   455,660 0 0
TECK RESOURCES LTD CL B COM 878742204 275 14,550 SH   SOLE   14,550 0 0
TELUS CORP COM 87971M103 5,421 158,600 SH   SOLE   158,600 0 0
TIMMINS GOLD CORP COM 88741P103 5,191 4,023,866 SH   SOLE   4,023,866 0 0
TOTAL S A SPONSORED ADR COM 89151E109 400 6,200 SH   SOLE   6,200 0 0
TRINITY INDS INC COM 896522109 26,556 568,400 SH   SOLE   568,400 0 0
U S GEOTHERMAL INC COM 90338S102 2,753 4,911,281 SH   SOLE   4,911,281 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 25,697 514,049 SH   SOLE   514,049 0 0
VERMILION ENERGY INC COM 923725105 3,038 50,000 SH   SOLE   50,000 0 0
VIACOM INC COM 92553P201 15,705 204,120 SH   SOLE   204,120 0 0
VISTA GOLD CORP COM 927926303 586 1,427,963 SH   SOLE   1,427,963 0 0
VODAFONE GROUP PLC COM 92857W308 16,996 516,739 SH   SOLE   516,739 0 0
WEYERHAEUSER CO COM 962166104 256 8,050 SH   SOLE   8,050 0 0
WISDOMTREE JAPAN HEDGED EQUITY FUND COM 97717W851 371 7,100 SH   SOLE   7,100 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 7,313 90,000 SH   SOLE   90,000 0 0
YAMANA GOLD INC COM 98462Y100 2,361 393,544 SH   SOLE   393,544 0 0