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
ABERDEEN STD PLATINUM ETF TR PHYSCL PLATM SHS 003260106 10 107 SH   SOLE   0 107 0
ABERDEEN STD PLATINUM ETF TR PHYSCL PLATM SHS 003260106 66 738 SH   SOLE   0 738 0
ABERDEEN STD PLATINUM ETF TR PHYSCL PLATM SHS 003260106 104 1,155 SH   SOLE   0 1,155 0
ALCOA CORP COM 013872106 1,490 25,000 SH   SOLE   0 25,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 75 630 SH   SOLE   0 630 0
AMAZON COM INC COM 023135106 2,301 690 SH   SOLE   0 690 0
APPLE INC COM 037833100 3,036 17,100 SH   SOLE   0 17,100 0
BARCLAYS BANK PLC ETN LKD 48 06746P563 67 1,100 SH   SOLE   0 1,100 0
BARRICK GOLD CORP COM 067901108 199 700 SH Call SOLE   0 700 0
BARRICK GOLD CORP COM 067901108 305 1,075 SH Call SOLE   0 1,075 0
BARRICK GOLD CORP COM 067901108 604 2,125 SH Call SOLE   0 2,125 0
BARRICK GOLD CORP COM 067901108 182 9,600 SH   SOLE   0 9,600 0
BLACK STONE MINERALS L P COM UNIT 09225M101 723 70,000 SH   SOLE   0 70,000 0
BLACKSTONE INC COM 09260D107 1,876 14,500 SH   SOLE   0 14,500 0
BLOOM ENERGY CORP COM CL A 093712107 658 30,000 SH   SOLE   0 30,000 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 292 25,000 SH   SOLE   0 25,000 0
CANADIAN SOLAR INC COM 136635109 1,095 35,000 SH   SOLE   0 35,000 0
CBOE GLOBAL MKTS INC COM 12503M108 78 600 SH   SOLE   0 600 0
CF INDS HLDGS INC COM 125269100 708 10,000 SH   SOLE   0 10,000 0
CHENIERE ENERGY INC COM NEW 16411R208 761 7,500 SH   SOLE   0 7,500 0
CONOCOPHILLIPS COM 20825C104 722 10,000 SH   SOLE   0 10,000 0
COSTCO WHSL CORP NEW COM 22160K105 3,227 5,684 SH   SOLE   0 5,684 0
COTY INC COM CL A 222070203 1,050 100,000 SH   SOLE   0 100,000 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 207 5,125 SH   SOLE   0 5,125 0
DENBURY INC COM 24790A101 766 10,000 SH   SOLE   0 10,000 0
DIREXION SHS ETF TR DAILY FTSE CHINA 25460E521 151 7,450 SH   SOLE   0 7,450 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 5 83 SH   SOLE   0 83 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 93 1,448 SH   SOLE   0 1,448 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831 146 2,269 SH   SOLE   0 2,269 0
ELDORADO GOLD CORP NEW COM 284902509 1,169 125,000 SH   SOLE   0 125,000 0
EOG RES INC COM 26875P101 888 10,000 SH   SOLE   0 10,000 0
EQUINOR ASA SPONSORED ADR 29446M102 1,317 50,000 SH   SOLE   0 50,000 0
FERRARI N V COM N3167Y103 629 2,429 SH   SOLE   0 2,429 0
FIRST TR EXCHANGE-TRADED FD GBL WND ENRG ETF 33736G106 24 1,200 SH   SOLE   0 1,200 0
FRANCO NEV CORP COM 351858105 415 3,000 SH   SOLE   0 3,000 0
FRANCO NEV CORP COM 351858105 1,383 10,000 SH   SOLE   0 10,000 0
GLOBAL X FDS MSCI GREECE ETF 37954Y319 106 4,000 SH   SOLE   0 4,000 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 8 206 SH   SOLE   0 206 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 69 1,868 SH   SOLE   0 1,868 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 107 2,926 SH   SOLE   0 2,926 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 1,374 125,000 SH   SOLE   0 125,000 0
GOLDMAN SACHS GROUP INC COM 38141G104 115 300 SH   SOLE   0 300 0
