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
ABBOTT LABS COM 002824100 136 1,250 SH   SOLE   0 1,250 0
AKAMAI TECHNOLOGIES INC COM 00971T101 116 1,050 SH   SOLE   0 1,050 0
ALEXCO RESOURCE CORP COM 01535P106 858 325,000 SH   SOLE   0 325,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 797 2,710 SH   SOLE   0 2,710 0
ALPHABET INC CAP STK CL C 02079K107 294 200 SH   SOLE   0 200 0
AMAZON COM INC COM 023135106 693 220 SH   SOLE   0 220 0
AMAZON COM INC COM 023135106 1,197 380 SH   SOLE   0 380 0
AMERICAN TOWER CORP NEW COM 03027X100 182 752 SH   SOLE   0 752 0
AMPHENOL CORP NEW CL A 032095101 130 1,200 SH   SOLE   0 1,200 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 1,055 40,000 SH   SOLE   0 40,000 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 2,638 100,000 SH   SOLE   0 100,000 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 134 3,000 SH   SOLE   0 3,000 0
APPLE INC COM 037833100 440 3,800 SH   SOLE   0 3,800 0
APPLE INC COM 037833100 1,065 9,200 SH   SOLE   0 9,200 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103 858 30,000 SH   SOLE   0 30,000 0
AUTOMATIC DATA PROCESSING IN COM 053015103 272 1,950 SH   SOLE   0 1,950 0
B2GOLD CORP COM 11777Q209 72 11,000 SH   SOLE   0 11,000 0
B2GOLD CORP COM 11777Q209 1,304 200,000 SH   SOLE   0 200,000 0
BALL CORP COM 058498106 291 3,500 SH   SOLE   0 3,500 0
BALLARD PWR SYS INC NEW COM 058586108 151 10,000 SH   SOLE   0 10,000 0
BARRICK GOLD CORP COM 067901108 129 4,600 SH   SOLE   0 4,600 0
BARRICK GOLD CORP COM 067901108 141 5,000 SH   SOLE   0 5,000 0
BARRICK GOLD CORP COM 067901108 2,811 100,000 SH   SOLE   0 100,000 0
BECTON DICKINSON & CO COM 075887109 105 450 SH   SOLE   0 450 0
BHP GROUP LTD SPONSORED ADS 088606108 259 5,000 SH   SOLE   0 5,000 0
BLACKSTONE GROUP INC COM CL A 09260D107 157 3,000 SH   SOLE   0 3,000 0
BROADCOM INC COM 11135F101 465 1,276 SH   SOLE   0 1,276 0
CANADIAN SOLAR INC COM 136635109 1,229 35,000 SH   SOLE   0 35,000 0
CARLYLE GROUP INC COM 14316J108 111 4,500 SH   SOLE   0 4,500 0
CARTERS INC COM 146229109 606 7,000 SH   SOLE   0 7,000 0
CBOE GLOBAL MARKETS INC COM 12503M108 53 600 SH   SOLE   0 600 0
CDW CORP COM 12514G108 126 1,050 SH   SOLE   0 1,050 0
CF INDS HLDGS INC COM 125269100 307 10,000 SH   SOLE   0 10,000 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 332 40,000 SH   SOLE   0 40,000 0
CLOROX CO DEL COM 189054109 189 900 SH   SOLE   0 900 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 331 30,000 SH   SOLE   0 30,000 0
COMSTOCK MNG INC COM NEW 205750300 115 106,600 SH   SOLE   0 106,600 0
CONOCOPHILLIPS COM 20825C104 328 10,000 SH   SOLE   0 10,000 0
COSTCO WHSL CORP NEW COM 22160K105 722 2,034 SH   SOLE   0 2,034 0
COSTCO WHSL CORP NEW COM 22160K105 976 2,750 SH   SOLE   0 2,750 0
