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
AMAZON COM INC COM 023135106 2,247 690 SH   SOLE   0 690 0
AMPHENOL CORP NEW CL A 032095101 157 1,200 SH   SOLE   0 1,200 0
ANGLOGOLD ASHANTI LIMITED S SPONSORED ADR 035128206 226 10,000 SH   SOLE   0 10,000 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 1,131 50,000 SH   SOLE   0 50,000 0
ANTHEM INC COM 036752103 64 200 SH   SOLE   0 200 0
APPLE INC COM 037833100 2,269 17,100 SH   SOLE   0 17,100 0
AUTOMATIC DATA PROCESSING IN COM 053015103 344 1,950 SH   SOLE   0 1,950 0
BALLARD PWR SYS INC NEW COM 058586108 234 10,000 SH   SOLE   0 10,000 0
BARRICK GOLD CORP COM 067901108 475 699 SH Call SOLE   0 699 0
BARRICK GOLD CORP COM 067901108 619 910 SH Call SOLE   0 910 0
BARRICK GOLD CORP COM 067901108 980 1,441 SH Call SOLE   0 1,441 0
BARRICK GOLD CORP COM 067901108 219 9,600 SH   SOLE   0 9,600 0
BARRICK GOLD CORP COM 067901108 2,278 100,000 SH   SOLE   0 100,000 0
BECTON DICKINSON & CO COM 075887109 113 450 SH   SOLE   0 450 0
BHP GROUP LTD SPONSORED ADS 088606108 327 5,000 SH   SOLE   0 5,000 0
CF INDS HLDGS INC COM 125269100 387 10,000 SH   SOLE   0 10,000 0
CANADIAN SOLAR INC COM 136635109 1,793 35,000 SH   SOLE   0 35,000 0
CLOROX CO DEL COM 189054109 182 900 SH   SOLE   0 900 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 139 1,700 SH   SOLE   0 1,700 0
COMSTOCK MNG INC COM NEW 205750300 111 106,600 SH   SOLE   0 106,600 0
COTY INC COM CL A 222070203 632 90,000 SH   SOLE   0 90,000 0
DBX ETF TR XTRACK HRVST CSI 233051879 72 1,800 SH   SOLE   0 1,800 0
DANAHER CORPORATION COM 235851102 144 650 SH   SOLE   0 650 0
ELDORADO GOLD CORP NEW COM 284902509 1,659 125,000 SH   SOLE   0 125,000 0
FORTUNA SILVER MINES INC COM 349915108 1,854 225,000 SH   SOLE   0 225,000 0
FRANCO NEV CORP COM 351858105 376 3,000 SH   SOLE   0 3,000 0
HALLIBURTON CO COM 406216101 378 20,000 SH   SOLE   0 20,000 0
HARLEY DAVIDSON INC COM 412822108 650 17,700 SH   SOLE   0 17,700 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,340 500,000 SH   SOLE   0 500,000 0
HECLA MNG CO COM 422704106 1,199 185,000 SH   SOLE   0 185,000 0
HOME DEPOT INC COM 437076102 1,162 4,373 SH   SOLE   0 4,373 0
HORMEL FOODS CORP COM 440452100 112 2,400 SH   SOLE   0 2,400 0
IAMGOLD CORP COM 450913108 1,835 500,000 SH   SOLE   0 500,000 0
INTERNATIONAL PAPER CO COM 460146103 423 8,500 SH   SOLE   0 8,500 0
INTUIT COM 461202103 133 350 SH   SOLE   0 350 0
JACOBS ENGR GROUP INC COM 469814107 136 1,250 SH   SOLE   0 1,250 0
KLA CORP COM NEW 482480100 155 600 SH   SOLE   0 600 0
KROGER CO COM 501044101 111 3,500 SH   SOLE   0 3,500 0
LAUDER ESTEE COS INC CL A 518439104 422 1,584 SH   SOLE   0 1,584 0
LENNAR CORP CL A 526057104 111 1,450 SH   SOLE   0 1,450 0
LOUISIANA PAC CORP COM 546347105 372 10,000 SH   SOLE   0 10,000 0
LOWES COS INC COM 548661107 353 2,200 SH   SOLE   0 2,200 0
