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
ALAMOS GOLD INC NEW COM CL A 011532108 2,343 650,000 SH   SOLE   650,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 3,838 28,000 SH   SOLE   28,000 0 0
ALIO GOLD INC COM 01627X108 4,706 5,526,793 SH   SOLE   5,526,793 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 3,963 26,406 SH   SOLE   26,406 0 0
ALPHABET INC CAP STK CL A 02079K305 1,737 1,661 SH   SOLE   1,661 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 771 24,000 SH   SOLE   24,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 788 20,000 SH   SOLE   20,000 0 0
ANGLOGOLD ASHANTI LTD SPONS ADR 035128206 75,625 6,023,961 SH   SOLE   6,023,961 0 0
APACHE CORP COM 037411105 525 20,000 SH   SOLE   20,000 0 0
APERGY CORP COM 03755L104 22,131 817,169 SH   SOLE   817,169 0 0
APPLE INC COM 037833100 17,289 109,477 SH   SOLE   109,477 0 0
APTIV PLC SHS G6095L109 15,476 251,496 SH   SOLE   251,496 0 0
ASANKO GOLD INC COM 04341Y105 12,581 19,476,089 SH   SOLE   19,476,089 0 0
AVON PRODS INC COM 054303102 76 50,000 SH   SOLE   50,000 0 0
AXALTA COATING SYS LTD COM G0750C108 586 25,000 SH   SOLE   25,000 0 0
BARRICK GOLD CORP COM 067901108 204,816 15,144,971 SH   SOLE   15,144,971 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 920 4,500 SH   SOLE   4,500 0 0
BLACKBERRY LTD COM 09228F103 1,226 172,500 SH   SOLE   172,500 0 0
CARMAX INC COM 143130102 690 11,000 SH   SOLE   11,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 21,953 4,559,679 SH   SOLE   4,559,679 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 30,154 293,763 SH   SOLE   293,763 0 0
CIGNA CORP NEW COM 125523100 246,656 1,298,092 SH   SOLE   1,298,092 0 0
CISCO SYS INC COM 17275R102 1,424 32,806 SH   SOLE   32,806 0 0
CLEVELAND CLIFFS INC COM 185899101 151,625 19,706,280 SH   SOLE   19,706,280 0 0
COEUR MNG INC COM NEW 192108504 7,916 1,773,063 SH   SOLE   1,773,063 0 0
COTY INC COM CL A 222070203 885 135,000 SH   SOLE   135,000 0 0
CRITEO S A SPONS ADS 226718104 1,045 46,000 SH   SOLE   46,000 0 0
DAVITA INC COM 23918K108 978 19,000 SH   SOLE   19,000 0 0
DEERE & CO COM 244199105 1,014 6,800 SH   SOLE   6,800 0 0
DELPHI TECHNOLOGIES PLC SHS G2709G107 40,815 2,851,482 SH   SOLE   2,851,482 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,447 29,000 SH   SOLE   29,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 852 106,500 SH   SOLE   106,500 0 0
DIANA SHIPPING INC COM Y2066G104 1,828 573,887 SH   SOLE   573,887 0 0
DOWDUPONT INC COM 26078J100 269,179 5,034,136 SH   SOLE   5,034,136 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 6,603 3,122,186 SH   SOLE   3,122,186 0 0
EAGLE MATERIALS INC COM 26969P108 366 6,000 SH   SOLE   6,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 5,126 8,961,941 SH   SOLE   8,961,941 0 0
ENSCO PLC SHS CLASS A G3157S106 24,890 7,003,120 SH   SOLE   7,003,120 0 0
EXXON MOBIL CORP COM 30231G102 199,891 2,930,552 SH   SOLE   2,930,552 0 0
FOOT LOCKER INC COM 344849104 7,558 142,061 SH   SOLE   142,061 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 1,083 28,500 SH   SOLE   28,500 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,719 555,000 SH   SOLE   555,000 0 0
GENERAL ELECTRIC CO COM 369604103 309 40,800 SH   SOLE   40,800 0 0
GENERAL MTRS CO COM 37045V100 174,920 5,230,517 SH   SOLE   5,230,517 0 0
Gold Fields Ltd SPONS ADR 38059T106 53,527 15,186,099 SH   SOLE   15,186,099 0 0
GOLDCORP INC NEW COM 380956409 164,243 16,769,473 SH   SOLE   16,769,473 0 0
