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 3,131 39,102 SH   SOLE   39,102 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 13,205 58,000 SH   SOLE   58,000 0 0
ALIO GOLD INC COM 01627X108 8,784 6,508,329 SH   SOLE   6,508,329 0 0
ALLEGHANY CORP DEL COM 017175100 2,585 5,000 SH   SOLE   5,000 0 0
ALPHABET INC CAP STK CL A 02079K305 1,670 1,116 SH   SOLE   1,116 0 0
AMERICAN EXPRESS CO COM 025816109 168,977 1,682,363 SH   SOLE   1,682,363 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 4,039 1,449,493 SH   SOLE   1,449,493 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206 124,770 4,010,323 SH   SOLE   4,010,323 0 0
APPLE INC COM 037833100 652 1,694 SH   SOLE   1,694 0 0
APTIV PLC SHS G6095L109 5,943 72,306 SH   SOLE   72,306 0 0
ARCOSA INC COM 039653100 534 12,000 SH   SOLE   12,000 0 0
BK OF AMERICA CORP COM 060505104 3,766 150,346 SH   SOLE   150,346 0 0
BARRICK GOLD CORPORATION COM 067901108 12,547 441,303 SH   SOLE   441,303 0 0
BENEFYTT TECHNOLOGIES INC COM CL A 08182C106 27,694 1,281,000 SH   SOLE   1,281,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 34,835 184,969 SH   SOLE   184,969 0 0
BLACKBERRY LTD COM 09228F103 928 180,000 SH   SOLE   180,000 0 0
BOOKING HOLDINGS INC COM 09857L108 850 505 SH   SOLE   505 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 15,828 255,167 SH   SOLE   255,167 0 0
BRISTOL-MYERS SQUIBB CO RIGHT 99/99/9999 110122157 15,754 4,193,430 SH   SOLE   4,193,430 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 48,002 15,821,629 SH   SOLE   15,821,629 0 0
CENTENE CORP DEL COM 15135B101 145,479 2,168,223 SH   SOLE   2,168,223 0 0
SCHWAB CHARLES CORP COM 808513105 83,493 2,345,087 SH   SOLE   2,345,087 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 9,054 79,870 SH   SOLE   79,870 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 5,291 350,000 SH   SOLE   350,000 0 0
CIGNA CORP NEW COM 125523100 162,983 823,416 SH   SOLE   823,416 0 0
CONAGRA BRANDS INC COM 205887102 1,857 50,000 SH   SOLE   50,000 0 0
COTY INC COM CL A 222070203 801 170,000 SH   SOLE   170,000 0 0
DELPHI TECHNOLOGIES PL SHS G2709G107 550 36,677 SH   SOLE   36,677 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 1,064 106,500 SH   SOLE   106,500 0 0
DIANA SHIPPING INC COM Y2066G104 270 170,000 SH   SOLE   170,000 0 0
DOW INC COM 260557103 1,115 25,940 SH   SOLE   25,940 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 33,863 2,033,344 SH   SOLE   2,033,344 0 0
DUPONT DE NEMOURS INC COM 26614N102 1,711 30,515 SH   SOLE   30,515 0 0
EHEALTH INC COM 28238P109 97,247 938,288 SH   SOLE   938,288 0 0
ELDORADO GOLD CORP NEW COM 284902509 3,070 300,000 SH   SOLE   300,000 0 0
EQUINOX GOLD CORP COM 29446Y502 40,867 3,452,722 SH   SOLE   3,452,722 0 0
EXXON MOBIL CORP COM 30231G102 36,935 783,200 SH   SOLE   783,200 0 0
FACEBOOK INC CL A 30303M102 2,246 9,372 SH   SOLE   9,372 0 0
FOOT LOCKER INC COM 344849104 3,383 109,921 SH   SOLE   109,921 0 0
FORTUNA SILVER MINES INC COM 349915108 24,470 4,578,683 SH   SOLE   4,578,683 0 0
FREEPORT-MCMORAN INC CL B 35671D857 9,427 772,366 SH   SOLE   772,366 0 0
