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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABRDN PALLADIUM ETF TRUST PHYSICAL PALLADM 003262102   27,008 200 SH   SOLE   0 200 0
ABRDN PLATINUM ETF TRUST PHYSCL PLATM SHS 003260106   73,552 800 SH   SOLE   0 800 0
AGNICO EAGLE MINES LTD COM 008474108   1,783,950 35,000 SH   SOLE   0 35,000 0
ALAMOS GOLD INC NEW COM CL A 011532108   672,650 55,000 SH   SOLE   0 55,000 0
ALAMOS GOLD INC NEW COM CL A 011532108   4,035,900 330,000 SH   SOLE   0 330,000 0
ALASKA AIR GROUP COM 011659109   68,450,061 1,631,317 SH   SOLE   0 1,631,317 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   64,373 630 SH   SOLE   0 630 0
ALLEGIANT TRAVEL COM 01748X102   70,203,551 763,248 SH   SOLE   0 763,248 0
AMAZON COM INC COM 023135106   1,807,575 17,500 SH   SOLE   0 17,500 0
AMERICAN AIRLINE COM 02376R102   194,740,327 13,202,734 SH   SOLE   0 13,202,734 0
AMERICAN EXPRESS CO COM 025816109   222,683 1,350 SH   SOLE   0 1,350 0
ANGLOGOLD AS-ADR SPONSORED ADR 035128206   4,532,287 187,362 SH   SOLE   0 187,362 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   2,056,150 85,000 SH   SOLE   0 85,000 0
APPLE INC COM 037833100   1,747,940 10,600 SH   SOLE   0 10,600 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   10,423,863 1,457,883 SH   SOLE   0 1,457,883 0
B2GOLD CORP B2GOLD CORP 11777Q209   500,380 127,000 SH   SOLE   0 127,000 0
B2GOLD CORP COM 11777Q209   591,000 150,000 SH   SOLE   0 150,000 0
BLACK STONE MINERALS L P COM UNIT 09225M101   784,500 50,000 SH   SOLE   0 50,000 0
BLOOM ENERGY CORP COM CL A 093712107   597,900 30,000 SH   SOLE   0 30,000 0
BOEING CO/THE COM 097023105   40,042,418 188,497 SH   SOLE   0 188,497 0
BOOKING HOLDINGS COM 09857L108   40,260,931 15,179 SH   SOLE   0 15,179 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113   380,000 25,000 SH   SOLE   0 25,000 0
CANADIAN SOLAR INC COM 136635109   398,100 10,000 SH   SOLE   0 10,000 0
CENTERRA GOLD IN COM 152006102   322,951 50,000 SH   SOLE   0 50,000 0
CENTERRA GOLD IN COM 152006102   645,901 100,000 SH   SOLE   0 100,000 0
CF INDS HLDGS INC COM 125269100   144,980 2,000 SH   SOLE   0 2,000 0
CHENIERE ENERGY INC COM NEW 16411R208   1,182,000 7,500 SH   SOLE   0 7,500 0
CONOCOPHILLIPS COM 20825C104   248,025 2,500 SH   SOLE   0 2,500 0
COPA HOLDIN-CL A CL A P31076105   18,968,690 205,400 SH   SOLE   0 205,400 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   176,821 3,775 SH   SOLE   0 3,775 0
DECKERS OUTDOOR CORP COM 243537107   748,051 1,664 SH   SOLE   0 1,664 0
DELTA AIR LI COM NEW 247361702   192,853,697 5,522,729 SH   SOLE   0 5,522,729 0
DIREXION SHS ETF TR OIL GAS BL 2X SH 25460G500   18,441 150 SH   SOLE   0 150 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781   23,732 566 SH   SOLE   0 566 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781   395,568 9,434 SH   SOLE   0 9,434 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   1,580,700 165,000 SH   SOLE   0 165,000 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   4,248,653 443,492 SH   SOLE   0 443,492 0