GRINDROD SHIPPING HOLDINGS L SHS Y28895103 155 30,359 SH   SOLE   30,359 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 3,883 2,175,555 SH   SOLE   2,175,555 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 4,897 279,390 SH   SOLE   279,390 0 0
IAMGOLD CORP COM 450913108 40,087 10,908,827 SH   SOLE   10,908,827 0 0
IMPERIAL OIL LTD COM NEW 453038408 2,774 109,092 SH   SOLE   109,092 0 0
IMV INC COM 44974L103 31,305 6,149,225 SH   SOLE   6,149,225 0 0
INGEVITY CORP COM 45688C107 780 9,316 SH   SOLE   9,316 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 366 25,000 SH   SOLE   25,000 0 0
JEFFERIES FINL GROUP INC COM 47233W109 29,653 1,708,812 SH   SOLE   1,708,812 0 0
JPMORGAN CHASE & CO COM 46625H100 937 9,588 SH   SOLE   9,588 0 0
KINROSS GOLD CORP COM NO PAR 496902404 215,212 68,448,734 SH   SOLE   68,448,734 0 0
LEIDOS HLDGS INC COM 525327102 279 5,300 SH   SOLE   5,300 0 0
LENNAR CORP CL A 526057104 22,461 573,702 SH   SOLE   573,702 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 619 30,000 SH   SOLE   30,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 387 26,547 SH   SOLE   26,547 0 0
MARSH & MCLENNAN COS INC COM 571748102 290 3,640 SH   SOLE   3,640 0 0
MATTEL INC COM 577081102 399 40,000 SH   SOLE   40,000 0 0
MCKESSON CORP COM 58155Q103 70,419 637,469 SH   SOLE   637,469 0 0
MICROSOFT CORP COM 594918104 4,974 48,931 SH   SOLE   48,931 0 0
MOHAWK INDS INC COM 608190104 2,490 21,300 SH   SOLE   21,300 0 0
NATIONAL OILWELL VARCO INC COM 637071101 155,360 6,049,185 SH   SOLE   6,049,185 0 0
NEWMONT MINING CORP COM 651639106 43,690 1,261,173 SH   SOLE   1,261,173 0 0
NORBORD INC COM NEW 65548P403 572 21,500 SH   SOLE   21,500 0 0
NXP SEMICONDUCTORS N V COM N6596X109 9,935 135,592 SH   SOLE   135,592 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 8,426 962,943 SH   SOLE   962,943 0 0
PATTERSON UTI ENERGY INC COM 703481101 2,111 204,302 SH   SOLE   204,302 0 0
PERSHING GOLD CORP COM NEW 715302204 1,981 1,817,473 SH   SOLE   1,817,473 0 0
PHILIP MORRIS INTL INC COM 718172109 1,035 15,500 SH   SOLE   15,500 0 0
PHILLIPS 66 COM 718546104 2,308 26,786 SH   SOLE   26,786 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 172 138,421 SH   SOLE   138,421 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 312 5,200 SH   SOLE   5,200 0 0
SEACOR HOLDINGS INC COM 811904101 851 23,000 SH   SOLE   23,000 0 0
SIBANYE STILLWATER SPONSORED ADR 825724206 1,134 400,000 SH   SOLE   400,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 606 5,003 SH   SOLE   5,003 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 233 5,500 SH   SOLE   5,500 0 0
SSR MNG INC COM 784730103 20,866 1,725,271 SH   SOLE   1,725,271 0 0
TAHOE RES INC COM 873868103 16,493 4,525,303 SH   SOLE   4,525,303 0 0
TENARIS S A SPONSORED ADR 88031M109 15,001 703,534 SH   SOLE   703,534 0 0
KRAFT HEINZ CO COM 500754106 1,786 41,500 SH   SOLE   41,500 0 0
TIDEWATER INC NEW COM 88642R109 287 15,000 SH   SOLE   15,000 0 0
TORTOISE MLP FD INC COM 89148B101 2,054 167,553 SH   SOLE   167,553 0 0
UBS GROUP AG SHS H42097107 227 18,204 SH   SOLE   18,204 0 0
BANCORP DEL COM NEW 902973304 1,439 31,475 SH   SOLE   31,475 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 974 46,101 SH   SOLE   46,101 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 1,091 36,073 SH   SOLE   36,073 0 0
WAL MART STORES INC COM 931142103 314 3,372 SH   SOLE   3,372 0 0
DISNEY WALT CO COM DISNEY 254687106 469,267 4,279,440 SH   SOLE   4,279,440 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 161,701 9,893,919 SH   SOLE   9,893,919 0 0
YAMANA GOLD INC COM 98462Y100 43,419 18,517,070 SH   SOLE   18,517,070 0 0
YY INC ADS REPCOM CLA 98426T106 4,341 72,590 SH   SOLE   72,590 0 0