GALIANO GOLD INC COM 36352H100 37,512 27,014,416 SH   SOLE   27,014,416 0 0
GENERAL ELECTRIC CO COM 369604103 128 17,810 SH   SOLE   17,810 0 0
GENERAL MTRS CO COM 37045V100 166,969 6,254,511 SH   SOLE   6,254,511 0 0
GOLD FIELDS LTD SPONS ADR 38059T106 121,546 12,232,358 SH   SOLE   12,232,358 0 0
GREAT PANTHER MNG LTD COM 39115V101 3,211 6,106,676 SH   SOLE   6,106,676 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 10,681 2,429,785 SH   SOLE   2,429,785 0 0
HUMANA INC COM 444859102 1,058 2,585 SH   SOLE   2,585 0 0
IAMGOLD CORP COM 450913108 110,233 26,380,412 SH   SOLE   26,380,412 0 0
IMV INC COM 44974L103 22,195 6,801,225 SH   SOLE   6,801,225 0 0
JEFFERIES FINL GROUP INC COM 47233W109 15,560 948,449 SH   SOLE   948,449 0 0
JPMORGAN CHASE & CO COM 46625H100 86,152 868,512 SH   SOLE   868,512 0 0
KINROSS GOLD CORP COM NO PAR 496902404 305,227 40,032,660 SH   SOLE   40,032,660 0 0
LIVENT CORP COM 53814L108 18,107 2,787,492 SH   SOLE   2,787,492 0 0
M & T BK CORP COM 55261F104 9,952 90,690 SH   SOLE   90,690 0 0
MARKEL CORP COM 570535104 731 750 SH   SOLE   750 0 0
MARSH & MCLENNAN COS INC COM 571748102 385 3,400 SH   SOLE   3,400 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,090 5,000 SH   SOLE   5,000 0 0
MATTEL INC COM 577081102 102 10,000 SH   SOLE   10,000 0 0
MICROSOFT CORP COM 594918104 1,586 7,383 SH   SOLE   7,383 0 0
MOHAWK INDS INC COM 608190104 1,428 13,300 SH   SOLE   13,300 0 0
NATIONAL OILWELL VARCO INC COM 637071101 17,829 1,379,573 SH   SOLE   1,379,573 0 0
NEWMONT CORP COM 651639106 87,678 1,345,811 SH   SOLE   1,345,811 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 15,188 172,142 SH   SOLE   172,142 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 1,584 70,000 SH   SOLE   70,000 0 0
PERFORMANCE SHIPPING INC COM Y67305105 343 550,000 SH   SOLE   550,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,182 16,000 SH   SOLE   16,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 213 138,421 SH   SOLE   138,421 0 0
SAFE BULKERS INC COM Y7388L103 456 352,785 SH   SOLE   352,785 0 0
SEACOR HOLDINGS INC COM 811904101 896 30,000 SH   SOLE   30,000 0 0
SPDR GOLD TR GOLD SHS 78463V107 775 4,390 SH   SOLE   4,390 0 0
STEALTHGAS INC SHS Y81669106 583 200,000 SH   SOLE   200,000 0 0
SYNCHRONY FINANCIAL COM 87165B103 32,057 1,371,012 SH   SOLE   1,371,012 0 0
TREEHOUSE FOODS INC COM 89469A104 301 6,500 SH   SOLE   6,500 0 0
US BANCORP DEL COM NEW 902973304 505 13,000 SH   SOLE   13,000 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 1,055 27,302 SH   SOLE   27,302 0 0
VIASAT INC COM 92552V100 608 15,000 SH   SOLE   15,000 0 0
VULCAN MATLS CO COM 929160109 514 4,200 SH   SOLE   4,200 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,431 32,000 SH   SOLE   32,000 0 0
DISNEY WALT CO COM DISNEY 254687106 137,287 1,167,352 SH   SOLE   1,167,352 0 0
WELLS FARGO CO NEW COM 949746101 864 32,000 SH   SOLE   32,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 202,326 4,354,190 SH   SOLE   4,354,190 0 0
YAMANA GOLD INC COM 98462Y100 8,001 1,389,763 SH   SOLE   1,389,763 0 0