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
ACTIVISION BLIZZARD INC COM 00507V109 160,765 3,405,685 SH   SOLE   3,405,685 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 4,744 28,000 SH   SOLE   28,000 0 0
ALIO GOLD INC COM 01627X108 4,243 5,526,793 SH   SOLE   5,526,793 0 0
ALPHABET INC CAP STK CL A 02079K305 1,714 1,584 SH   SOLE   1,584 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 783 24,000 SH   SOLE   24,000 0 0
AMERICAS SILVER CORP COM NEW 03063L705 3,015 1,299,493 SH   SOLE   1,299,493 0 0
AMGEN INC COM 031162100 192,788 1,046,340 SH   SOLE   1,046,340 0 0
ANGLOGOLD ASHANTI LTD SPONS ADR 035128206 77,310 4,342,012 SH   SOLE   4,342,012 0 0
APERGY CORP COM 03755L104 4,281 127,573 SH   SOLE   127,573 0 0
APPLE INC COM 037833100 11,961 60,430 SH   SOLE   60,430 0 0
APTIV PLC SHS G6095L109 13,026 160,752 SH   SOLE   160,752 0 0
ARCH CAP GROUP LTD ORD G0450A105 223 6,000 SH   SOLE   6,000 0 0
ASANKO GOLD INC COM 04341Y105 13,078 20,626,089 SH   SOLE   20,626,089 0 0
AXALTA COATING SYS LTD COM G0750C108 745 25,000 SH   SOLE   25,000 0 0
B2GOLD CORP COM 11777Q209 8,261 2,721,916 SH   SOLE   2,721,916 0 0
BARRICK GOLD CORP COM 067901108 200,290 12,704,952 SH   SOLE   12,704,952 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 425 2,000 SH   SOLE   2,000 0 0
BIOGEN INC COM 09062X103 819 3,500 SH   SOLE   3,500 0 0
BLACKBERRY LTD COM 09228F103 1,286 172,500 SH   SOLE   172,500 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 5,506 121,470 SH   SOLE   121,470 0 0
CARMAX INC COM 143130102 521 6,000 SH   SOLE   6,000 0 0
CELGENE CORP COM 151020104 288,042 3,116,161 SH   SOLE   3,116,161 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 5,518 1,300,000 SH   SOLE   1,300,000 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 889 2,250 SH   SOLE   2,250 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 37,010 320,049 SH   SOLE   320,049 0 0
CIGNA CORP NEW COM 125523100 299,131 1,898,165 SH   SOLE   1,898,165 0 0
CISCO SYS INC COM 17275R102 992 18,167 SH   SOLE   18,167 0 0
CLEVELAND CLIFFS INC COM 185899101 175,221 16,414,472 SH   SOLE   16,414,472 0 0
COEUR MNG INC COM NEW 192108504 7,219 1,673,063 SH   SOLE   1,673,063 0 0
CORTEVA INC COM 22052l104 7,563 255,896 SH   SOLE   255,896 0 0
COTY INC COM CL A 222070203 161 12,000 SH   SOLE   12,000 0 0
CRITEO S A SPONS ADS 226718104 309 18,000 SH   SOLE   18,000 0 0
DEERE & CO COM 244199105 481 2,900 SH   SOLE   2,900 0 0
DELPHI TECHNOLOGIES PLC SHS G2709G107 31,314 1,566,490 SH   SOLE   1,566,490 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,135 20,000 SH   SOLE   20,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 814 106,500 SH   SOLE   106,500 0 0
DIANA SHIPPING INC COM Y2066G104 332 100,000 SH   SOLE   100,000 0 0
DOW INC COM 260557103 14,300 290,434 SH   SOLE   290,434 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 15,067 4,964,439 SH   SOLE   4,964,439 0 0
DUPONT DE NEMOURS INC COM 26614N102 187,730 2,501,733 SH   SOLE   2,501,733 0 0
ELDORADO GOLD CORP NEW COM 284902509 15,078 2,592,988 SH   SOLE   2,592,988 0 0
EXXON MOBIL CORP COM 30231G102 254,110 3,316,505 SH   SOLE   3,316,505 0 0
FIESTA RESTAURANT GROUP INC COM 31660B101 657 50,000 SH   SOLE   50,000 0 0
FOOT LOCKER INC COM 344849104 79,283 1,891,076 SH   SOLE   1,891,076 0 0
FORTUNA SILVER MINES INC COM 349915108 3,920 1,372,000 SH   SOLE   1,372,000 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 1,628 28,500 SH   SOLE   28,500 0 0
FOX CORP CL A COM 35137L105 21,409 584,393 SH   SOLE   584,393 0 0
FREEPORT-MCMORAN INC CL B 35671D857 6,408 552,148 SH   SOLE   552,148 0 0
GENERAL ELECTRIC CO COM 369604103 428 40,800 SH   SOLE   40,800 0 0
GENERAL MTRS CO COM 37045V100 153,791 3,990,962 SH   SOLE   3,990,962 0 0
Gold Fields Ltd SPONS ADR 38059T106 49,488 9,156,059 SH   SOLE   9,156,059 0 0