HALLIBURTON CO COM 406216101 457 20,000 SH   SOLE   0 20,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,055 500,000 SH   SOLE   0 500,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,404 9,000 SH   SOLE   0 9,000 0
HOME DEPOT INC COM 437076102 1,659 3,998 SH   SOLE   0 3,998 0
HSBC HLDGS PLC SPON ADR NEW 404280406 25 300 SH Call SOLE   0 300 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 172 1,260 SH   SOLE   0 1,260 0
INVESCO DB MULTI-SECTOR COMM AGRICULTURE FD 46140H106 198 10,000 SH   SOLE   0 10,000 0
INVESCO DB MULTI-SECTOR COMM BASE METALS FD 46140H700 45 2,000 SH   SOLE   0 2,000 0
INVESCO QQQ TR UNIT SER 1 46090E103 40 100 SH   SOLE   0 100 0
ISHARES TR SHRT NAT MUN ETF 464288158 1,664 15,500 SH   SOLE   0 15,500 0
ISHARES TR MSCI POLAND ETF 46429B606 126 6,000 SH   SOLE   0 6,000 0
ISHARES TR U.S. REAL ES ETF 464287739 58 500 SH   SOLE   0 500 0
IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 199 20,000 SH   SOLE   0 20,000 0
IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 398 40,000 SH   SOLE   0 40,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 750 55,000 SH   SOLE   0 55,000 0
KKR & CO INC COM 48251W104 1,706 22,900 SH   SOLE   0 22,900 0
KRANESHARES TR CALIFORNIA CARB ADDED 500767553 56 2,000 SH   SOLE   0 2,000 0
KRANESHARES TR GLOBAL CARB STRA 500767678 66 1,300 SH   SOLE   0 1,300 0
LAUDER ESTEE COS INC CL A 518439104 586 1,584 SH   SOLE   0 1,584 0
LINDE PLC SHS G5494J103 693 2,000 SH   SOLE   0 2,000 0
LOUISIANA PAC CORP COM 546347105 784 10,000 SH   SOLE   0 10,000 0
MARKETAXESS HLDGS INC COM 57060D108 82 200 SH   SOLE   0 200 0
MARRIOTT INTL INC NEW CL A 571903202 1,157 7,000 SH   SOLE   0 7,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 347 50,000 SH   SOLE   0 50,000 0
MGM RESORTS INTERNATIONAL COM 552953101 583 13,000 SH   SOLE   0 13,000 0
MOBILE TELESYSTEMS PUB JT ST SPONSORED ADR 607409109 355 44,700 SH   SOLE   0 44,700 0
MOODYS CORP COM 615369105 117 300 SH   SOLE   0 300 0
MOSAIC CO NEW COM 61945C103 786 20,000 SH   SOLE   0 20,000 0
MP MATERIALS CORP COM CL A 553368101 681 15,000 SH   SOLE   0 15,000 0
MSCI INC COM 55354G100 388 634 SH   SOLE   0 634 0
NEWMONT CORP COM 651639106 215 200 SH Call SOLE   0 200 0
NEWMONT CORP COM 651639106 323 300 SH Call SOLE   0 300 0
NEWMONT CORP COM 651639106 1,451 1,350 SH Call SOLE   0 1,350 0
NEWMONT CORP COM 651639106 180 2,900 SH   SOLE   0 2,900 0
NEWMONT CORP COM 651639106 1,551 25,000 SH   SOLE   0 25,000 0
NIO INC SPON ADS 62914V106 1,394 44,000 SH   SOLE   0 44,000 0
OCCIDENTAL PETE CORP COM 674599105 725 25,000 SH   SOLE   0 25,000 0
PAN AMERN SILVER CORP COM 697900108 1,249 50,000 SH   SOLE   0 50,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109 119 170,000 SH   SOLE   0 170,000 0
PHILLIPS 66 COM 718546104 471 6,500 SH   SOLE   0 6,500 0
PIEDMONT LITHIUM INC COM 72016P105 656 12,500 SH   SOLE   0 12,500 0
PINDUODUO INC SPONSORED ADS 722304102 117 2,000 SH   SOLE   0 2,000 0
POTLATCHDELTIC CORPORATION COM 737630103 602 10,000 SH   SOLE   0 10,000 0
PVH CORPORATION COM 693656100 576 5,400 SH   SOLE   0 5,400 0
RANGE RES CORP COM 75281A109 535 30,000 SH   SOLE   0 30,000 0
RAYONIER INC COM 754907103 605 15,000 SH   SOLE   0 15,000 0