MGM RESORTS INTERNATIONAL COM 552953101 646 20,500 SH   SOLE   0 20,500 0
MICROSOFT CORP COM 594918104 289 1,300 SH   SOLE   0 1,300 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 503 56,200 SH   SOLE   0 56,200 0
MOODYS CORP COM 615369105 87 300 SH   SOLE   0 300 0
NEWMONT CORP COM 651639106 222 116 SH Call SOLE   0 116 0
NEWMONT CORP COM 651639106 344 180 SH Call SOLE   0 180 0
NEWMONT CORP COM 651639106 1,633 854 SH Call SOLE   0 854 0
NEWMONT CORP COM 651639106 174 2,900 SH   SOLE   0 2,900 0
NEWMONT CORP COM 651639106 2,995 50,000 SH   SOLE   0 50,000 0
NIKE INC CL B 654106103 1,698 12,000 SH   SOLE   0 12,000 0
POSCO SPONSORED ADR 693483109 312 5,000 SH   SOLE   0 5,000 0
PAN AMERN SILVER CORP COM 697900108 4,314 125,000 SH   SOLE   0 125,000 0
PERKINELMER INC COM 714046109 158 1,100 SH   SOLE   0 1,100 0
PHILLIPS 66 COM 718546104 455 6,500 SH   SOLE   0 6,500 0
PIEDMONT LITHIUM LTD SPONSORED ADS 720162106 664 25,000 SH   SOLE   0 25,000 0
POTLATCHDELTIC CORPORATION COM 737630103 500 10,000 SH   SOLE   0 10,000 0
PROCTER AND GAMBLE CO COM 742718109 209 1,500 SH   SOLE   0 1,500 0
RAYONIER INC COM 754907103 147 5,000 SH   SOLE   0 5,000 0
ROYAL GOLD INC COM 780287108 351 3,300 SH   SOLE   0 3,300 0
ROYAL GOLD INC COM 780287108 532 5,000 SH   SOLE   0 5,000 0
SSR MNG INC COM 784730103 163 8,115 SH   SOLE   0 8,115 0
SSR MNG INC COM 784730103 4,798 238,610 SH   SOLE   0 238,610 0
SCHLUMBERGER LTD COM 806857108 262 12,000 SH   SOLE   0 12,000 0
SEABRIDGE GOLD INC COM 811916105 632 30,000 SH   SOLE   0 30,000 0
SHERWIN WILLIAMS CO COM 824348106 411 559 SH   SOLE   0 559 0
STARBUCKS CORP COM 855244109 1,145 10,700 SH   SOLE   0 10,700 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 196 1,800 SH   SOLE   0 1,800 0
THERMO FISHER SCIENTIFIC INC COM 883556102 140 300 SH   SOLE   0 300 0
WHEATON PRECIOUS METALS CORP COM 962879102 376 9,000 SH   SOLE   0 9,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 522 12,500 SH   SOLE   0 12,500 0
WHEATON PRECIOUS METALS CORP COM 962879102 5,218 125,000 SH   SOLE   0 125,000 0
KIRKLAND LAKE GOLD LTD COM 49741E100 2,064 50,000 SH   SOLE   0 50,000 0
INVESCO QQQ TR UNIT SER 1 46090E103 31 100 SH   SOLE   0 100 0
APOLLO GLOBAL MGMT INC COM 03768E105 147 3,000 SH   SOLE   0 3,000 0
TOTAL SE SPONSORED ADS 89151E109 419 10,000 SH   SOLE   0 10,000 0
ALEXCO RESOURCE CORP COM 01535P106 1,030 325,000 SH   SOLE   0 325,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 414 1,780 SH   SOLE   0 1,780 0
ALPHABET INC CAP STK CL C 02079K107 350 200 SH   SOLE   0 200 0
BARCLAYS BANK PLC ETN LKD 48 06746P563 60 1,600 SH   SOLE   0 1,600 0
BLACKSTONE GROUP INC COM CL A 09260D107 194 3,000 SH   SOLE   0 3,000 0
BROADCOM INC COM 11135F101 559 1,276 SH   SOLE   0 1,276 0
CBOE GLOBAL MKTS INC COM 12503M108 56 600 SH   SOLE   0 600 0
