UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 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 78229
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 8/15/2011
---------------------- -------------------- ---------------
[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.]
Number of Other Included Managers 0
Form 13F Information Table Entry Total 359
Form 13F Information Table Total Value (x1000) 1,213,742
List of Other Included Managers
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
----------------------- ---------------- --------- --------- ---------------------------- ---------- -------- ----------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
----------------------- ---------------- --------- --------- ---------------- ------ ---- --------- -------- ---- --------- -------
51JOB INC SP ADR SP ADR REP COM 316827104 449 8,000 SH Sole 8,000
AETNA INC-NEW COM 00817Y108 220 5,000 SH Sole 5,000
AGILENT TECHNOLOGIES
INC COM 00846U101 153 3,000 SH Sole 3,000
AGILENT TECHNOLOGIES
INC COM 00846U101 358 7,000 SH Sole 7,000
ALBEMARLE CORP COM 012653101 692 10,000 SH Sole 10,000
ALCOA INC COM 013817101 12,328 777,300 SH Sole 777,300
ALLIED NEVADA GOLD CORP COM 019344100 10,784 304,900 SH PUT Sole 304,900
ALLIED NEVADA GOLD CORP COM 019344100 20,341 575,100 SH PUT Sole 575,100
ALMADEN MINERALS
LTD /CAD/ COM 20283107 64 20,000 SH Sole 20,000
ALTRA HOLDINGS INC COM 02208R106 432 18,000 SH Sole 18,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 232 4,000 SH Sole 4,000
AMERICAN TOWER CORP
CL A CL A 029912201 183 3,500 SH Sole 3,500
ANADARKO PETE CORP COM 032511107 25,254 329,000 SH Sole 329,000
ANGLOGOLD ASHANTI LTD
SPON ADR SPONSORED ADR 035128206 1,263 30,000 SH Sole 30,000
ANGLOGOLD ASHANTI LTD
SPON ADR SPONSORED ADR 035128206 3,367 80,000 SH Sole 80,000
APACHE CORP COM 037411105 25,949 210,300 SH Sole 210,300
APPLE INC COM 037833100 168 500 SH Sole 500
APPLE INC COM 037833100 671 2,000 SH Sole 2,000
ARCHER DANIELS MIDLAND COM 039483102 24,387 808,866 SH Sole 808,866
ASSURANT INC COM 04621X108 181 5,000 SH Sole 5,000
AT&T INC COM 00206R102 204 6,500 SH Sole 6,500
AUGUSTA RESOURCES CORP COM 050912203 4,632 1,000,400 SH Sole 1,000,400
AUGUSTA RESOURCES CORP COM 050912203 2,558 552,500 SH Sole 552,500
AUGUSTA RESOURCES CORP COM 050912203 116 25,000 SH Sole 25,000
AUGUSTA RESOURCES CORP COM 050912203 27 5,950 SH Sole 5,950
AURICO GOLD INC COM 05155C105 2,748 250,000 SH Sole 250,000
AUTOZONE INC COM 053332102 206 700 SH Sole 700
BABCOCK AND WILCOX CO COM 05615F102 346 12,500 SH Sole 12,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 771 5,500 SH Sole 5,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 266 1,900 SH Sole 1,900
BAIDU INC SPON ADR SPON ADR REP A 056752108 949 6,773 SH Sole 6,773
