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
AFLAC INC COM 001055102 252 4,778 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 760 5,295 SH   SOLE   0 0 0
ALLEGHANY CORP MD COM 017175100 3,083 4,900 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103 305,917 110,784,545 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109 139,869 807,942 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 1,094 1,449,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206 68,541 4,245,122 SH   SOLE   0 0 0
APPLE INC COM 037833100 678 4,776 SH   SOLE   0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 117,064 1,971,796 SH   SOLE   0 0 0
AVIS BUDGET GROUP COM 053774105 55,500 457,636 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108 33,968 1,900,597 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 36,093 131,556 SH   SOLE   0 0 0
BLOCK H & R INC COM 093671105 1,014 40,000 SH   SOLE   0 0 0
BRF SA SPONSORED ADR 10552T107 6,725 1,318,610 SH   SOLE   0 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 233,964 3,949,095 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209 845 250,000 SH   SOLE   0 0 0
CIGNA CORP NEW COM 125523100 381,427 1,891,168 SH   SOLE   0 0 0
CABOT OIL & GAS CORP COM 127097103 80,233 3,621,149 SH   SOLE   0 0 0
CENTENE CORP DEL COM 15135B101 213,891 3,408,459 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102 42,464 6,079,550 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735 156,194 2,529,579 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100 4,153 40,000 SH   SOLE   0 0 0
CLEAN HARBORS INC COM 184496107 1,069 10,000 SH   SOLE   0 0 0
COHERENT INC COM 192479103 12,644 50,286 SH   SOLE   0 0 0
CONAGRA BRANDS INC COM 205887102 1,073 32,000 SH   SOLE   0 0 0
CONOCOPHILLIPS COM 20825C104 7,634 109,450 SH   SOLE   0 0 0
COTY INC COM CL A 222070203 29,595 3,637,910 SH   SOLE   0 0 0
CUMMINS INC COM 231021106 976 4,300 SH   SOLE   0 0 0
DISNEY WALT CO COM DISNEY 254687106 4,680 26,704 SH   SOLE   0 0 0
DOW INC COM 260557103 954 16,363 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 3,195 391,730 SH   SOLE   0 0 0
EHEALTH INC COM 28238P109 88,899 2,156,575 SH   SOLE   0 0 0
EQUINOX GOLD CORP COM 29446Y502 5,263 817,965 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102 66,242 1,092,229 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103 102,634 3,160,276 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108 16,944 4,345,040 SH   SOLE   0 0 0
4D PHARMA PLC SPONSORED ADS 35085K109 1,200 195,954 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100 19,100 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301 14,583 138,446 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100 77,992 1,474,995 SH   SOLE   0 0 0
GODADDY INC CL A 380237107 19,889 278,890 SH   SOLE   0 0 0
GOLD FIELDS LTD SPONS ADR 38059T106 55,051 6,767,015 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101 2,924 2,501,996 SH   SOLE   0 0 0
GRAFTECH INTL LTD COM 384313508 1,004 97,000 SH   SOLE   0 0 0
GREAT PANTHER MNG LTD COM 39115V101 4,648 10,048,914 SH   SOLE   0 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 475 149,785 SH   SOLE   0 0 0
HUMANA INC COM 444859102 701 1,799 SH   SOLE   0 0 0
IMV INC COM 44974L103 9,259 5,523,399 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108 28,170 12,556,317 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301 3,685 1,614,579 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 38,506 231,431 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107 13,604 524,995 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404 218,948 41,391,135 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108 5,527 234,395 SH   SOLE   0 0 0
LOCKHEED MARTIN CORP COM 539830109 25,614 74,005 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104 1,155 7,592 SH   SOLE   0 0 0
MARKEL CORP COM 570535104 1,195 1,000 SH   SOLE   0 0 0
MARSH & MCLENNAN COS INC COM 571748102 445 2,900 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,057 3,000 SH   SOLE   0 0 0
MICROSOFT CORP COM 594918104 782 2,718 SH   SOLE   0 0 0
NOV INC COM 62955J103 1,424 106,196 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106 36,042 676,154 SH   SOLE   0 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 1,023 6,683 SH   SOLE   0 0 0
NEXTERA ENERGY INC COM 65339F101 765 9,700 SH   SOLE   0 0 0
NORTHROP GRUMMAN CORP COM 666807102 66,908 186,234 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108 4,051 60,580 SH   SOLE   0 0 0
ORMAT TECHNOLOGIES INC COM 686688102 1,360 20,300 SH   SOLE   0 0 0
PFIZER INC COM 717081103 18,577 434,890 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109 1,243 13,000 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 526 3,211 SH   SOLE   0 0 0
SSR MNG INC COM 784730103 8,237 571,454 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105 57,191 772,192 SH   SOLE   0 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205 4,813 608,752 SH   SOLE   0 0 0
TIM S A SPONSORED ADR 88706T108 4,217 385,058 SH   SOLE   0 0 0
II-VI INC COM 902104108 12,612 209,287 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304 1,209 20,000 SH   SOLE   0 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 468 16,025 SH   SOLE   0 0 0
VIASAT INC COM 92552V100 928 16,500 SH   SOLE   0 0 0
VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 491 45,191 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101 1,217 26,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 159,795 4,342,517 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 1,330 106,500 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 776 152,142 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 996 7,702 SH   SOLE   0 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 845 30,000 SH   SOLE   0 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 216 947 SH   SOLE   0 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 319 2,808 SH   SOLE   0 0 0
PERFORMANCE SHIPPING INC COM NEW Y67305121 198 35,000 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103 860 163,788 SH   SOLE   0 0 0
STEALTHGAS INC SHS Y81669106 546 200,000 SH   SOLE   0 0 0