UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
Check here if Amendment [ ]; Amendment Number: ________
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors, Inc.
Address: 7900 Callaghan Road
San Antonio, TX 8278-1234
Form 13F File Number: 28-________
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Susan B. McGee
Title: President
Phone: (210) 308-1234
Signature, Place, and Date of Signing:
/s/ Susan B. McGee San Antonio, TX 11/14/2011
---------------------- -------------------- ---------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-_____________________________________
[Repeat as necessary.]
Form 13F Information Table Entry Total (not including options) 322
Form 13F Information Table Total Value (x1000) 811,663
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------------- --------- -------- ------------------- ---------- -------- -----------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER -----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------------- --------- -------- ---------- --- ---- ---------- -------- ---- ---------- -------
AETNA INC-NEW COM 00817Y108 145 4,000 SH Sole 4,000
AGILENT TECHNOLOGIES INC COM 00846U101 219 7,000 SH Sole 7,000
AGILENT TECHNOLOGIES INC COM 00846U101 781 25,000 SH Sole 25,000
AGNICO-EAGLE MINES LTD COM 008474108 9,226 155,000 SH Sole 155,000
AGNICO-EAGLE MINES LTD COM 008474108 19,642 330,000 SH Sole 330,000
AIR GAS INC COM 009363102 166 2,600 SH Sole 2,600
ALCOA INC COM 013817101 25,851 2,701,300 SH Sole 2,701,300
ALERIAN MLP ETF ALERIAN MLP 00162Q866 4,572 300,000 SH Sole 300,000
ALERIAN MLP ETF ALERIAN MLP 00162Q866 91 6,000 SH Sole 6,000
ALERIAN MLP ETF ALERIAN MLP 00162Q866 46 3,000 SH Sole 3,000
ALEXION PHARMACEUTICALS INC COM 015351109 1,025 16,000 SH Sole 16,000
ALMADEN MINERALS LTD COM 020283107 1,406 550,000 SH Sole 550,000
ALMADEN MINERALS LTD /CAD/ COM 020283107 67 25,000 SH Sole 25,000
AMERICAN TOWER CORP CL A CL A 029912201 188 3,500 SH Sole 3,500
ANADARKO PETE CORP COM 032511107 19,546 310,000 SH Sole 310,000
ANGLOGOLD ASHANTI LTD SPON ADR SPONSORED ADR 035128206 5,790 140,000 SH Sole 140,000
ANGLOGOLD ASHANTI LTD SPON ADR SPONSORED ADR 035128206 3,309 80,000 SH Sole 80,000
ANGLOGOLD ASHANTI LTD SPON ADR SPONSORED ADR 035128206 1,324 32,000 SH CALL Sole 32,000
ANOORAQ RESOURCES CORP COM 3633E111 196 331,625 SH Sole 331,625
ANOORAQ RESOURCES CORP COM 3633E111 364 615,875 SH Sole 615,875
APACHE CORP COM 037411105 17,918 223,300 SH Sole 223,300
APPLE INC COM 037833100 534 1,400 SH Sole 1,400
APPLE INC COM 037833100 1,525 4,000 SH Sole 4,000
ARCHER DANIELS MIDLAND COM 039483102 18,778 756,866 SH Sole 756,866
ASSURANT INC COM 04621X108 179 5,000 SH Sole 5,000
AT&T INC COM 00206R102 185 6,500 SH Sole 6,500