BAIDU INC SPON ADR SPON ADR REP A 056752108 207 1,500 SH Sole 1,500
BAKER HUGHES INC COM 057224107 12,807 176,500 SH Sole 176,500
BALL CORP COM 058498106 385 10,000 SH Sole 10,000
BALL CORP COM 058498106 962 25,000 SH Sole 25,000
BANK OF AMERICA
WARRANT_EXPIRES
1/16/19_ *W EXP 01/16/201 060505146 155 28,000 SH Sole 28,000
BANK OF AMERICA
WARRANT_EXPIRES
1/16/19_ *W EXP 01/16/201 060505146 388 70,000 SH Sole 70,000
BARD /C R/ INC COM 067383109 220 2,000 SH Sole 2,000
BARRICK GOLD CORP COM COM 067901108 37,219 821,790 SH Sole 821,790
BEMIS CO COM 081437105 193 5,700 SH Sole 5,700
BERKSHIRE HATHAWAY INC
CLASS B CL B 084670702 387 5,000 SH Sole 5,000
BHP BILLITON LIMITED
ADR SPONSORED ADR 088606108 25,929 274,000 SH Sole 274,000
BLOUNT INTERNATIONAL
INC COM 095180105 524 30,000 SH Sole 30,000
BRF-BRASIL FOODS SA COM 10552T107 104 6,000 SH Sole 6,000
BRIGHAM EXPLORATION CO COM 109178103 10,476 350,000 SH Sole 350,000
BRIGHAM EXPLORATION CO COM 109178103 449 15,000 SH Sole 15,000
BRUKER CORP COM 116794108 713 35,000 SH Sole 35,000
CAMECO CORP COM 13321L108 395 15,000 SH Sole 15,000
CAMECO CORP COM 13321L908 18 130 SH CALL Sole 130
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 201 4,000 SH Sole 4,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 302 6,000 SH Sole 6,000
CANADIAN NATURAL
RESOURCES COM 136385101 2,072 49,500 SH Sole 49,500
CATERPILLAR INC COM 149123101 192 1,800 SH Sole 1,800
CATERPILLAR INC COM 149123101 692 6,500 SH Sole 6,500
CATERPILLAR INC COM 149123101 905 8,500 SH Sole 8,500
CB RICHARD ELLIS
GROUP INC-A CL A 12497T101 176 7,000 SH Sole 7,000
CB RICHARD ELLIS
GROUP INC-A CL A 12497T101 452 18,000 SH Sole 18,000
CENTURYLINK INC COM 156700106 182 4,500 SH Sole 4,500
CHECK POINT SOFTWARE
TECH COM M22465104 284 5,000 SH Sole 5,000
CHECK POINT SOFTWARE
TECH COM M22465104 682 12,000 SH Sole 12,000
CHICAGO BRIDGE &
IRON ADR N Y REGISTRY SH 167250109 272 7,000 SH Sole 7,000
CHINA PETROLEUM &
CHEMICAL ADR SPON ADR H SHS 16941R108 101 1,000 SH Sole 1,000
CHINA YUCHAI INTL LTD COM G21082105 452 21,400 SH Sole 21,400
CHUBB CORP COM 171232101 182 2,900 SH Sole 2,900
CIMAREX ENERGY CO COM 171798101 180 2,000 SH Sole 2,000
CIMAREX ENERGY CO COM 171798101 450 5,000 SH Sole 5,000
CITIGROUP INC COM 172967424 192 4,600 SH Sole 4,600
CITIGROUP INC COM 172967424 541 13,000 SH Sole 13,000
CITIGROUP INC COM 172967424 3,331 80,000 SH CALL Sole 80,000
CLAUDE RESOURCES
INC /CAD/ COM 182873109 5,038 2,655,000 SH Sole 2,655,000
CLAUDE RESOURCES
INC /CAD/ COM 182873109 3,819 2,012,500 SH Sole 2,012,500
CME GROUP INC COM 12572Q105 204 700 SH Sole 700
CNOOC LTD ADR SPONSORED ADR 126132109 118 500 SH Sole 500
CNOOC LTD ADR SPONSORED ADR 126132109 1,005 4,259 SH Sole 4,259