ELDORADO GOLD CORP NEW COM 284902509   1,295,000 125,000 SH   SOLE   0 125,000 0
ELECTRA BATTERY COM NEW 28474P201   168,935 83,333 SH   SOLE   0 83,333 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   11,611,356 709,307 SH   SOLE   0 709,307 0
EMX ROYALTY CORP COM 26873J107   2,432,302 1,250,000 SH   SOLE   0 1,250,000 0
ENCORE ENERGY CO COM NEW 29259W700   665,877 300,000 SH   SOLE   0 300,000 0
ENERGY FUELS INC COM NEW 292671708   446,400 80,000 SH   SOLE   0 80,000 0
ETF MANAGERS TR PRIME JUNIR SLVR 26924G102   24,464 2,200 SH   SOLE   0 2,200 0
EXPEDIA GROUP IN COM NEW 30212P303   35,270,793 363,504 SH   SOLE   0 363,504 0
EXPEDITORS INTL COM 302130109   110,230 1,001 SH   SOLE   0 1,001 0
FEDEX CORP COM 31428X106   122,699 537 SH   SOLE   0 537 0
FIRST TR EXCHANGE-TRADED FD NAT GAS ETF 33733E807   33,780 1,500 SH   SOLE   0 1,500 0
FORTUNA SILVER COM 349915108   2,847,512 745,422 SH   SOLE   0 745,422 0
FRANCO NEV CORP COM 351858105   517,590 3,550 SH   SOLE   0 3,550 0
FRANCO NEV CORP COM 351858105   1,093,500 7,500 SH   SOLE   0 7,500 0
FRANCO-NEVADA CO COM 351858105   8,837,084 60,611 SH   SOLE   0 60,611 0
FREEPORT-MCMORAN INC CL B 35671D857   1,022,750 25,000 SH   SOLE   0 25,000 0
GENERAL DYNAMICS COM 369550108   38,838,147 170,186 SH   SOLE   0 170,186 0
GLOBAL X FDS RGLOBAL X SILVER 37954Y848   19,968 650 SH   SOLE   0 650 0
GLOBAL X FDS RGLOBAL X SILVER 37954Y848   291,840 9,500 SH   SOLE   0 9,500 0
GLOBAL X FDS US INFR DEV ETF 37954Y673   76,545 2,700 SH   SOLE   0 2,700 0
GOLD FIELDS-ADR SPONSORED ADR 38059T106   2,328,709 174,828 SH   SOLE   0 174,828 0
GOLD RESOURCE CORP COM 38068T105   1,050,000 1,000,000 SH   SOLE   0 1,000,000 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   10,202,693 33,291 SH   SOLE   0 33,291 0
GXO LOGISTIC COMMON STOCK 36262G101   112,122 2,222 SH   SOLE   0 2,222 0
HALLIBURTON CO COM 406216101   316,400 10,000 SH   SOLE   0 10,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   2,050,000 500,000 SH   SOLE   0 500,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   3,292,558 803,063 SH   SOLE   0 803,063 0
HAWAIIAN HOLDING COM 419879101   65,920,352 7,167,513 SH   SOLE   0 7,167,513 0
HECLA MNG CO COM 422704106   189,900 30,000 SH   SOLE   0 30,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   1,817,223 12,900 SH   SOLE   0 12,900 0
HSBC HLDGS PLC SPON ADR NEW 404280406   68,260 2,000 SH   SOLE   0 2,000 0
HYATT HOTELS CORP COM CL A 448579102   871,962 7,800 SH   SOLE   0 7,800 0
I-80 GOLD CORP COM 44955L106   486,830 200,000 SH   SOLE   0 200,000 0
IAMGOLD CORP COM 450913108   3,000,908 1,107,346 SH   SOLE   0 1,107,346 0
INVESCO DB MULTI-SECTOR COMM AGRICULTURE FD 46140H106   81,720 4,000 SH   SOLE   0 4,000 0
INVESCO DB MULTI-SECTOR COMM BASE METALS FD 46140H700   40,400 2,000 SH   SOLE   0 2,000 0