DANAHER CORPORATION COM 235851102 140 650 SH   SOLE   0 650 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 19 1,000 SH   SOLE   0 1,000 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781 1,017 12,000 SH   SOLE   0 12,000 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781 2,340 27,600 SH   SOLE   0 27,600 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 387 3,000 SH   SOLE   0 3,000 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 1,032 8,000 SH   SOLE   0 8,000 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 1,806 14,000 SH   SOLE   0 14,000 0
DIREXION SHS ETF TR DLY S&P OIL GAS ADDED 25460G658 142 2,000 SH   SOLE   0 2,000 0
DIREXION SHS ETF TR DAILY ENERGY BEA 25460E554 84 1,200 SH   SOLE   0 1,200 0
DOMINOS PIZZA INC COM 25754A201 221 520 SH   SOLE   0 520 0
D R HORTON INC COM 23331A109 524 6,931 SH   SOLE   0 6,931 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 1,185 100,000 SH   SOLE   0 100,000 0
EQUINOR ASA SPONSORED ADR 29446M102 422 30,000 SH   SOLE   0 30,000 0
LAUDER ESTEE COS INC CL A 518439104 346 1,584 SH   SOLE   0 1,584 0
EVERGY INC COM 30034W106 330 6,500 SH   SOLE   0 6,500 0
FACEBOOK INC CL A 30303M102 288 1,100 SH   SOLE   0 1,100 0
FORTINET INC COM 34959E109 106 900 SH   SOLE   0 900 0
FORTUNA SILVER MINES INC COM 349915108 1,431 225,000 SH   SOLE   0 225,000 0
FRANCO NEV CORP COM 351858105 126 900 SH   SOLE   0 900 0
FRANCO NEV CORP COM 351858105 293 2,100 SH   SOLE   0 2,100 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 3,073 250,000 SH   SOLE   0 250,000 0
BARRICK GOLD CORP COM 067901108 825 699 SH Call SOLE   0 699 0
BARRICK GOLD CORP COM 067901108 1,074 910 SH Call SOLE   0 910 0
BARRICK GOLD CORP COM 067901108 1,700 1,441 SH Call SOLE   0 1,441 0
GOLDEN STAR RES LTD CDA COM 38119T807 862 200,000 SH   SOLE   0 200,000 0
HALLIBURTON CO COM 406216101 241 20,000 SH   SOLE   0 20,000 0
HARLEY DAVIDSON INC COM 412822108 91 3,700 SH   SOLE   0 3,700 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,635 500,000 SH   SOLE   0 500,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 870 10,200 SH   SOLE   0 10,200 0
HOME DEPOT INC COM 437076102 668 2,406 SH   SOLE   0 2,406 0
HOME DEPOT INC COM 437076102 1,213 4,367 SH   SOLE   0 4,367 0
HUNTINGTON INGALLS INDS INC COM 446413106 168 1,195 SH   SOLE   0 1,195 0
IAMGOLD CORP COM 450913108 1,915 500,000 SH   SOLE   0 500,000 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 126 1,260 SH   SOLE   0 1,260 0
INVESCO QQQ TR UNIT SER 1 46090E103 28 100 SH   SOLE   0 100 0
INVESCO EXCH TRADED FD TR II SOLAR ETF 46138G706 52 800 SH   SOLE   0 800 0
ISHARES TR MSCI POLAND ETF 46429B606 527 32,000 SH   SOLE   0 32,000 0
KIRKLAND LAKE GOLD LTD COM 49741E100 487 10,000 SH   SOLE   0 10,000 0
KIRKLAND LAKE GOLD LTD COM 49741E100 4,386 90,000 SH   SOLE   0 90,000 0
KKR & CO INC COM 48251W104 120 3,500 SH   SOLE   0 3,500 0
LINDE PLC SHS G5494J103 476 2,000 SH   SOLE   0 2,000 0
LOUISIANA PAC CORP COM 546347105 295 10,000 SH   SOLE   0 10,000 0
LOWES COS INC COM 548661107 498 3,000 SH   SOLE   0 3,000 0
LULULEMON ATHLETICA INC COM 550021109 675 2,050 SH   SOLE   0 2,050 0