COCA COLA ENTERPRISES
INC COM 19122T109 219 7,500 SH Sole 7,500
COCA-COLA CO COM 191216100 188 2,800 SH Sole 2,800
COEUR D ALENE MINES
CORP IDAHO COM 192108504 4,852 200,000 SH Sole 200,000
COEUR D ALENE MINES
CORP IDAHO COM 192108504 6,308 260,000 SH Sole 260,000
COMPANHIA BRASILEIRA DE
DISTRIBUICAO ADR SPN ADR PFD CL A 20440T201 168 4,000 SH Sole 4,000
COMPANHIA DE BEBIDAS
SPONS ADR SPN ADR PFD CL A 20441W203 675 20,000 SH Sole 20,000
COMPANHIA DE BEBIDAS
SPONS ADR SPN ADR PFD CL A 20441W203 236 7,000 SH Sole 7,000
COMPUWARE CORP COM 205638109 176 18,000 SH Sole 18,000
CONAGRA FOODS INC COM 205887102 26,578 1,029,747 SH Sole 1,029,747
CONCHO RESOURCES INC COM 20605P101 230 2,500 SH Sole 2,500
CONCHO RESOURCES INC COM 20605P101 735 8,000 SH Sole 8,000
CONOCOPHILLIPS COM 20825C104 226 3,000 SH Sole 3,000
CONTINENTAL RESOURCES
INC COM 212015101 649 10,000 SH Sole 10,000
CORE LABORATORIES N V COM N22717107 558 5,000 SH Sole 5,000
COSAN LTD CL A SHRS SHS A G25343107 161 12,500 SH Sole 12,500
COSTAMARE INC COM Y1771G102 254 15,000 SH Sole 15,000
CPFL ENERGIA SA SP ADR SPONSORED ADR 126153105 565 6,500 SH Sole 6,500
CREDICORP LTD COM G2519Y108 258 3,000 SH Sole 3,000
CREDICORP LTD COM G2519Y108 210 2,000 SH Sole 2,000
CRYSTALLEX INTL CORP COM 22942F101 226 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 24 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP
/CAD/ COM 22942F101 0 75,000 SH WTS Sole 75,000
CSX CORP COM 126408103 197 7,500 SH Sole 7,500
CSX CORP COM 126408103 637 24,300 SH Sole 24,300
CTC MEDIA INC COM 12642X106 3,624 170,000 SH Sole 170,000
CUMMINS INC COM 231021106 310 3,000 SH Sole 3,000
CUMMINS INC COM 231021106 548 5,300 SH Sole 5,300
CUMMINS INC COM 231021106 828 8,000 SH Sole 8,000
DEERE AND CO COM 244199105 165 2,000 SH Sole 2,000
DEERE AND CO COM 244199105 289 3,500 SH Sole 3,500
DENBURY RESOURCES INC COM 247916208 200 10,000 SH Sole 10,000
DEVON ENERGY CORP COM 25179M103 24,486 310,700 SH Sole 310,700
DEVON ENERGY CORP COM 25179M103 173 2,200 SH Sole 2,200
DIAMOND OFFSHORE
DRILLING INC COM 25271C102 176 2,500 SH Sole 2,500
DIRECTV CLASS A CL A 25490A101 188 3,700 SH Sole 3,700
DIRECTV CLASS A CL A 25490A101 457 9,000 SH Sole 9,000
DOMINION RESOURCES INC COM 25746U109 193 4,000 SH Sole 4,000
DOW CHEM CO COM 260543103 180 5,000 SH Sole 5,000
DR PEPPER SNAPPLE GROUP
INC COM 26138E113 210 5,000 SH Sole 5,000
DRDGOLD LTD SPONSORED
ADR SPON ADR 26152H301 1,379 285,000 SH Sole 285,000
DU PONT /E I/ DE
NEMOURS & CO COM 263534109 541 10,000 SH Sole 10,000
ECOPETROL SA SPONSORED ADS 279158109 104 2,500 SH Sole 2,500
EL PASO PIPELINE
PARTNERS L P COM
UNIT LPI COM UNIT LPI 283702108 243 7,000 SH Sole 7,000
EL PASO PIPELINE
PARTNERS L P COM
UNIT LPI COM UNIT LPI 283702108 243 7,000 SH Sole 7,000