AUGUSTA RESOURCES CORP COM 050912203 3,684 1,200,000 SH Sole 1,200,000
AUGUSTA RESOURCES CORP COM 050912203 1,696 552,500 SH Sole 552,500
AUGUSTA RESOURCES CORP COM 050912203 18 5,800 SH Sole 5,800
AUGUSTA RESOURCES CORP COM 050912203 75 24,450 SH Sole 24,450
AURICO GOLD INC COM 05155C105 940 100,000 SH Sole 100,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 748 7,000 SH Sole 7,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 86 800 SH Sole 800
BAIDU INC SPON ADR SPON ADR REP A 056752108 1,283 12,000 SH CALL Sole 12,000
BAKER HUGHES INC COM 057224107 17,287 374,500 SH Sole 374,500
BALL CORP COM 058498106 155 5,000 SH Sole 5,000
BARRICK GOLD CORP COM COM 067901108 21,076 451,790 SH Sole 451,790
BARRICK GOLD CORP COM COM 067901108 10,030 215,000 SH Sole 215,000
BARRICK GOLD CORP COM COM 067901108 6,065 130,000 SH Sole 130,000
BEMIS CO COM 081437105 167 5,700 SH Sole 5,700
BHP BILLITON LIMITED ADR SPONSORED ADR 088606108 17,886 269,200 SH Sole 269,200
BODY CENTRAL CORP COM 09689U102 726 40,000 SH Sole 40,000
BRF-BRASIL FOODS SA COM 10552T107 105 6,000 SH Sole 6,000
BRUKER CORP COM 116794108 474 35,000 SH Sole 35,000
CAMECO CORP COM 13321L908 1 130 SH CALL Sole 130
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 166 4,000 SH Sole 4,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 249 6,000 SH Sole 6,000
CATERPILLAR INC COM 149123101 2,695 36,500 SH Sole 36,500
CATERPILLAR INC COM 149123101 3,914 53,000 SH Sole 53,000
CAVIUM INC COM 14964U108 405 15,000 SH Sole 15,000
CB RICHARD ELLIS GROUP INC-A CL A 12497T101 94 7,000 SH Sole 7,000
CB RICHARD ELLIS GROUP INC-A CL A 12497T101 242 18,000 SH Sole 18,000
CENOVUS ENERGY INC COM 15135U109 5,221 170,000 SH Sole 170,000
CENTURYLINK INC COM 156700106 149 4,500 SH Sole 4,500
CF INDUSTRIES HOLDINGS INC COM 125269100 123 1,000 SH Sole 1,000
CF INDUSTRIES HOLDINGS INC COM 125269100 123 1,000 SH Sole 1,000
CF INDUSTRIES HOLDINGS INC COM 125269100 247 2,000 SH Sole 2,000
CHART INDUSTRIES INC COM 16115Q308 316 7,500 SH Sole 7,500
CHECK POINT SOFTWARE TECH COM M22465104 264 5,000 SH Sole 5,000
CHECK POINT SOFTWARE TECH COM M22465104 633 12,000 SH Sole 12,000
CHINA MOBILE LTD COM Y14965100 1,419 145,400 SH Sole 145,400
CHINA PETROLEUM & CHEMICAL ADR COM 16941R108 96 1,000 SH Sole 1,000
CHINA UNICON HONG KONG LTD COM Y1519S111 418 204,500 SH Sole 204,500
CHINA UNICON HONG KONG LTD COM Y1519S111 125 61,100 SH Sole 61,100
CHUBB CORP COM 171232101 150 2,500 SH Sole 2,500
CHUNGHWA TELECOM CO LTD COM Y1613J108 87 26,000 SH Sole 26,000
CITIGROUP INC COM 172967424 2,049 80,000 SH CALL Sole 80,000
CLAUDE RESOURCES INC COM 182873109 4,818 2,657,500 SH Sole 2,657,500
CLAUDE RESOURCES INC COM 182873109 3,671 2,025,000 SH Sole 2,025,000