ISHARES SILVER TR ISHARES 46428Q109   16,590 750 SH   SOLE   0 750 0
ISHARES SILVER TR ISHARES 46428Q109   276,500 12,500 SH   SOLE   0 12,500 0
ISHARES TR MSCI INDIA ETF 46429B598   59,040 1,500 SH   SOLE   0 1,500 0
IVANHOE ELEC COM 46578C108   18,144 1,499 SH   SOLE   0 1,499 0
IVANHOE ELECTRIC COM 46578C108   200,463 16,499 SH   SOLE   0 16,499 0
JETBLUE AIRWAYS COM 477143101   70,508,795 9,685,274 SH   SOLE   0 9,685,274 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   837,650 55,000 SH   SOLE   0 55,000 0
KINROSS GOLD CORP COM 496902404   588,750 125,000 SH   SOLE   0 125,000 0
KINROSS GOLD CORP COM 496902404   1,766,250 375,000 SH   SOLE   0 375,000 0
KRANESHARES TR CALIFORNIA CARB 500767553   47,680 2,000 SH   SOLE   0 2,000 0
LINDE PLC SHS G5494J103   710,880 2,000 SH   SOLE   0 2,000 0
LITHIUM AMERS CORP NEW COM NEW 53680Q207   435,200 20,000 SH   SOLE   0 20,000 0
LOUISIANA PAC CORP COM 546347105   135,525 2,500 SH   SOLE   0 2,500 0
LUCID GROUP INC COM 549498103   554,760 69,000 SH   SOLE   0 69,000 0
MARRIOTT INTL INC NEW CL A 571903202   1,793,232 10,800 SH   SOLE   0 10,800 0
MATSON INC COM 57686G105   138,315 2,318 SH   SOLE   0 2,318 0
MOSAIC CO NEW COM 61945C103   367,040 8,000 SH   SOLE   0 8,000 0
NETEASE INC SPONSORED ADS 64110W102   14,000 50 SH Call SOLE   0 50 0
NEW GOLD INC COM 644535106   2,907,355 2,643,050 SH   SOLE   0 2,643,050 0
NIO INC SPON ADS 62914V106   273,260 26,000 SH   SOLE   0 26,000 0
NORTHERN TR CORP COM 665859104   1,187,111 13,470 SH   SOLE   0 13,470 0
NUTRIEN LTD COM 67077M108   295,650 4,000 SH   SOLE   0 4,000 0
OCCIDENTAL PETE CORP COM 674599105   624,300 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYA COM 68827L101   3,860,476 244,025 SH   SOLE   0 244,025 0
PAN AMERN SILVER CORP COM 697900108   455,000 25,000 SH   SOLE   0 25,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109   59,330 170,000 SH   SOLE   0 170,000 0
PIEDMONT LITHIUM COM 72016P105   450,375 7,500 SH   SOLE   0 7,500 0
PLATINUM GROUP M COM 72765Q882   142,794 100,000 SH   SOLE   0 100,000 0
POTLATCHDELTIC CORPORATION COM 737630103   495,000 10,000 SH   SOLE   0 10,000 0
PVH CORPORATION COM 693656100   931,722 10,450 SH   SOLE   0 10,450 0
RANGE RES CORP COM 75281A109   529,400 20,000 SH   SOLE   0 20,000 0
RAYONIER INC COM 754907103   498,900 15,000 SH   SOLE   0 15,000 0
ROYAL GOLD INC COM 780287108   9,091,244 70,089 SH   SOLE   0 70,089 0
ROYAL GOLD INC COM 780287108   505,869 3,900 SH   SOLE   0 3,900 0
ROYAL GOLD INC COM 780287108   1,297,100 10,000 SH   SOLE   0 10,000 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   19,297,014 204,656 SH   SOLE   0 204,656 0
SABINE ROYALTY TR UNIT BEN INT 785688102   1,436,200 20,000 SH   SOLE   0 20,000 0
SABRE CORP COM 78573M104   33,507,787 7,810,673 SH   SOLE   0 7,810,673 0
SANDSTORM GOLD COM NEW 80013R206   3,761,638 647,442 SH   SOLE   0 647,442 0
SCHLUMBERGER LTD COM 806857108   589,200 12,000 SH   SOLE   0 12,000 0
