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 106 1,155 SH   SOLE   0 1,155 0
ABERDEEN STD PALLADIUM ETF T PHYSCL PALLADM 003262102 63 300 SH   SOLE   0 300 0
ALCOA CORP COM 013872106 1,801 20,000 SH   SOLE   0 20,000 0
AMAZON COM INC COM 023135106 2,445 750 SH   SOLE   0 750 0
AMERICAN EXPRESS CO COM 025816109 2,412 12,900 SH   SOLE   0 12,900 0
APPLE INC COM 037833100 2,479 14,200 SH   SOLE   0 14,200 0
BARRICK GOLD CORP COM 067901108 494 700 SH Call SOLE   0 700 0
BARRICK GOLD CORP COM 067901108 758 1,075 SH Call SOLE   0 1,075 0
BARRICK GOLD CORP COM 067901108 1,498 2,125 SH Call SOLE   0 2,125 0
BLOOM ENERGY CORP COM CL A 093712107 725 30,000 SH   SOLE   0 30,000 0
CF INDS HLDGS INC COM 125269100 1,031 10,000 SH   SOLE   0 10,000 0
CANADIAN SOLAR INC COM 136635109 354 10,000 SH   SOLE   0 10,000 0
CARNIVAL CORP UNIT 99/99/9999 143658300 1,092 54,000 SH   SOLE   0 54,000 0
ELDORADO GOLD CORP NEW COM 284902509 1,401 125,000 SH   SOLE   0 125,000 0
FRANCO NEV CORP COM 351858105 479 3,000 SH   SOLE   0 3,000 0
FRANCO NEV CORP COM 351858105 1,595 10,000 SH   SOLE   0 10,000 0
HALLIBURTON CO COM 406216101 757 20,000 SH   SOLE   0 20,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,515 500,000 SH   SOLE   0 500,000 0
IAMGOLD CORP COM 450913108 522 150,000 SH   SOLE   0 150,000 0
ISHARES TR U.S. ENERGY ETF 464287796 29 700 SH   SOLE   0 700 0
ISHARES TR SHRT NAT MUN ETF 464288158 1,621 15,500 SH   SOLE   0 15,500 0
LAUDER ESTEE COS INC CL A 518439104 2,079 7,634 SH   SOLE   0 7,634 0
LOUISIANA PAC CORP COM 546347105 311 5,000 SH   SOLE   0 5,000 0
MP MATERIALS CORP COM CL A 553368101 860 15,000 SH   SOLE   0 15,000 0
MARRIOTT INTL INC NEW CL A 571903202 1,107 6,300 SH   SOLE   0 6,300 0
NEWMONT CORP COM 651639106 513 200 SH Call SOLE   0 200 0
NEWMONT CORP COM 651639106 769 300 SH Call SOLE   0 300 0
NEWMONT CORP COM 651639106 3,459 1,350 SH Call SOLE   0 1,350 0
NEWMONT CORP COM 651639106 1,986 25,000 SH   SOLE   0 25,000 0
OCCIDENTAL PETE CORP COM 674599105 1,419 25,000 SH   SOLE   0 25,000 0
PHILLIPS 66 COM 718546104 562 6,500 SH   SOLE   0 6,500 0
POTLATCHDELTIC CORPORATION COM 737630103 527 10,000 SH   SOLE   0 10,000 0
RAYONIER INC COM 754907103 617 15,000 SH   SOLE   0 15,000 0
ROYAL GOLD INC COM 780287108 466 3,300 SH   SOLE   0 3,300 0
ROYAL GOLD INC COM 780287108 2,472 17,500 SH   SOLE   0 17,500 0
SSR MNG INC COM 784730103 4,350 200,000 SH   SOLE   0 200,000 0
SABINE ROYALTY TR UNIT BEN INT 785688102 1,444 25,000 SH   SOLE   0 25,000 0
SCHLUMBERGER LTD COM 806857108 496 12,000 SH   SOLE   0 12,000 0
SEABRIDGE GOLD INC COM 811916105 740 40,000 SH   SOLE   0 40,000 0
STARBUCKS CORP COM 855244109 500 5,500 SH   SOLE   0 5,500 0
UNITED STS NAT GAS FD LP UNIT PAR 912318300 16 800 SH   SOLE   0 800 0
WHEATON PRECIOUS METALS CORP COM 962879102 904 19,000 SH   SOLE   0 19,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 3,569 75,000 SH   SOLE   0 75,000 0