CME GROUP INC COM 12572Q105 172 700 SH Sole 700
CNOOC LTD ADR SPONSORED ADR 126132109 401 2,500 SH Sole 2,500
COCA COLA ENTERPRISES INC COM 19122T109 149 6,000 SH Sole 6,000
COCA-COLA CO COM 191216100 189 2,800 SH Sole 2,800
COEUR D ALENE MINES CORP IDAHO COM 192108504 5,038 235,000 SH Sole 235,000
COEUR D ALENE MINES CORP IDAHO COM 192108504 7,718 360,000 SH Sole 360,000
COMPANHIA DE BEBIDAS SPONS ADR SPON ADR 20441W203 414 13,500 SH Sole 13,500
COMPANHIA DE BEBIDAS SPONS ADR SPON ADR 20441W203 147 4,800 SH Sole 4,800
COMPUTER PROGRAMS AND SYSTEM
INC COM 205306103 728 11,000 SH Sole 11,000
COMPUWARE CORP COM 205638109 138 18,000 SH Sole 18,000
CONAGRA FOODS INC COM 205887102 11,377 469,747 SH Sole 469,747
CONAGRA FOODS INC COM 205887102 153 6,300 SH Sole 6,300
CONOCOPHILLIPS COM 20825C104 158 2,500 SH Sole 2,500
CONTINENTAL GOLD LTD COM G23850103 9,250 1,460,000 SH Sole 1,460,000
CORE LABORATORIES N V COM N22717107 117 1,300 SH Sole 1,300
CORE LABORATORIES N V COM N22717107 674 7,500 SH Sole 7,500
CREDICORP LTD COM G2519Y108 138 1,500 SH Sole 1,500
CSX CORP COM 126408103 230 12,300 SH Sole 12,300
CVR ENERGY INC COM 12662P108 1,034 48,900 SH Sole 48,900
CVR ENERGY INC COM 12662P108 23 1,100 SH Sole 1,100
DENBURY RESOURCES INC COM 247916208 115 10,000 SH Sole 10,000
DEVON ENERGY CORP COM 25179M103 26,983 486,700 SH Sole 486,700
DEVON ENERGY CORP COM 25179M103 122 2,200 SH Sole 2,200
DIAMOND OFFSHORE DRILLING INC COM 25271C102 137 2,500 SH Sole 2,500
DIRECTV CLASS A CL A 25490A101 156 3,700 SH Sole 3,700
DOLLAR TREE INC COM 256746108 225 3,000 SH Sole 3,000
DOLLAR TREE INC COM 256746108 601 8,000 SH Sole 8,000
DOMINION RESOURCES INC COM 25746U109 203 4,000 SH Sole 4,000
DONNELLEY /R R/ & SONS COM 257867101 147 10,400 SH Sole 10,400
DOW CHEM CO COM 260543103 112 5,000 SH Sole 5,000
DR PEPPER SNAPPLE GROUP INC COM 26138E113 194 5,000 SH Sole 5,000
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 1,245 245,000 SH Sole 245,000
EL PASO CORPORATION COM 28336L109 149 8,500 SH Sole 8,500
EL PASO PIPELINE PARTNERS L P
COM UNIT LPI COM 283702108 248 7,000 SH Sole 7,000
ELDORADO GOLD CORP COM 284902103 1,714 100,000 SH Sole 100,000
ELDORADO GOLD CORP COM 284902103 3,428 200,000 SH Sole 200,000
ELDORADO GOLD CORP COM 284902103 1,063 62,000 SH Sole 62,000
ELDORADO GOLD CORP COM 284902103 94 5,500 SH Sole 5,500
EMERSON ELEC CO COM 291011104 145 3,500 SH Sole 3,500
ENTERGY CORP COM 29364G103 179 2,700 SH Sole 2,700
ENTERPRISE PRODS PARTNERS L P
COM COM 293792107 173 4,300 SH Sole 4,300
ENTREE GOLD INC COM 29383G100 4,129 3,005,000 SH Sole 3,005,000
EXELON CORPORATION COM 30161N101 192 4,500 SH Sole 4,500
EXTORRE GOLD MINES LTD COM 30227B109 2,321 393,400 SH Sole 393,400