EL PASO PIPELINE
PARTNERS L P COM UNIT
LPI COM UNIT LPI 283702108 254 7,000 SH Sole 7,000
EMERSON ELEC CO COM 291011104 197 3,500 SH Sole 3,500
EMPRESAS ICA SAB DE
CV ADR SPON ADR 292448206 138 15,000 SH Sole 15,000
EMPRESAS ICA SAB DE
CV ADR SPON ADR 292448206 92 10,000 SH Sole 10,000
ENDO PHARMACEUTICALS
HLDGS INC COM 29264F205 603 15,000 SH Sole 15,000
ENTERGY CORP COM 29364G103 137 2,000 SH Sole 2,000
ENTREE GOLD INC /CAD/ COM 29383G100 6,408 3,000,000 SH Sole 3,000,000
ETFS PALLADIUM TRUST
ETF SH BEN INT 26923A106 2,643 35,000 SH Sole 35,000
EXELON CORPORATION COM 30161N101 193 4,500 SH Sole 4,500
EXTORRE GOLD MINES LTD COM 30227B109 5,032 393,400 SH Sole 393,400
EXTORRE GOLD MINES LTD
/CAD/ COM 30227B109 7,913 615,000 SH Sole 615,000
EXTORRE GOLD MINES LTD
/CAD/ COM 30227B109 596 48,000 SH Sole 48,000
EXXON MOBIL CORP COM 30231G102 244 3,000 SH Sole 3,000
FIDELITY NATIONAL
INFORMATION COM 31620M106 185 6,000 SH Sole 6,000
FIRST MAJESTIC SILVER
CORP COM 32076V103 8,298 450,000 SH Sole 450,000
FIRST MAJESTIC SILVER
CORP/CAD COM 32076V103 12,717 687,500 SH Sole 687,500
FIRST MAJESTIC SILVER
CORP/CAD COM 32076V103 17,184 929,000 SH Sole 929,000
FREEPORT-MCMORAN
COPPER & GOLD COM 35671D857 40,273 761,300 SH Sole 761,300
FREEPORT-MCMORAN
COPPER & GOLD COM 35671D857 167 3,000 SH Sole 3,000
FRONTIER OIL CORP COM 35914P105 3,189 98,700 SH Sole 98,700
FRONTIER OIL CORP COM 35914P105 355 11,000 SH Sole 11,000
FX ENERGY INC COM 302695101 176 20,000 SH Sole 20,000
FX ENERGY INC COM 302695101 173 19,700 SH Sole 19,700
GANNETT CO COM 364730101 186 13,000 SH Sole 13,000
GAP INC COM 364760108 163 9,000 SH Sole 9,000
GARTNER INC COM COM 366651107 363 9,000 SH Sole 9,000
GENERAL ELECTRIC CO COM 369604103 189 10,000 SH Sole 10,000
GENWORTH FINANCIAL INC
CLASS A CL A 37247D106 175 17,000 SH Sole 17,000
GILEAD SCIENCES INC COM 375558103 207 5,000 SH Sole 5,000
GOLD FIELDS LTD
SPONSORED ADR SPONSORED ADR 38059T106 1,520 104,200 SH Sole 104,200
GOLD RESOURCE CORP COM 38068T105 3,683 148,000 SH PUT Sole 148,000
GOLD RESOURCE CORP COM 38068T105 8,820 354,400 SH PUT Sole 354,400
GOLDCORP INC COM 380956409 37,871 784,563 SH Sole 784,563
GOLDCORP INC COM 380956409 15,688 325,000 SH Sole 325,000
GOLDCORP INC COM 380956409 26,549 550,000 SH Sole 550,000
GOLDCORP INC /CAD/ COM 380956409 268 5,550 SH Sole 5,550
GOLDCORP INC /CAD/ COM 380956409 235 4,864 SH Sole 4,864
GOLDCORP INC /CAD/ COM 380956409 862 17,813 SH Sole 17,813
GOLDMAN SACHS GROUP INC COM 38141G104 186 1,400 SH Sole 1,400
GOLDMAN SACHS GROUP INC COM 38141G104 200 1,500 SH Sole 1,500
GOOGLE INC CLASS A CL A 38259P508 203 400 SH Sole 400
GRAINGER /W W/ INC COM 384802104 538 3,500 SH Sole 3,500
GRAN TIERRA ENERGY INC COM 38500T101 121 15,000 SH Sole 15,000