TOTAL SE SPONSORED ADS 89151E109 1,011 20,000 SH   SOLE   0 20,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 69 630 SH   SOLE   0 630 0
BLACK STONE MINERALS L P COM UNIT 09225M101 942 70,000 SH   SOLE   0 70,000 0
BLACKSTONE GROUP INC COM 09260D107 2,539 20,000 SH   SOLE   0 20,000 0
CARLYLE GROUP INC COM 14316J108 1,027 21,000 SH   SOLE   0 21,000 0
CHENIERE ENERGY INC COM NEW 16411R208 1,040 7,500 SH   SOLE   0 7,500 0
CONOCOPHILLIPS COM 20825C104 1,000 10,000 SH   SOLE   0 10,000 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 181 4,375 SH   SOLE   0 4,375 0
DENBURY INC COM 24790A101 786 10,000 SH   SOLE   0 10,000 0
DIREXION SHS ETF TR DAILY FTSE CHINA 25460E521 22 1,350 SH   SOLE   0 1,350 0
DIREXION SHS ETF TR HYDROGEN ETF ADDED 25460G617 12 600 SH   SOLE   0 600 0
EOG RES INC COM 26875P101 1,431 12,000 SH   SOLE   0 12,000 0
ETF MANAGERS GRP COMMDTY TR BREAKWAVE DRY 26923H200 24 1,000 SH   SOLE   0 1,000 0
EQUINOR ASA SPONSORED ADR 29446M102 1,876 50,000 SH   SOLE   0 50,000 0
FIRST TR EXCHANGE-TRADED FD GBL WND ENRG ETF 33736G106 18 900 SH   SOLE   0 900 0
GLOBAL X FDS MSCI GREECE ETF 37954Y319 332 12,500 SH   SOLE   0 12,500 0
GLOBAL X FDS US INFR DEV ETF 37954Y673 42 1,500 SH   SOLE   0 1,500 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871 10 400 SH   SOLE   0 400 0
GOLD FIELDS LTD SPONSORED ARD 38059T106 1,933 125,000 SH   SOLE   0 125,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,108 7,300 SH   SOLE   0 7,300 0
INVESCO EXCH TRADED FD TR II MSCI GBL TIMBR 46138E545 18 500 SH   SOLE   0 500 0
INVESCO EXCH TRADED FD TR II SOLAR ETF 46138G706 11 150 SH   SOLE   0 150 0
INVESCO DB MULTI-SECTOR COMM AGRICULTURE FD 46140H106 92 4,200 SH   SOLE   0 4,200 0
INVESCO DB MULTI-SECTOR COMM BASE METALS FD 46140H700 26 1,000 SH   SOLE   0 1,000 0
ISHARES TR MSCI POLAND ETF 46429B606 228 12,000 SH   SOLE   0 12,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 894 55,000 SH   SOLE   0 55,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 354 50,000 SH   SOLE   0 50,000 0
MOSAIC CO NEW COM 61945C103 1,330 20,000 SH   SOLE   0 20,000 0
NIO INC SPON ADS 62914V106 547 26,000 SH   SOLE   0 26,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109 111 170,000 SH   SOLE   0 170,000 0
RANGE RES CORP COM 75281A109 911 30,000 SH   SOLE   0 30,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 404 50,000 SH   SOLE   0 50,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 808 100,000 SH   SOLE   0 100,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 487 30,000 SH   SOLE   0 30,000 0
SILVERCORP METALS INC COM 82835P103 724 200,000 SH   SOLE   0 200,000 0
TESLA INC COM 88160R101 4,801 4,455 SH   SOLE   0 4,455 0
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102 95 3,500 SH   SOLE   0 3,500 0
TEUCRIUM COMMODITY TR SUGAR FD 88166A409 48 5,000 SH   SOLE   0 5,000 0
TEUCRIUM COMMODITY TR WHEAT FD 88166A508 35 3,500 SH   SOLE   0 3,500 0
TEUCRIUM COMMODITY TR SOYBEAN FD 88166A607 107 4,000 SH   SOLE   0 4,000 0