ROYAL CARIBBEAN GROUP COM V7780T103 169 2,200 SH   SOLE   0 2,200 0
ROYAL GOLD INC COM 780287108 347 3,300 SH   SOLE   0 3,300 0
ROYAL GOLD INC COM 780287108 1,841 17,500 SH   SOLE   0 17,500 0
S&P GLOBAL INC COM 78409V104 467 989 SH   SOLE   0 989 0
SABINE RTY TR UNIT BEN INT 785688102 834 20,000 SH   SOLE   0 20,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 310 50,000 SH   SOLE   0 50,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 1,395 225,000 SH   SOLE   0 225,000 0
SCHLUMBERGER LTD COM STK 806857108 359 12,000 SH   SOLE   0 12,000 0
SEABRIDGE GOLD INC COM 811916105 660 40,000 SH   SOLE   0 40,000 0
SILVERCORP METALS INC COM 82835P103 196 52,000 SH   SOLE   0 52,000 0
SILVERCORP METALS INC COM 82835P103 1,128 300,000 SH   SOLE   0 300,000 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 47 100 SH   SOLE   0 100 0
SSR MNG INC COM 784730103 7,346 415,000 SH   SOLE   0 415,000 0
TESLA INC COM 88160R101 4,708 4,455 SH   SOLE   0 4,455 0
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102 43 2,000 SH   SOLE   0 2,000 0
TEUCRIUM COMMODITY TR WHEAT FD 88166A508 15 2,000 SH   SOLE   0 2,000 0
TMC THE METALS COMPANY INC COM 87261Y106 416 200,000 SH   SOLE   0 200,000 0
TOTALENERGIES SE SPONSORED ADS 89151E109 989 20,000 SH   SOLE   0 20,000 0
UBS GROUP AG SHS H42097107 2,806 157,000 SH   SOLE   0 157,000 0
UNITED STS GASOLINE FD LP UNITS 91201T102 16 400 SH   SOLE   0 400 0
UNITED STS OIL FD LP UNITS 91232N207 11 200 SH   SOLE   0 200 0
VALERO ENERGY CORP COM 91913Y100 563 7,500 SH   SOLE   0 7,500 0
VANECK ETF TRUST STEEL ETF 92189F205 16 300 SH   SOLE   0 300 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 1 629 SH Call SOLE   0 629 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 64 450 SH Call SOLE   0 450 0
VANECK ETF TRUST VANECK SHRT MUNI 92189F528 1,737 97,000 SH   SOLE   0 97,000 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,825 30,000 SH   SOLE   0 30,000 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 426 20,000 SH   SOLE   0 20,000 0
VISA INC COM CL A 92826C839 337 1,555 SH   SOLE   0 1,555 0
WHEATON PRECIOUS METALS CORP COM 962879102 386 9,000 SH   SOLE   0 9,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 3,220 75,000 SH   SOLE   0 75,000 0
YANDEX N V SHS CLASS A N97284108 212 3,500 SH   SOLE   0 3,500 0
ALASKA AIR GROUP COM 011659109 99,735 1,914,305 SH   SOLE   0 1,914,305 0
ALLEGIANT TRAVEL CO COM 01748X102 97,490 521,226 SH   SOLE   0 521,226 0
AMERICAN AIRLS GROUP INC COM 02376R102 321,981 17,927,661 SH   SOLE   0 17,927,661 0
AZUL SA-ADR SPONSR ADR PFD 05501U106 16,170 1,225,021 SH   SOLE   0 1,225,021 0
B2GOLD CORP COM 11777Q209 2,831 720,455 SH   SOLE   0 720,455 0
BOEING CO COM 097023105 61,697 306,463 SH   SOLE   0 306,463 0
BOOKING HOLDINGS INC COM 09857L108 68,388 28,504 SH   SOLE   0 28,504 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 17,969 999,918 SH   SOLE   0 999,918 0
COPA HOLDINGS SA CL A P31076105 17,507 211,796 SH   SOLE   0 211,796 0
DELTA AIR LINES INC DEL COM NEW 247361702 329,780 8,438,591 SH   SOLE   0 8,438,591 0
ELDORADO GOLD CORP NEW COM 284902509 2,762 295,365 SH   SOLE   0 295,365 0