EXTORRE GOLD MINES LTD COM 30227B109 3,685 630,000 SH Sole 630,000
EXTORRE GOLD MINES LTD /CAD/ COM 30227B109 279 45,500 SH Sole 45,500
FIDELITY NATIONAL INFORMATION COM 31620M106 146 6,000 SH Sole 6,000
FIRST MAJESTIC SILVER CORP COM 32076V103 992 65,000 SH Sole 65,000
FIRST MAJESTIC SILVER CORP COM 32076V103 2,212 145,000 SH Sole 145,000
FMC TECHNOLOGIES INC COM 30249U101 4,700 125,000 SH Sole 125,000
FORD MOTOR CO DEL COM 345370860 135 14,000 SH Sole 14,000
FRANCO-NEVADA CORP COM 351858105 6,873 190,000 SH Sole 190,000
FRANCO-NEVADA CORP COM 351858105 5,788 160,000 SH Sole 160,000
FRANCO-NEVADA CORP /CAD/ COM 351858105 10 29,000 SH WTS Sole 29,000
FRANCO-NEVADA CORP /CAD/ COM 351858105 51 7,400 SH WTS Sole 7,400
FRANCO-NEVADA CORP /CAD/ COM 351858105 13 2,000 SH WTS Sole 2,000
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 12,180 400,000 SH Sole 400,000
FX ENERGY INC COM 302695101 81 19,700 SH Sole 19,700
GANNETT CO COM 364730101 124 13,000 SH Sole 13,000
GAP INC COM 364760108 146 9,000 SH Sole 9,000
GENERAL ELECTRIC CO COM 369604103 152 10,000 SH Sole 10,000
GENERAL ELECTRIC CO COM 369604103 381 25,000 SH Sole 25,000
GENWORTH FINANCIAL INC CLASS A CL A 37247D106 98 17,000 SH Sole 17,000
GILEAD SCIENCES INC COM 375558103 194 5,000 SH Sole 5,000
GOLD FIELDS LTD SPONSORED ADR SPON ADR 38059T106 2,298 150,000 SH Sole 150,000
GOLDCORP INC COM 380956409 10,066 220,563 SH Sole 220,563
GOLDCORP INC COM 380956409 5,705 125,000 SH Sole 125,000
GOLDCORP INC COM 380956409 9,813 215,000 SH Sole 215,000
GOLD FIELDS LTD COM 38059T906 1,256 82,000 SH CALL Sole 82,000
GOLDEN MINERALS COMPANY /CAD/ COM 381119106 19 2,500 SH Sole 2,500
GOOGLE INC CLASS A CL A 38259P508 206 400 SH Sole 400
GRAINGER /W W/ INC COM 384802104 748 5,000 SH Sole 5,000
GREAT BASIN GOLD LTD COM 390124105 507 300,000 SH Sole 300,000
GREAT BASIN GOLD LTD COM 390124105 1,689 1,000,000 SH Sole 1,000,000
GRUPO AEROPORTUARIO DEL SURESTE
SAB DE CV COM 40051E206 199 4,000 SH Sole 4,000
GULFPORT ENERGY CORP COM 402635304 339 14,000 SH Sole 14,000
HALLIBURTON CO HOLDING COM 406216101 122 4,000 SH Sole 4,000
HALLIBURTON CO HOLDING COM 406216101 458 15,000 SH Sole 15,000
HANSEN NATURAL CORP COM 411310105 262 3,000 SH Sole 3,000
HANSEN NATURAL CORP COM 411310105 567 6,500 SH Sole 6,500
HARBINGER GROUP INC COM 41146A106 26 5,050 SH Sole 5,050
HARMONY GOLD MINING CO LTD
SPONSORED ADR SPON ADR 413216300 9,971 850,000 SH Sole 850,000
HARMONY GOLD MINING CO LTD
SPONSORED ADR SPON ADR 413216300 12,082 1,030,000 SH Sole 1,030,000
HARMONY GOLD MINING CO LTD
SPONSORED ADR SPON ADR 413216300 622 53,000 SH CALL Sole 53,000
HARMONY GOLD MINING CO LTD
SPONSORED ADR SPON ADR 413216300 23 1,000 SH CALL Sole 1,000