UNITED STS GASOLINE FD LP UNITS 91201T102 22 400 SH   SOLE   0 400 0
VALERO ENERGY CORP COM 91913Y100 762 7,500 SH   SOLE   0 7,500 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 11 282 SH   SOLE   0 282 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 72 1,889 SH   SOLE   0 1,889 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 108 2,829 SH   SOLE   0 2,829 0
VANECK VECTORS ETF TR STEEL ETF 92189F205 27 400 SH   SOLE   0 400 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 1 1,000 SH Call SOLE   0 1,000 0
VANECK VECTORS ETF TR SHORT MUNI ETF 92189F528 1,659 97,000 SH   SOLE   0 97,000 0
VANECK VECTORS ETF TR AGRIBUSINESS ETF 92189F700 42 400 SH   SOLE   0 400 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,778 30,000 SH   SOLE   0 30,000 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 591 20,000 SH   SOLE   0 20,000 0
YAMANA GOLD INC COM 98462Y100 1,535 275,000 SH   SOLE   0 275,000 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 380 25,000 SH   SOLE   0 25,000 0
LINDE PLC SHS G5494J103 639 2,000 SH   SOLE   0 2,000 0
UBS GROUP AG SHS H42097107 1,426 73,000 SH   SOLE   0 73,000 0
FERRARI N V COM N3167Y103 530 2,429 SH   SOLE   0 2,429 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,190 14,200 SH   SOLE   0 14,200 0
ALASKA AIR GROUP INC COM 011659109 104,985 1,809,766 SH   SOLE   0 1,809,766 0
ALLEGIANT TRAVEL CO COM 01748X102 100,173 616,869 SH   SOLE   0 616,869 0
AMERICAN AIRLS GROUP INC COM 02376R102 378,690 20,750,111 SH   SOLE   0 20,750,111 0
AZUL S A SPONSR ADR PFD 05501U106 18,705 1,242,830 SH   SOLE   0 1,242,830 0
B2GOLD CORP COM 11777Q209 4,720 1,028,342 SH   SOLE   0 1,028,342 0
BOEING CO COM 097023105 63,668 332,469 SH   SOLE   0 332,469 0
BOOKING HOLDINGS INC COM 09857L108 68,648 29,231 SH   SOLE   0 29,231 0
COPA HOLDINGS SA CL A P31076105 33,338 398,592 SH   SOLE   0 398,592 0
DANAOS CORPORATION SHS Y1968P121 229 2,228 SH   SOLE   0 2,228 0
DELTA AIR LINES INC DEL COM NEW 247361702 355,788 8,991,349 SH   SOLE   0 8,991,349 0
ELDORADO GOLD CORP NEW COM 284902509 3,354 299,230 SH   SOLE   0 299,230 0
EMBRAER S.A. SPONSORED ADS 29082A107 29,897 2,370,857 SH   SOLE   0 2,370,857 0
EXPEDIA GROUP INC COM NEW 30212P303 66,418 339,441 SH   SOLE   0 339,441 0
EXPEDITORS INTL WASH INC COM 302130109 308 2,989 SH   SOLE   0 2,989 0
FEDEX CORP COM 31428X106 333 1,437 SH   SOLE   0 1,437 0
FRANCO NEV CORP COM 351858105 11,305 70,866 SH   SOLE   0 70,866 0
GENERAL DYNAMICS CORP COM 369550108 58,372 242,027 SH   SOLE   0 242,027 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 19,165 2,661,809 SH   SOLE   0 2,661,809 0
GOLDEN OCEAN GROUP LTD SHS NEW G39637205 208 16,809 SH   SOLE   0 16,809 0
GXO LOGISTICS INCORPORATED COMMON STOCK 36262G101 309 4,338 SH   SOLE   0 4,338 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 3,308 657,575 SH   SOLE   0 657,575 0
HAWAIIAN HOLDING INC COM 419879101 98,740 5,012,194 SH   SOLE   0 5,012,194 0
IAMGOLD CORP COM 450913108 3,523 1,012,379 SH   SOLE   0 1,012,379 0