GREAT BASIN GOLD
LTD /CAD/ COM 390124105 749 365,000 SH Sole 365,000
GREAT BASIN GOLD
LTD /CAD/ COM 390124105 2,566 1,250,000 SH Sole 1,250,000
GRUPO AEROPORTUARIO DEL
SURESTE SAB DE CV SPON ADR 40051E206 236 4,000 SH Sole 4,000
HALLIBURTON CO HOLDING COM 406216101 510 10,000 SH Sole 10,000
HALLIBURTON CO HOLDING COM 406216101 1,020 20,000 SH Sole 20,000
HARBINGER GROUP INC COM 41146A106 31 5,050 SH Sole 5,050
HARMONY GOLD MINING
CO LTD SPONSORED ADR 413216300 8,593 650,000 SH Sole 650,000
HARMONY GOLD MINING
CO LTD SPONSORED ADR 413216300 13,617 1,030,000 SH Sole 1,030,000
HEALTH MGMT ASSOC
INC CL A CL A 421933102 485 45,000 SH Sole 45,000
HERBALIFE LTD COM G4412G101 144 2,500 SH Sole 2,500
HERBALIFE LTD COM G4412G101 461 8,000 SH Sole 8,000
HESS CORP COM 42809H107 24,738 330,900 SH Sole 330,900
HEWLETT PACKARD COM 428236103 182 5,000 SH Sole 5,000
HOLLY CORP COM 435758305 16,656 240,000 SH Sole 240,000
HOME INNS AND HOTELS
MANAGEMENT SPON ADR 43713W107 456 12,000 SH Sole 12,000
HONEYWELL INTL INC COM 438516106 179 3,000 SH Sole 3,000
HUMANA INC COM 444859102 322 4,000 SH Sole 4,000
IAMGOLD CORPORATION COM 450913108 5,534 295,000 SH Sole 295,000
IAMGOLD CORPORATION COM 450913108 3,377 180,000 SH Sole 180,000
IMAX CORP COM 45245E113 486 15,000 SH Sole 15,000
INFORMATICA CORP COM 45666Q102 292 5,000 SH Sole 5,000
INTERNATIONAL PAPER CO COM 460146103 12,545 420,700 SH Sole 420,700
INTEROIL CORP COM 460951106 5,851 100,000 SH Sole 100,000
INTEROIL CORP COM 460951106 146 2,500 SH Sole 2,500
INTL BUSINESS MACHINES COM 459200101 172 1,000 SH Sole 1,000
ISHARES DOW JNS US OIL
EQMT & SRVS IND ETF DJ OIL EQUIP 464288844 610 9,000 SH Sole 9,000
ISHARES MSCI
MALAYSIA ETF MSCI MALAYSIA 464286830 30 2,000 SH Sole 2,000
ISHARES MSCI
MEXICO INDEX FUND ETF MSCI MEX 464286822 25 400 SH Sole 400
ISHARES MSCI SOUTH
KOREA INDEX FUND ETF MSCI S KOREA 464286772 26 400 SH Sole 400
ISHARES MSCI THAILAND
INDEX FUND ETF MSCI THAILAND 464286624 33 500 SH Sole 500
ISHARES MSCI TURKEY
INDEX FUNDETF MSCI TURKEY 464286715 32 500 SH Sole 500
IVANHOE ENERGY INC
/CAD/ COM 465790103 786 414,100 SH Sole 414,100
IVANHOE ENERGY INC
/CAD/ COM 465790103 36 19,550 SH Sole 19,550
JANUS CAPITAL GROUP INC COM 47102X105 170 18,000 SH Sole 18,000
JOY GLOBAL INC COM 481165108 238 2,500 SH Sole 2,500
JOY GLOBAL INC COM 481165108 476 5,000 SH Sole 5,000
JPMORGAN CHASE &
COMPANY COM 46625H100 164 4,000 SH Sole 4,000
JPMORGAN CHASE &
COMPANY COM 46625H100 655 16,000 SH Sole 16,000
KIMBER RESOURCES INC COM 49435N101 1,815 1,100,000 SH Sole 1,100,000
KIMBER RESOURCES INC COM 49435N101 58 35,000 SH Sole 35,000
KINROSS GOLD CORP /CAD/
/RESTRICTED/ COM 496902404 - 1 SH Sole 1
KOHLS CORP COM 500255104 175 3,500 SH Sole 3,500
L 3 COMMUNICATIONS HLDG