GREAT PANTHER MINING LIMITED COM 39115V101 3,858 4,525,644 SH   SOLE   4,525,644 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 7,120 3,129,785 SH   SOLE   3,129,785 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,521 80,138 SH   SOLE   80,138 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 107 18,500 SH   SOLE   18,500 0 0
HUMANA INC COM 444859102 350 1,318 SH   SOLE   1,318 0 0
IAMGOLD CORP COM 450913108 67,707 20,061,272 SH   SOLE   20,061,272 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,272 45,920 SH   SOLE   45,920 0 0
IMV INC COM 44974L103 19,666 6,801,225 SH   SOLE   6,801,225 0 0
INGEVITY CORP COM 45688C107 773 7,350 SH   SOLE   7,350 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 1,753 135,000 SH   SOLE   135,000 0 0
JEFFERIES FINL GROUP INC COM 47233W109 31,985 1,664,619 SH   SOLE   1,664,619 0 0
JPMORGAN CHASE & CO COM 46625H100 677 6,058 SH   SOLE   6,058 0 0
KINROSS GOLD CORP COM NO PAR 496902404 243,388 64,705,923 SH   SOLE   64,705,923 0 0
LEIDOS HLDGS INC COM 525327102 423 5,300 SH   SOLE   5,300 0 0
LENNAR CORP CL A 526057104 496 10,252 SH   SOLE   10,252 0 0
LIVENT CORP COM 53814L108 27,161 3,922,198 SH   SOLE   3,922,198 0 0
M & T BK CORP COM 55261F104 6,398 37,636 SH   SOLE   37,636 0 0
MARSH & MCLENNAN COS INC COM 571748102 363 3,640 SH   SOLE   3,640 0 0
MATTEL INC COM 577081102 449 40,000 SH   SOLE   40,000 0 0
MCKESSON CORP COM 58155Q103 128,344 955,337 SH   SOLE   955,337 0 0
MICROSOFT CORP COM 594918104 6,236 46,567 SH   SOLE   46,567 0 0
MOHAWK INDS INC COM 608190104 1,547 10,500 SH   SOLE   10,500 0 0
NATIONAL OILWELL VARCO INC COM 637071101 167,158 7,521,206 SH   SOLE   7,521,206 0 0
NEWMONT MINING CORP COM 651639106 174,210 4,530,246 SH   SOLE   4,530,246 0 0
NORBORD INC COM NEW 65548P403 532 21,500 SH   SOLE   21,500 0 0
NXP SEMICONDUCTORS N V COM N6596X109 5,223 53,525 SH   SOLE   53,525 0 0
PAN AMERICAN SILVER CORP COM 697900108 19,823 1,534,890 SH   SOLE   1,534,890 0 0
PHILIP MORRIS INTL INC COM 718172109 2,159 27,500 SH   SOLE   27,500 0 0
PHILLIPS 66 COM 718546104 1,946 20,816 SH   SOLE   20,816 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 147 138,421 SH   SOLE   138,421 0 0
RESTORBIO INC COM 76133L103 1,196 117,600 SH   SOLE   117,600 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 342 5,200 SH   SOLE   5,200 0 0
SAFE BULKERS INC COM Y7388L103 700 450,000 SH   SOLE   450,000 0 0
SEACOR HOLDINGS INC COM 811904101 1,092 23,000 SH   SOLE   23,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 562 4,221 SH   SOLE   4,221 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 296 5,500 SH   SOLE   5,500 0 0
SYNCHRONY FINL COM 87165B103 54,164 1,563,872 SH   SOLE   1,563,872 0 0
TENARIS S A SPONSORED ADR 88031M109 6,110 232,280 SH   SOLE   232,280 0 0
TIDEWATER INC NEW COM 88642R109 352 15,000 SH   SOLE   15,000 0 0
TORTOISE MIDSTRM ENERGY FD I COM 89148B101 2,323 172,658 SH   SOLE   172,658 0 0
UBS GROUP AG SHS H42097107 171 14,354 SH   SOLE   14,354 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 97 18,452 SH   SOLE   18,452 0 0
BANCORP DEL COM NEW 902973304 32,210 615,230 SH   SOLE   615,230 0 0
ENSCO ROWAN PLC SHS CLASS A G3166L100 25,513 2,992,838 SH   SOLE   2,992,838 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 893 34,944 SH   SOLE   34,944 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 899 25,711 SH   SOLE   25,711 0 0
VEONEER INCORPORATED COM 92336X109 865 50,000 SH   SOLE   50,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 383 7,000 SH   SOLE   7,000 0 0
WAL MART STORES INC COM 931142103 347 3,140 SH   SOLE   3,140 0 0
DISNEY WALT CO COM DISNEY 254687106 683,000 4,889,755 SH   SOLE   4,889,755 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 167,387 8,402,971 SH   SOLE   8,402,971 0 0
YAMANA GOLD INC COM 98462Y100 15,435 6,088,584 SH   SOLE   6,088,584 0 0