CDW CORP COM 12514G108 138 1,050 SH   SOLE   0 1,050 0
CARLYLE GROUP INC COM 14316J108 141 4,500 SH   SOLE   0 4,500 0
CONOCOPHILLIPS COM 20825C104 400 10,000 SH   SOLE   0 10,000 0
CONSTELLATION BRANDS INC CL A 21036P108 1,490 6,800 SH   SOLE   0 6,800 0
COSTCO WHSL CORP NEW COM 22160K105 2,292 6,084 SH   SOLE   0 6,084 0
D R HORTON INC COM 23331A109 354 5,131 SH   SOLE   0 5,131 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 72 1,250 SH   SOLE   0 1,250 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781 833 12,000 SH   SOLE   0 12,000 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781 1,915 27,600 SH   SOLE   0 27,600 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 362 3,000 SH   SOLE   0 3,000 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 964 8,000 SH   SOLE   0 8,000 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 1,688 14,000 SH   SOLE   0 14,000 0
DIREXION SHS ETF TR DLY RUSSIA BL 2X 25490K273 76 3,500 SH   SOLE   0 3,500 0
DOMINOS PIZZA INC COM 25754A201 199 520 SH   SOLE   0 520 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 1,173 100,000 SH   SOLE   0 100,000 0
EQUINOR ASA SPONSORED ADR 29446M102 493 30,000 SH   SOLE   0 30,000 0
EVERGY INC COM 30034W106 211 3,800 SH   SOLE   0 3,800 0
EXELON CORP COM 30161N101 633 15,000 SH   SOLE   0 15,000 0
FACEBOOK INC CL A 30303M102 300 1,100 SH   SOLE   0 1,100 0
GLOBAL X FDS GLOBAL X COPPER 37954Y830 46 1,500 SH   SOLE   0 1,500 0
GLOBAL X FDS LITHIUM BTRY 37954Y855 93 1,500 SH   SOLE   0 1,500 0
GLOBAL X FDS GLOBAL X 37954Y871 291 19,000 SH   SOLE   0 19,000 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 2,318 250,000 SH   SOLE   0 250,000 0
GOLDEN STAR RES LTD CDA COM 38119T807 742 200,000 SH   SOLE   0 200,000 0
GOLDMAN SACHS GROUP INC COM 38141G104 79 300 SH   SOLE   0 300 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,435 12,900 SH   SOLE   0 12,900 0
HYCROFT MINING HOLDING COM CL A 44862P109 393 50,000 SH   SOLE   0 50,000 0
HYCROFT MINING HOLDING COM CL A 44862P109 78 50,000 SH Call SOLE   0 50,000 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 145 1,260 SH   SOLE   0 1,260 0
INVESCO DB US DLR INDEX BEARISH FD 46141D104 218 10,000 SH   SOLE   0 10,000 0
ISHARES TR MSCI POLAND ETF 46429B606 67 3,500 SH   SOLE   0 3,500 0
JD.COM INC SPON ADR CL A 47215P106 457 5,200 SH   SOLE   0 5,200 0
KKR & CO INC COM 48251W104 729 18,000 SH   SOLE   0 18,000 0
MSCI INC COM 55354G100 283 634 SH   SOLE   0 634 0
MARKETAXESS HLDGS INC COM 57060D108 114 200 SH   SOLE   0 200 0
MAVERIX METALS INC COM NEW 57776F405 382 70,000 SH   SOLE   0 70,000 0
MCKESSON CORP COM 58155Q103 70 400 SH   SOLE   0 400 0
MERCK & CO. INC COM 58933Y105 334 4,083 SH   SOLE   0 4,083 0
METALLA RTY & STREAMING LTD COM 59124U605 1,256 100,000 SH   SOLE   0 100,000 0