SCORPIO TANKERS SHS Y7542C130   69,205 1,229 SH   SOLE   0 1,229 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   832,000 100,000 SH   SOLE   0 100,000 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   2,483,528 298,501 SH   SOLE   0 298,501 0
SILVERCORP METAL COM 82835P103   2,963,220 775,712 SH   SOLE   0 775,712 0
SILVERCORP METALS INC COM 82835P103   477,500 125,000 SH   SOLE   0 125,000 0
SKEENA RESOURCES COM 83056P715   612,607 100,000 SH   SOLE   0 100,000 0
SOUTHWEST AIR COM 844741108   210,415,224 6,466,356 SH   SOLE   0 6,466,356 0
SPDR GOLD TR GOLD SHS 78463V107   15,024 82 SH   SOLE   0 82 0
SPDR GOLD TR GOLD SHS 78463V107   168,196 918 SH   SOLE   0 918 0
SPDR SER TR S&P OILGAS EXP 78468R556   31,898 250 SH   SOLE   0 250 0
STANDARD LITHIUM LTD COM 853606101   285,000 75,000 SH   SOLE   0 75,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   240,271 2,583 SH   SOLE   0 2,583 0
TEMPUR SEALY INTL INC COM 88023U101   896,423 22,700 SH   SOLE   0 22,700 0
TESLA INC COM 88160R101   2,812,120 13,555 SH   SOLE   0 13,555 0
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102   50,460 2,000 SH   SOLE   0 2,000 0
TEUCRIUM COMMODITY TR SUGAR FD 88166A409   56,900 5,000 SH   SOLE   0 5,000 0
TEUCRIUM COMMODITY TR WHEAT FD 88166A508   30,358 4,300 SH   SOLE   0 4,300 0
TEXTRON INC COM 883203101   37,726,520 534,143 SH   SOLE   0 534,143 0
TOLL BROTHERS INC COM 889478103   864,432 14,400 SH   SOLE   0 14,400 0
TRIP.COM GRO-ADR ADS 89677Q107   20,395,065 541,414 SH   SOLE   0 541,414 0
TRIPADVISOR INC COM 896945201   37,587,830 1,892,640 SH   SOLE   0 1,892,640 0
TRIPLE FLAG COM 89679M104   1,117,009 75,000 SH   SOLE   0 75,000 0
UNITED AIRLINES COM 910047109   176,886,278 3,997,430 SH   SOLE   0 3,997,430 0
UNITED PARCEL-B CL B 911312106   116,976 603 SH   SOLE   0 603 0
UNITED STS GASOLINE FD LP UNITS 91201T102   21,277 350 SH   SOLE   0 350 0
VAIL RESORTS INC COM 91879Q109   871,626 3,730 SH   SOLE   0 3,730 0
VALERO ENERGY CORP COM 91913Y100   349,000 2,500 SH   SOLE   0 2,500 0
VANECK ETF TRUST STEEL ETF 92189F205   50,992 800 SH   SOLE   0 800 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   560,000 20,000 SH   SOLE   0 20,000 0
VIZSLA SILVER CO COM NEW 92859G202   191,440 125,000 SH   SOLE   0 125,000 0
VIZSLA SILVER CO COM NEW 92859G202   1,531,518 1,000,000 SH   SOLE   0 1,000,000 0
VOX ROYALTY CORP COM 92919F103   220,109 70,000 SH   SOLE   0 70,000 0
VOX ROYALTY CORP COM 92919F103   4,087,748 1,300,000 SH   SOLE   0 1,300,000 0
WEST FRASER TIMB COM 952845105   142,646 2,000 SH   SOLE   0 2,000 0
WHEATON PRECIOUS COM 962879102   9,783,174 203,139 SH   SOLE   0 203,139 0
WHEATON PRECIOUS METALS CORP COM 962879102   476,784 9,900 SH   SOLE   0 9,900 0
WHEATON PRECIOUS METALS CORP COM 962879102   2,408,000 50,000 SH   SOLE   0 50,000 0
ZIM INTEGRATED S SHS M9T951109   202,764 8,599 SH   SOLE   0 8,599 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   126,706 4,421 SH   SOLE   0 4,421 0