EMBRAER SA-ADR SPONSORED ADS 29082A107 39,395 2,219,434 SH   SOLE   0 2,219,434 0
EXPEDIA GROUP INC COM NEW 30212P303 69,679 385,563 SH   SOLE   0 385,563 0
FRANCO-NEVADA CO COM 351858105 9,352 67,629 SH   SOLE   0 67,629 0
GENERAL DYNAMICS CORP COM 369550108 66,696 319,929 SH   SOLE   0 319,929 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 15,793 2,610,475 SH   SOLE   0 2,610,475 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,811 684,042 SH   SOLE   0 684,042 0
HAWAIIAN HOLDING INC COM 419879101 89,432 4,868,386 SH   SOLE   0 4,868,386 0
JETBLUE AIRWAYS CORP COM 477143101 96,522 6,778,234 SH   SOLE   0 6,778,234 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,610 376,616 SH   SOLE   0 376,616 0
NEW GOLD INC CDA COM 644535106 2,753 1,835,343 SH   SOLE   0 1,835,343 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 3,820 311,821 SH   SOLE   0 311,821 0
ROYAL GOLD INC COM 780287108 9,505 90,340 SH   SOLE   0 90,340 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 16,380 160,070 SH   SOLE   0 160,070 0
SABRE CORP COM 78573M104 61,698 7,182,506 SH   SOLE   0 7,182,506 0
SANDSTORM GOLD LTD COM NEW 80013R206 3,849 620,732 SH   SOLE   0 620,732 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 3,581 285,606 SH   SOLE   0 285,606 0
SKYWEST INC COM 830879102 92,312 2,348,900 SH   SOLE   0 2,348,900 0
SOUTHWEST AIRLS CO COM 844741108 303,892 7,093,655 SH   SOLE   0 7,093,655 0
SPIRIT AIRLINES INC COM 848577102 91,505 4,187,880 SH   SOLE   0 4,187,880 0
SSR MINING INC COM 784730103 2,717 153,492 SH   SOLE   0 153,492 0
SUN CTRY AIRLS HLDGS INC COM 866683105 97,926 3,593,605 SH   SOLE   0 3,593,605 0
TEXTRON INC COM 883203101 65,965 854,474 SH   SOLE   0 854,474 0
TRIP.COM GRO-ADR ADS 89677Q107 28,635 1,163,096 SH   SOLE   0 1,163,096 0
TRIPADVISOR INC COM 896945201 65,143 2,389,680 SH   SOLE   0 2,389,680 0
UNITED AIRLS HLDGS INC COM 910047109 324,140 7,403,845 SH   SOLE   0 7,403,845 0
WHEATON PRECIOUS METALS CORP COM 962879102 9,412 219,231 SH   SOLE   0 219,231 0
BURCON NUTRASCIENCE CORP COM 120831102 884 750,000 SH   SOLE   0 750,000 0
CENTERRA GOLD INC COM 152006102 1,350 175,000 SH   SOLE   0 175,000 0
CENTERRA GOLD INC COM 152006102 2,933 380,239 SH   SOLE   0 380,239 0
EMX ROYALTY CORP COM 26873J107 2,231 1,000,000 SH   SOLE   0 1,000,000 0
FORTUNA SILVER MINES INC COM 349915108 3,909 1,000,000 SH   SOLE   0 1,000,000 0
MAVERIX METALS INC COM NEW 57776F405 3,276 750,000 SH   SOLE   0 750,000 0
METALLA RTY & STREAMING LTD COM 59124U605 868 125,000 SH   SOLE   0 125,000 0
METALLA RTY & STREAMING LTD COM 59124U605 2,084 300,000 SH   SOLE   0 300,000 0
METALLA RTY & STREAMING LTD COM 59124U605 347 50,000 SH   SOLE   0 50,000 0
NOMAD ROYALTY COMPANY LTD COM 65532M606 767 100,000 SH   SOLE   0 100,000 0
NOMAD ROYALTY COMPANY LTD COM 65532M606 384 50,000 SH   SOLE   0 50,000 0
NUTRIEN LTD COM 67077M108 752 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP METALS LTD COM 72765Q882 236 150,000 SH   SOLE   0 150,000 0
SKEENA RESOURCES LTD NEW COM 83056P715 1,042 100,000 SH   SOLE   0 100,000 0
WEST FRASER TIMBER CO LTD COM 952845105 645 6,750 SH   SOLE   0 6,750 0