MOSAIC CO NEW COM 61945C103 460 20,000 SH   SOLE   0 20,000 0
ORACLE CORP COM 68389X105 295 4,561 SH   SOLE   0 4,561 0
OZON HLDGS PLC SPONSORED ADS 69269L104 21 500 SH   SOLE   0 500 0
PARAMOUNT GOLD NEV CORP COM 69924M109 199 170,000 SH   SOLE   0 170,000 0
PLUG POWER INC COM NEW 72919P202 1,696 50,000 SH   SOLE   0 50,000 0
PRETIUM RES INC COM 74139C102 459 40,000 SH   SOLE   0 40,000 0
PRETIUM RES INC COM 74139C102 689 60,000 SH   SOLE   0 60,000 0
PROLOGIS INC. COM 74340W103 219 2,200 SH   SOLE   0 2,200 0
RH COM 74967X103 694 1,550 SH   SOLE   0 1,550 0
RESOLUTE FST PRODS INC COM 76117W109 458 70,000 SH   SOLE   0 70,000 0
S&P GLOBAL INC COM 78409V104 325 989 SH   SOLE   0 989 0
SPDR S&P 500 ETF TR UNIT 78462F103 37 100 SH   SOLE   0 100 0
SANDSTORM GOLD LTD COM NEW 80013R206 645 90,000 SH   SOLE   0 90,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 4,661 650,000 SH   SOLE   0 650,000 0
SILVERCORP METALS INC COM 82835P103 348 52,000 SH   SOLE   0 52,000 0
SILVERCORP METALS INC COM 82835P103 2,007 300,000 SH   SOLE   0 300,000 0
TEMPUR SEALY INTL INC COM 88023U101 756 28,000 SH   SOLE   0 28,000 0
TESLA INC COM 88160R101 2,117 3,000 SH   SOLE   0 3,000 0
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102 234 15,000 SH   SOLE   0 15,000 0
UNITED STS GASOLINE FD LP UNITS 91201T102 29 1,200 SH   SOLE   0 1,200 0
UNITED STS OIL FD LP UNITS 91232N207 50 1,500 SH   SOLE   0 1,500 0
UNITEDHEALTH GROUP INC COM 91324P102 498 1,421 SH   SOLE   0 1,421 0
VALERO ENERGY CORP COM 91913Y100 424 7,500 SH   SOLE   0 7,500 0
VANECK VECTORS ETF TR SHORT MUNI 92189F528 1,539 85,000 SH   SOLE   0 85,000 0
VANECK VECTORS ETF TR LONG MUNI 92189F536 760 35,000 SH   SOLE   0 35,000 0
VANECK VECTORS ETF TR INTRMDT MUNI ETF 92189H201 650 12,500 SH   SOLE   0 12,500 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,133 18,400 SH   SOLE   0 18,400 0
VISA INC COM CL A 92826C839 340 1,555 SH   SOLE   0 1,555 0
XPENG INC ADS 98422D105 193 4,500 SH   SOLE   0 4,500 0
YETI HLDGS INC COM 98585X104 753 11,000 SH   SOLE   0 11,000 0
ZOETIS INC CL A 98978V103 58 350 SH   SOLE   0 350 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103 1,139 30,000 SH   SOLE   0 30,000 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 794 50,000 SH   SOLE   0 50,000 0
LINDE PLC SHS G5494J103 527 2,000 SH   SOLE   0 2,000 0
UBS GROUP AG SHS H42097107 1,197 84,700 SH   SOLE   0 84,700 0
FERRARI N V COM N3167Y103 390 1,700 SH   SOLE   0 1,700 0
YANDEX N V SHS CLASS A N97284108 233 3,350 SH   SOLE   0 3,350 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 93,286 2,976,576 SH   SOLE   0 2,976,576 0
ALAMOS GOLD INC COM CL A 011532108 3,069 350,729 SH   SOLE   0 350,729 0
ALASKA AIR GROUP INC COM 011659109 123,298 2,371,106 SH   SOLE   0 2,371,106 0
ALLEGIANT TRAVEL CO COM 01748X102 127,385 673,138 SH   SOLE   0 673,138 0