HEALTH MGMT ASSOC INC CL A COM 421933102 484 70,000 SH Sole 70,000
HESS CORP COM 42809H107 30,631 583,900 SH Sole 583,900
HEWLETT PACKARD COM 428236103 112 5,000 SH Sole 5,000
HI-TECH PHARMACAL INC COM 42840B101 806 24,000 SH Sole 24,000
HOME INNS AND HOTELS MANAGEMENT SPON ADR 43713W107 272 10,567 SH Sole 10,567
IAMGOLD CORPORATION COM 450913108 7,319 370,000 SH Sole 370,000
IAMGOLD CORPORATION COM 450913108 6,033 305,000 SH Sole 305,000
INTEROIL CORP COM 460951106 122 2,500 SH Sole 2,500
INTERNATIONAL PAPER CO COM 460146103 9,749 419,300 SH Sole 419,300
ISHARES SILVER TRUST ETF ISHARES 46428Q109 14 500 SH Sole 500
ISHARES SILVER TRUST ETF ISHARES 46428Q109 14 500 SH Sole 500
ISHARES SILVER TRUST ETF ISHARES 46428Q109 29 1,000 SH Sole 1,000
ISHARES SILVER TRUST ETF ISHARES 46428Q109 14 500 SH Sole 500
ISHARES SILVER TRUST ETF ISHARES 46428Q109 43 1,500 SH Sole 1,500
IVANHOE ENERGY INC COM 465790103 446 414,100 SH Sole 414,100
IVANHOE ENERGY INC /CAD/ COM 465790103 22 19,550 SH Sole 19,550
JANUS CAPITAL GROUP INC COM 47102X105 108 18,000 SH Sole 18,000
JAZZ PHARMACEUTICALS INC COM 472147107 768 18,500 SH Sole 18,500
KIMBER RESOURCES INC COM 49435N101 1,478 1,120,000 SH Sole 1,120,000
KIMBER RESOURCES INC COM 49435N101 46 35,000 SH Sole 35,000
KINROSS GOLD CORP COM 496902404 6,799 460,000 SH Sole 460,000
KINROSS GOLD CORP COM 496902404 15,667 1,060,000 SH Sole 1,060,000
KIRBY CORP COM 497266106 211 4,000 SH Sole 4,000
KOHLS CORP COM 500255104 172 3,500 SH Sole 3,500
L 3 COMMUNICATIONS HLDG CORP COM 502424104 143 2,300 SH Sole 2,300
LIMITED BRANDS INC COM 532716107 181 4,700 SH Sole 4,700
LOCKHEED MARTIN CORP COM 539830109 167 2,300 SH Sole 2,300
LORILLARD INC COM 544147101 188 1,700 SH Sole 1,700
LSI CORPORATION COM 502161102 124 24,000 SH Sole 24,000
MAG SILVER CORPORATION COM 55903Q104 6,173 789,000 SH Sole 789,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 82 10,000 SH Sole 10,000
MARATHON OIL CORP COM 565849106 18,442 854,600 SH Sole 854,600
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 193 3,500 SH Sole 3,500
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 193 3,500 SH Sole 3,500
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 442 8,000 SH Sole 8,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 4,139 75,000 SH CALL Sole 75,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 9,520 172,500 SH CALL Sole 172,500
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 9 10,000 SH CALL Sole 10,000
MASTERCARD INC COM 57636Q104 412 1,300 SH Sole 1,300
MASTERCARD INC COM 57636Q104 476 1,500 SH Sole 1,500
MASTERCARD INC COM 57636Q104 698 2,200 SH Sole 2,200
MEDCO HEALTH SOLUTIONS INC COM 58405U102 141 3,000 SH Sole 3,000
COMPANIA DE MINAS BUENAVENTURA SPON ADR 204448104 132 3,500 SH Sole 3,500