MAG SILVER CORP COM 55903Q104 813 50,000 SH   SOLE   0 50,000 0
MARKETAXESS HLDGS INC COM 57060D108 96 200 SH   SOLE   0 200 0
MAVERIX METALS INC COM NEW 57776F405 360 70,000 SH   SOLE   0 70,000 0
MCKESSON CORP COM 58155Q103 119 800 SH   SOLE   0 800 0
MERCK & CO. INC COM 58933Y105 339 4,083 SH   SOLE   0 4,083 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 789 100,000 SH   SOLE   0 100,000 0
MGM RESORTS INTERNATIONAL COM 552953101 98 4,500 SH   SOLE   0 4,500 0
MICROSOFT CORP COM 594918104 273 1,300 SH   SOLE   0 1,300 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 1,145 131,200 SH   SOLE   0 131,200 0
MOODYS CORP COM 615369105 87 300 SH   SOLE   0 300 0
MOSAIC CO NEW COM 61945C103 365 20,000 SH   SOLE   0 20,000 0
MSCI INC COM 55354G100 71 200 SH   SOLE   0 200 0
MSCI INC COM 55354G100 280 784 SH   SOLE   0 784 0
NASDAQ INC COM 631103108 135 1,100 SH   SOLE   0 1,100 0
NEWMONT CORP COM 651639106 273 116 SH Call SOLE   0 116 0
NEWMONT CORP COM 651639106 424 180 SH Call SOLE   0 180 0
NEWMONT CORP COM 651639106 2,013 854 SH Call SOLE   0 854 0
NEWMONT CORP COM 651639106 57 900 SH   SOLE   0 900 0
NEWMONT CORP COM 651639106 127 2,000 SH   SOLE   0 2,000 0
NEWMONT CORP COM 651639106 3,173 50,000 SH   SOLE   0 50,000 0
ORACLE CORP COM 68389X105 404 6,761 SH   SOLE   0 6,761 0
PAN AMERN SILVER CORP COM 697900108 4,019 125,000 SH   SOLE   0 125,000 0
PAPA JOHNS INTL INC C COM 698813102 189 2,300 SH   SOLE   0 2,300 0
PARAMOUNT GOLD NEV CORP COM 69924M109 194 170,000 SH   SOLE   0 170,000 0
PERKINELMER INC COM 714046109 138 1,100 SH   SOLE   0 1,100 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 178 25,000 SH   SOLE   0 25,000 0
PHILLIPS 66 COM 718546104 337 6,500 SH   SOLE   0 6,500 0
PLUG POWER INC COM NEW 72919P202 671 50,000 SH   SOLE   0 50,000 0
POSCO SPONSORED ADR 693483109 209 5,000 SH   SOLE   0 5,000 0
POTLATCHDELTIC CORPORATION COM 737630103 421 10,000 SH   SOLE   0 10,000 0
PRETIUM RES INC COM 74139C102 514 40,000 SH   SOLE   0 40,000 0
PRETIUM RES INC COM 74139C102 770 60,000 SH   SOLE   0 60,000 0
PROSHARES TR II PSHS ULSSLVR NEW 74347W114 13 1,300 SH   SOLE   0 1,300 0
PROCTER AND GAMBLE CO COM 742718109 208 1,500 SH   SOLE   0 1,500 0
PROLOGIS INC. COM 74340W103 221 2,200 SH   SOLE   0 2,200 0
PVH CORPORATION COM 693656100 268 4,500 SH   SOLE   0 4,500 0
RAYONIER INC COM 754907103 132 5,000 SH   SOLE   0 5,000 0
RESOLUTE FST PRODS INC COM 76117W109 314 70,000 SH   SOLE   0 70,000 0
ROYAL GOLD INC COM 780287108 120 1,000 SH   SOLE   0 1,000 0
ROYAL GOLD INC COM 780287108 276 2,300 SH   SOLE   0 2,300 0
ROYAL GOLD INC COM 780287108 361 3,000 SH   SOLE   0 3,000 0
ROYAL GOLD INC COM 780287108 1,202 10,000 SH   SOLE   0 10,000 0
DIREXION SHS ETF TR DLY RUSSIA BL 2X 25490K273 28 400 SH Put SOLE   0 400 0
S&P GLOBAL INC COM 78409V104 180 500 SH   SOLE   0 500 0
S&P GLOBAL INC COM 78409V104 303 839 SH   SOLE   0 839 0