AMERICAN AIRLS GROUP INC COM 02376R102 269,079 17,062,697 SH   SOLE   0 17,062,697 0
AZUL S A SPONSR ADR PFD 05501U106 29,029 1,272,079 SH   SOLE   0 1,272,079 0
B2GOLD CORP COM 11777Q209 3,148 562,113 SH   SOLE   0 562,113 0
COPA HOLDINGS SA CL A P31076105 28,339 366,945 SH   SOLE   0 366,945 0
DELTA AIR LINES INC DEL COM NEW 247361702 286,837 7,133,481 SH   SOLE   0 7,133,481 0
ELDORADO GOLD CORP COM 284902509 4,378 329,897 SH   SOLE   0 329,897 0
FRANCO NEV CORP COM 351858105 9,902 79,004 SH   SOLE   0 79,004 0
GENERAL DYNAMICS CORP COM 369550108 88,640 595,616 SH   SOLE   0 595,616 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 27,366 2,786,759 SH   SOLE   0 2,786,759 0
GREAT PANTHER MNG LTD COM 39115V101 3,286 3,856,084 SH   SOLE   0 3,856,084 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 31,798 192,798 SH   SOLE   0 192,798 0
GRUPO AEROPUERTO DEL PACIFIC SPON ADR B 400506101 31,026 278,789 SH   SOLE   0 278,789 0
IAMGOLD CORP COM 450913108 3,281 893,994 SH   SOLE   0 893,994 0
JETBLUE AWYS CORP COM 477143101 114,079 7,845,845 SH   SOLE   0 7,845,845 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 4,045 322,024 SH   SOLE   0 322,024 0
NEW GOLD INC CDA COM 644535106 3,355 1,532,032 SH   SOLE   0 1,532,032 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 4,716 371,903 SH   SOLE   0 371,903 0
ROYAL GOLD INC COM 780287108 10,190 95,803 SH   SOLE   0 95,803 0
SANDSTORM GOLD LTD COM NEW 80013R206 4,051 565,004 SH   SOLE   0 565,004 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 3,468 218,240 SH   SOLE   0 218,240 0
SKYWEST INC COM 830879102 83,300 2,066,496 SH   SOLE   0 2,066,496 0
SOUTHWEST AIRLS CO COM 844741108 296,839 6,368,571 SH   SOLE   0 6,368,571 0
SPIRIT AIRLS INC COM 848577102 112,504 4,601,374 SH   SOLE   0 4,601,374 0
TEXTRON INC COM 883203101 91,205 1,887,125 SH   SOLE   0 1,887,125 0
UNITED AIRLS HLDGS INC COM 910047109 267,044 6,174,418 SH   SOLE   0 6,174,418 0
WHEATON PRECIOUS METALS CORP COM 962879102 10,650 255,157 SH   SOLE   0 255,157 0
CORVUS GOLD INC COM 221013105 69 29,000 SH   SOLE   0 29,000 0
EMX RTY CORP COM 26873J107 3,725 1,100,000 SH   SOLE   0 1,100,000 0
EXCELLON RES INC COM 30069C801 297 100,000 SH   SOLE   0 100,000 0
INTEGRA RES CORP COM NEW 45826T301 550 140,000 SH   SOLE   0 140,000 0
MAVERIX METALS INC COM NEW 57776F405 4,285 778,000 SH   SOLE   0 778,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 1,562 125,000 SH   SOLE   0 125,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 3,748 300,000 SH   SOLE   0 300,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 1,562 125,000 SH   SOLE   0 125,000 0
NORBORD INC COM NEW 65548P403 432 10,000 SH   SOLE   0 10,000 0
NUTRIEN LTD COM NEW 67077M108 481 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP METALS LTD COM 72765Q882 1,614 350,000 SH   SOLE   0 350,000 0