COMPANIA DE MINAS BUENAVENTURA SPON ADR 204448104 566 15,000 SH Sole 15,000
COMPANIA DE MINAS BUENAVENTURA SPON ADR 204448104 94 2,500 SH Sole 2,500
MINEFINDERS LTD COM 602900102 1,183 85,000 SH Sole 85,000
MINEFINDERS LTD COM 602900102 1,601 115,000 SH Sole 115,000
MINES MANAGEMENT INC COM 603432105 1,251 767,500 SH Sole 767,500
MINES MANAGEMENT INC COM 603432105 65 40,000 SH Sole 40,000
MINES MANAGEMENT INC COM 603432105 1 6,000 SH WTS Sole 6,000
MITCHAM INDS INC COM 606501104 90 8,000 SH Sole 8,000
NATIONAL OILWELL VARCO INC COM 637071101 205 4,000 SH Sole 4,000
NETEASE.COM INC ADR COM 64110W102 912 23,906 SH Sole 23,906
NETEASE.COM INC ADR COM 64110W102 103 2,710 SH Sole 2,710
NEVSUN RES LTD COM 64156L101 503 100,000 SH Sole 100,000
NEW GOLD INC /CAD/ COM 644535106 171 285,000 SH WTS Sole 285,000
NEW GOLD INC /CAD/ COM 644535106 360 599,500 SH WTS Sole 599,500
NEW GOLD INC /CAD/ COM 644535106 4 57,500 SH WTS Sole 57,500
NEWMONT MINING CORP COM 651639106 11,454 182,100 SH Sole 182,100
NEWMONT MINING CORP COM 651639106 2,202 35,000 SH Sole 35,000
NEWMONT MINING CORP COM 651639106 2,516 40,000 SH Sole 40,000
NGL ENERGY PARTNERS LP COM 62913M107 54 2,500 SH Sole 2,500
NGL ENERGY PARTNERS LP COM 62913M107 161 7,500 SH Sole 7,500
NGP CAPITAL RESOURCES CO COM 62912R107 196 30,000 SH Sole 30,000
NOBLE CORPORATION COM H5833N103 147 5,000 SH Sole 5,000
NORFOLK SOUTHERN CORP COM 655844108 244 4,000 SH Sole 4,000
NOVELLUS SYSTEMS INC COM 670008101 150 5,500 SH Sole 5,500
NRG ENERGY INC COM 629377508 140 6,600 SH Sole 6,600
NUSTAR ENERGY LP UNIT COM 67058H102 261 5,000 SH Sole 5,000
OIL SVC HOLDRS DEPOSTRY RCPT 678002906 258 2,500 SH CALL Sole 2,500
OIL SVC HOLDRS DEPOSTRY RCPT 678002906 7 2,500 SH CALL Sole 2,500
ONEOK PARTNERS LP UNIT LTD
PARTN COM 68268N103 186 4,000 SH Sole 4,000
OPEN TEXT CORP COM 683715106 521 10,000 SH Sole 10,000
P P G INDUSTRIES INC COM 693506107 141 2,000 SH Sole 2,000
PERRIGO CO COM 714290103 486 5,000 SH Sole 5,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E112 602 5,000 SH Sole 5,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E104 108 900 SH Sole 900
PITNEY BOWES COM 724479100 141 7,500 SH Sole 7,500
PLATINUM GROUP METALS /CAD/ COM 72765Q205 2,156 2,000,000 SH Sole 2,000,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 85 75,000 SH Sole 75,000
POLARIS INDUSTRIES INC COM 731068102 400 8,000 SH Sole 8,000
POTASH CORP SASKATCHEWAN COM 73755L107 8,583 198,600 SH Sole 198,600
POWERSHARES DB COMMODITY INDEX
FUND UNIT BEN INT 73935S105 319 9,000 SH Sole 9,000
POWERSHARES DB US DOLLAR
INDEXBULLISH FUND UNIT BEN INT 73936D107 6,692 300,000 SH Sole 300,000
POWERSHARES DB US DOLLAR
INDEXBULLISH FUND UNIT BEN INT 73936D107 156 7,000 SH Sole 7,000