JETBLUE AWYS CORP COM 477143101 104,397 6,983,054 SH   SOLE   0 6,983,054 0
MAKEMYTRIP LIMITED MAURITIUS NOTE 2/1 ADDED 56087FAB0 17,834 664,714 SH   SOLE   0 664,714 0
MATSON INC COM 57686G105 228 1,887 SH   SOLE   0 1,887 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 4,366 331,006 SH   SOLE   0 331,006 0
ROYAL GOLD INC COM 780287108 12,479 88,330 SH   SOLE   0 88,330 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 32,186 369,442 SH   SOLE   0 369,442 0
SABRE CORP COM 78573M104 74,864 6,549,804 SH   SOLE   0 6,549,804 0
SANDSTORM GOLD LTD COM NEW 80013R206 4,595 568,640 SH   SOLE   0 568,640 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 3,974 244,839 SH   SOLE   0 244,839 0
SILVERCORP METALS INC COM 82835P103 3,084 852,041 SH   SOLE   0 852,041 0
SKYWEST INC COM 830879102 96,320 3,338,647 SH   SOLE   0 3,338,647 0
SOUTHWEST AIRLS CO COM 844741108 328,062 7,162,933 SH   SOLE   0 7,162,933 0
SPIRIT AIRLS INC COM 848577102 95,638 4,373,014 SH   SOLE   0 4,373,014 0
SSR MINING INC COM 784730103 3,498 160,812 SH   SOLE   0 160,812 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204 398 13,404 SH   SOLE   0 13,404 0
SUN CTRY AIRLS HLDGS INC COM 866683105 99,612 3,804,889 SH   SOLE   0 3,804,889 0
TEXTRON INC COM 883203101 63,405 852,445 SH   SOLE   0 852,445 0
TRIP COM GROUP LTD ADS 89677Q107 28,389 1,227,904 SH   SOLE   0 1,227,904 0
TRIPADVISOR INC COM 896945201 66,956 2,468,862 SH   SOLE   0 2,468,862 0
UNITED AIRLS HLDGS INC COM 910047109 402,884 8,690,336 SH   SOLE   0 8,690,336 0
UNITED PARCEL SERVICE INC CL B 911312106 311 1,451 SH   SOLE   0 1,451 0
WHEATON PRECIOUS METALS CORP COM 962879102 11,286 237,207 SH   SOLE   0 237,207 0
ZIM INTEGRATED SHIPPING SERV SHS M9T951109 506 6,966 SH   SOLE   0 6,966 0
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105 284 11,378 SH   SOLE   0 11,378 0
BURCON NUTRASCIENCE CORP COM 120831102 714 750,000 SH   SOLE   0 750,000 0
CENTERRA GOLD INC COM 152006102 1,720 175,000 SH   SOLE   0 175,000 0
CENTERRA GOLD INC COM 152006102 3,431 349,004 SH   SOLE   0 349,004 0
EMX ROYALTY CORP COM 26873J107 2,160 1,000,000 SH   SOLE   0 1,000,000 0
FORTUNA SILVER MINES INC COM 349915108 1,900 500,000 SH   SOLE   0 500,000 0
MAVERIX METALS INC COM 57776F405 2,875 600,000 SH   SOLE   0 600,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 891 125,000 SH   SOLE   0 125,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 2,138 300,000 SH   SOLE   0 300,000 0
NOMAD ROYALTY COMPANY LTD COM NEW 65532M606 732 100,000 SH   SOLE   0 100,000 0
NOMAD ROYALTY COMPANY LTD COM NEW 65532M606 366 50,000 SH   SOLE   0 50,000 0
NUTRIEN LTD COM 67077M108 1,039 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP METALS LTD COM 72765Q882 324 150,000 SH   SOLE   0 150,000 0
SKEENA RESOURCES COM 83056P715 1,113 100,000 SH   SOLE   0 100,000 0
VIZSLA SILVER CORP COM NEW 92859G202 1,512 750,000 SH   SOLE   0 750,000 0
WEST FRASER TIMBER CO LTD COM 952845105 555 6,750 SH   SOLE   0 6,750 0