SANDSTORM GOLD LTD COM NEW 80013R206 760 90,000 SH   SOLE   0 90,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 5,486 650,000 SH   SOLE   0 650,000 0
SCHLUMBERGER LTD COM 806857108 187 12,000 SH   SOLE   0 12,000 0
SEABRIDGE GOLD INC COM 811916105 563 30,000 SH   SOLE   0 30,000 0
SHERWIN WILLIAMS CO COM 824348106 389 559 SH   SOLE   0 559 0
SILVERCORP METALS INC COM 82835P103 109 15,000 SH   SOLE   0 15,000 0
SILVERCORP METALS INC COM 82835P103 268 37,000 SH   SOLE   0 37,000 0
SILVERCORP METALS INC COM 82835P103 2,172 300,000 SH   SOLE   0 300,000 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 33 100 SH   SOLE   0 100 0
SSR MNG INC COM 784730103 2,334 125,000 SH   SOLE   0 125,000 0
TEMPUR SEALY INTL INC COM 88023U101 312 3,500 SH   SOLE   0 3,500 0
TESLA INC COM 88160R101 2,531 5,900 SH   SOLE   0 5,900 0
TEUCRIUM COMMODITY TR SUGAR FD 88166A409 49 8,000 SH   SOLE   0 8,000 0
THERMO FISHER SCIENTIFIC INC COM 883556102 132 300 SH   SOLE   0 300 0
TOTAL SE SPONSORED ADS 89151E109 343 10,000 SH   SOLE   0 10,000 0
UBS GROUP AG SHS H42097107 944 84,700 SH   SOLE   0 84,700 0
UNITEDHEALTH GROUP INC COM 91324P102 443 1,421 SH   SOLE   0 1,421 0
UNIVERSAL HLTH SVCS INC CL B 913903100 137 1,278 SH   SOLE   0 1,278 0
UNITED STS GASOLINE FD LP UNITS 91201T102 56 2,800 SH   SOLE   0 2,800 0
VALERO ENERGY CORP COM 91913Y100 325 7,500 SH   SOLE   0 7,500 0
VANECK VECTORS ETF TR COAL ETF 92189H888 47 600 SH   SOLE   0 600 0
VANECK VECTORS ETF TR INTRMDT MUNI ETF 92189H201 1,538 30,000 SH   SOLE   0 30,000 0
VANECK VECTORS ETF TR LONG MUNI ETF 92189F536 1,497 70,000 SH   SOLE   0 70,000 0
VANECK VECTORS ETF TR SHORT MUNI ETF 92189F528 1,534 85,000 SH   SOLE   0 85,000 0
VANECK VECTORS ETF TR AGRIBUSINESS ETF 92189F700 135 2,000 SH   SOLE   0 2,000 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,142 18,400 SH   SOLE   0 18,400 0
VISA INC COM CL A 92826C839 311 1,555 SH   SOLE   0 1,555 0
WHEATON PRECIOUS METALS CORP COM 962879102 142 2,900 SH   SOLE   0 2,900 0
WHEATON PRECIOUS METALS CORP COM 962879102 299 6,100 SH   SOLE   0 6,100 0
WHEATON PRECIOUS METALS CORP COM 962879102 981 20,000 SH   SOLE   0 20,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 6,134 125,000 SH   SOLE   0 125,000 0
YANDEX N V SHS CL A N97284108 219 3,350 SH   SOLE   0 3,350 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 54,364 2,169,341 SH   SOLE   0 2,169,341 0
ALASKA AIR GROUP INC COM 011659109 62,518 1,706,751 SH   SOLE   0 1,706,751 0
ALLEGIANT TRAVEL CO COM 01748X102 63,279 528,204 SH   SOLE   0 528,204 0
AMERICAN AIRLS GROUP INC COM 02376R102 162,188 13,196,758 SH   SOLE   0 13,196,758 0
AZUL S A SPONSR ADR PFD 05501U106 15,774 1,198,650 SH   SOLE   0 1,198,650 0
B2GOLD CORP COM 11777Q209 3,711 569,155 SH   SOLE   0 569,155 0
COPA HOLDINGS SA CL A P31076105 16,292 323,648 SH   SOLE   0 323,648 0
DELTA AIR LINES INC DEL COM NEW 247361702 166,688 5,450,884 SH   SOLE   0 5,450,884 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 3,266 275,610 SH   SOLE   0 275,610 0