PPL CORPORATION COM 69351T106 186 6,500 SH Sole 6,500
PRIMORIS SERVICES CORP COM 74164F103 230 22,000 SH Sole 22,000
PROSHARES SHORT S AND P 500 ETF PSHS SHRT S&P500 74347R503 323 7,000 SH Sole 7,000
PROSHARES SHORT S AND P 500 ETF PSHS SHRT S&P500 74347R503 323 7,000 SH Sole 7,000
PROSHARES SHORT S AND P 500 ETF PSHS SHRT S&P500 74347R503 738 16,000 SH Sole 16,000
PROSHARES ULTRASHORT OIL &
GASPROSHARES PSHS SHT OIL&GAS 74347X591 158 4,000 SH Sole 4,000
PROSHARES ULTRASHORT OIL &
GASPROSHARES PSHS SHT OIL&GAS 74347X591 1,976 50,000 SH Sole 50,000
PROSHARES ULTRASHORT OIL &
GASPROSHARES PSHS SHT OIL&GAS 74347X591 158 4,000 SH Sole 4,000
PROSHARES ULTRASHORT OIL &
GASPROSHARES PSHS SHT OIL&GAS 74347X591 395 10,000 SH Sole 10,000
PROSHARES ULTRASHORT OIL &
GASPROSHARES PSHS SHT OIL&GAS 74347X591 119 3,000 SH Sole 3,000
PROSHARES ULTRASHORT SILVER ULTRA SILVER 74347W841 311 18,200 SH Sole 18,200
PROSHARES ULTRASHORT SILVER ULTRA SILVER 74347W841 124 7,250 SH Sole 7,250
QUALCOMM INC COM 747525103 233 4,800 SH Sole 4,800
QUALCOMM INC COM 747525103 292 6,000 SH Sole 6,000
QUEST DIAGNOSTICS INC COM 74834L100 158 3,200 SH Sole 3,200
RANDGOLD RESOURCES LTD ADR ADR 752344309 11,606 120,000 SH Sole 120,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 24,180 250,000 SH Sole 250,000
RAYTHEON COMPANY COM 755111507 163 4,000 SH Sole 4,000
REVETT MINERALS INC COM 761505205 1,943 501,600 SH Sole 501,600
RICHMONT MINES INC COM 76547T106 3,409 322,500 SH Sole 322,500
RICHMONT MINES INC COM 76547T106 6,316 597,500 SH Sole 597,500
ROBBINS & MYERS INC COM 770196103 4,575 131,800 SH Sole 131,800
RODMAN & RENSHAW CAP GRP INC COM 77487R100 11 10,000 SH Sole 10,000
ROYAL GOLD INC COM 780287108 6,406 100,000 SH Sole 100,000
RUBICON MINERALS CORP COM 780911103 5,120 1,470,000 SH Sole 1,470,000
SAFEWAY INC COM 786514208 143 8,600 SH Sole 8,600
SANDRIDGE ENERGY INC COM 80007P307 1,390 250,000 SH Sole 250,000
SANDRIDGE PERMIAN TRUST COM UNIT BEN INT 80007A102 3,370 200,000 SH Sole 200,000
SCHLUMBERGER LTD COM 806857108 17,525 293,400 SH Sole 293,400
SEADRILL LTD SHS G7945E105 135 4,900 SH Sole 4,900
SELECT COMFORT CORPORATION COM 81616X103 279 20,000 SH Sole 20,000
SEMPRA ENERGY COM 816851109 155 3,000 SH Sole 3,000
SHERWIN WILLIAMS COM 824348106 149 2,000 SH Sole 2,000
SILVER STD RES INC COM 82823L106 3,487 190,000 SH Sole 190,000
SILVER STD RES INC COM 82823L106 5,230 285,000 SH Sole 285,000
SOHU.COM INC COM 83408W103 276 5,721 SH Sole 5,721
SOLITARIO EXPLORATION & ROYALTY COM 8342EP107 1,605 940,000 SH Sole 940,000
SOUTHERN CO COM 842587107 169 4,000 SH Sole 4,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 2,529 16,000 SH Sole 16,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 221 1,400 SH Sole 1,400
SPDR GOLD TRUST ETF GOLD SHS 78463V107 537 3,400 SH Sole 3,400
SPDR GOLD TRUST ETF GOLD SHS 78463V107 47 300 SH Sole 300
SPDR GOLD TRUST ETF GOLD SHS 78463V107 553 3,500 SH Sole 3,500
SPDR GOLD TRUST ETF GOLD SHS 78463V107 47 300 SH Sole 300
SPDR GOLD TRUST ETF GOLD SHS 78463V107 95 600 SH Sole 600
SPDR GOLD TRUST ETF GOLD SHS 78463V107 47 300 SH Sole 300
SPDR GOLD TRUST ETF GOLD SHS 78463V107 16 100 SH Sole 100
SPDR GOLD TRUST ETF GOLD SHS 78463V107 95 600 SH Sole 600
SPDR GOLD TRUST ETF GOLD SHS 78463V107 1,581 10,000 SH CALL Sole 10,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 474 3,000 SH CALL Sole 3,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 88 3,500 SH PUT Sole 3,500
SPDR GOLD TRUST ETF GOLD SHS 78463V107 131 5,000 SH PUT Sole 5,000
SPECTRA ENERGY CORP COM 847560109 172 7,000 SH Sole 7,000
STAMPS.COM INC COM 852857200 470 23,000 SH Sole 23,000
STARBUCKS CORP COM 855244109 410 11,000 SH Sole 11,000
STARBUCKS CORP COM 855244109 1,119 30,000 SH Sole 30,000
THE NASDAQ OMX GROUP COM 631103108 162 7,000 SH Sole 7,000
THOMPSON CREEK METALS /CAD/ COM 884768102 1 14,000 SH WTS Sole 14,000
TRANSCANADA CORP COM 89353D107 344 8,500 SH Sole 8,500
TRAVELERS COS INC COM 89417E113 146 3,000 SH Sole 3,000
TYSON FOODS INC DEL CLASS A CL A 902494103 22,785 1,312,500 SH Sole 1,312,500
ULTA SALON COSMETICS & FRAGR COM 90384S303 156 2,500 SH Sole 2,500
UNITED STATES STEEL CORP COM 912909108 24,984 1,135,100 SH Sole 1,135,100
UNITED STATES STEEL CORP COM 912909108 110 5,000 SH Sole 5,000
UNITEDHEALTH GROUP INC COM 91324P102 115 2,500 SH Sole 2,500
UNITEDHEALTH GROUP INC COM 91324P102 277 6,000 SH Sole 6,000
URANIUM ENERGY CORP COM 916896103 149 54,500 SH Sole 54,500
VALEANT PHARMACEUTICALS INTERN COM 91911K102 557 15,000 SH Sole 15,000
VERISIGN INC COM 92343E106 157 5,500 SH Sole 5,500
VERIZON COMMUNICATIONS COM 92343V104 202 5,500 SH Sole 5,500
VMWARE INC-CLASS A CL A 928563402 201 2,500 SH Sole 2,500
VMWARE INC-CLASS A CL A 928563402 482 6,000 SH Sole 6,000
WABCO HOLDINGS INC COM 92927K102 114 3,000 SH Sole 3,000
WABCO HOLDINGS INC COM 92927K102 379 10,000 SH Sole 10,000
WASHINGTON POST CO CL B CL B 939640108 131 400 SH Sole 400
WELLPOINT INC COM 94973V107 163 2,500 SH Sole 2,500
WESTERN REFINING INC COM 959319104 187 15,000 SH Sole 15,000
WEYERHAEUSER CO COM 962166104 30,049 1,932,400 SH Sole 1,932,400
XL GROUP PLC COM G98290102 160 8,500 SH Sole 8,500
YAMANA GOLD INC COM 98462Y100 9,563 700,100 SH Sole 700,100
YAMANA GOLD INC COM 98462Y100 17,758 1,300,000 SH Sole 1,300,000
YANZHOU COAL MINING CO H /HKD/ COM Y97417102 556 264,500 SH Sole 264,500
ZAGG INC COM 98884U108 298 30,000 SH Sole 30,000
GRAND TOTAL 811,663 53,711,100