ELDORADO GOLD CORP NEW COM 284902509 3,552 336,699 SH   SOLE   0 336,699 0
FRANCO NEV CORP COM 351858105 11,680 83,679 SH   SOLE   0 83,679 0
GENERAL DYNAMICS CORP COM 369550108 49,986 361,094 SH   SOLE   0 361,094 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 14,073 2,307,079 SH   SOLE   0 2,307,079 0
GREAT PANTHER MNG LTD COM 39115V101 3,457 3,892,942 SH   SOLE   0 3,892,942 0
GRUPO AEROPORTUARIO DEL CENT SPON ADR 400501102 17,168 467,022 SH   SOLE   0 467,022 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 18,090 155,908 SH   SOLE   0 155,908 0
GRUPO AEROPUERTO DEL PACIFIC SPON ADR B 400506101 18,494 229,344 SH   SOLE   0 229,344 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 3,307 627,445 SH   SOLE   0 627,445 0
HAWAIIAN HOLDINGS INC COM 419879101 48,707 3,778,698 SH   SOLE   0 3,778,698 0
IAMGOLD CORP COM 450913108 3,492 911,770 SH   SOLE   0 911,770 0
JETBLUE AWYS CORP COM 477143101 64,263 5,671,945 SH   SOLE   0 5,671,945 0
KINROSS GOLD CORP COM 496902404 3,767 427,080 SH   SOLE   0 427,080 0
MAVERIX METALS INC COM NEW 57776F405 5,434 1,057,182 SH   SOLE   0 1,057,182 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 4,856 410,461 SH   SOLE   0 410,461 0
ROYAL GOLD INC COM 780287108 11,347 94,427 SH   SOLE   0 94,427 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 17,392 212,726 SH   SOLE   0 212,726 0
SANDSTORM GOLD LTD COM NEW 80013R206 4,681 554,676 SH   SOLE   0 554,676 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,135 191,624 SH   SOLE   0 191,624 0
SKYWEST INC COM 830879102 61,005 2,043,050 SH   SOLE   0 2,043,050 0
SOUTHWEST AIRLS CO COM 844741108 165,292 4,407,793 SH   SOLE   0 4,407,793 0
TEXTRON INC COM 883203101 50,006 1,385,588 SH   SOLE   0 1,385,588 0
UNITED AIRLS HLDGS INC COM 910047109 165,480 4,762,026 SH   SOLE   0 4,762,026 0
WHEATON PRECIOUS METALS CORP COM 962879102 11,491 234,170 SH   SOLE   0 234,170 0
CORVUS GOLD INC COM 221013105 85 29,000 SH   SOLE   0 29,000 0
EMX RTY CORP COM 26873J107 2,909 1,100,000 SH   SOLE   0 1,100,000 0
EQUINOX GOLD CORP COM 29446Y502 1,168 100,000 SH   SOLE   0 100,000 0
EXCELLON RES INC COM 30069C801 290 100,000 SH   SOLE   0 100,000 0
INTEGRA RES CORP COM NEW 45826T301 466 140,000 SH   SOLE   0 140,000 0
MAVERIX METALS INC COM NEW 57776F405 3,986 778,000 SH   SOLE   0 778,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 1,193 150,000 SH   SOLE   0 150,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,586 325,000 SH   SOLE   0 325,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 1,193 150,000 SH   SOLE   0 150,000 0
NORBORD INC COM NEW 65548P403 296 10,000 SH   SOLE   0 10,000 0
NUTRIEN LTD COM 67077M108 392 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP METALS LTD COM 72765Q882 705 350,000 SH   SOLE   0 350,000 0
SSR MNG INC COM 784730103 151 8,115 SH   SOLE   0 8,115 0
SSR MNG INC COM 784730103 2,121 113,610 SH   SOLE   0 113,610 0