CORP COM 502424104 201 2,300 SH Sole 2,300
LAUDER ESTEE COS INC
CL A CL A 518439104 210 2,000 SH Sole 2,000
LAUDER ESTEE COS INC
CL A CL A 518439104 736 7,000 SH Sole 7,000
LOCKHEED MARTIN CORP COM 539830109 186 2,300 SH Sole 2,300
LORILLARD INC COM 544147101 218 2,000 SH Sole 2,000
MAG SILVER CORPORATION
/CAD/ COM 55903Q104 7,846 785,000 SH Sole 785,000
MAG SILVER CORPORATION
/CAD/ COM 55903Q104 96 10,000 SH Sole 10,000
MARATHON OIL CORP COM 565849106 12,727 241,600 SH Sole 241,600
MARATHON OIL CORP COM 565849106 395 7,500 SH Sole 7,500
MARKET VECTORS
INDONESIA INDEX ETF INDONESIA ETF 57060U753 29 900 SH Sole 900
MARKET VECTORS
RUSSIA ETF ETF 57060U506 5,010 130,000 SH PUT Sole 130,000
MASTERCARD INC COM 57636Q104 151 500 SH Sole 500
MASTERCARD INC COM 57636Q104 301 1,000 SH Sole 1,000
MASTERCARD INC COM 57636Q104 301 1,000 SH Sole 1,000
MCDERMOTT INTL INC COM 580037109 396 20,000 SH Sole 20,000
MEADWESTVACO CORP COM 583334107 200 6,000 SH Sole 6,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 2,628 110,000 SH Sole 110,000
MEDCO HEALTH
SOLUTIONS INC COM 58405U102 170 3,000 SH Sole 3,000
MERCADOLIBRE INC COM 58733R102 476 6,000 SH Sole 6,000
MERCADOLIBRE INC COM 58733R102 238 3,000 SH Sole 3,000
MERCADOLIBRE INC COM 58733R102 424 5,200 SH Sole 5,200
MINES MANAGEMENT INC COM 603432105 1,619 767,500 SH Sole 767,500
MINES MANAGEMENT
INC /CAD COM 603432105 90 40,000 SH Sole 40,000
MINES MANAGEMENT INC COM 603432105 1 6,000 SH Sole 6,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 2,958 155,500 SH Sole 155,500
NABORS INDUSTRIES LTD COM G6359F103 246 10,000 SH Sole 10,000
NETEASE.COM INC ADR SPONSORED ADR 64110W102 748 16,600 SH Sole 16,600
NETEASE.COM INC ADR SPONSORED ADR 64110W102 122 2,710 SH Sole 2,710
NETFLIX.COM INC COM 64110L106 263 1,000 SH Sole 1,000
NETFLIX.COM INC COM 64110L106 788 3,000 SH Sole 3,000
NEVSUN RES LTD COM 64156L101 912 150,000 SH Sole 150,000
NEW GOLD INC COM 644535106 1,286 125,000 SH Sole 125,000
NEW GOLD INC /CAD/ COM 644535106 120 285,000 SH Sole 285,000
NEW GOLD INC /CAD/ COM 644535106 252 599,500 SH Sole 599,500
NEW GOLD INC /CAD/ COM 644535106 3 57,500 SH Sole 57,500
NEWMONT MINING CORP COM 651639106 2,699 50,000 SH Sole 50,000
NEWMONT MINING CORP COM 651639106 37,461 694,100 SH Sole 694,100
NGL ENERGY PARTNERS LP COM 62913M107 199 10,000 SH Sole 10,000
NGL ENERGY PARTNERS LP COM 62913M107 150 7,500 SH Sole 7,500
NOBLE CORPORATION COM H5833N103 197 5,000 SH Sole 5,000
NORFOLK SOUTHERN CORP COM 655844108 300 4,000 SH Sole 4,000
NORTHGATE MINERALS CORP COM 666416102 2,600 1,000,000 SH Sole 1,000,000
NUSTAR ENERGY LP UNIT COM 67058H102 407 6,000 SH Sole 6,000
OIL SERVICE HOLDRS
TRUST COM 678002106 64,205 422,400 SH CALL Sole 422,400
OIL SERVICE HOLDRS
TRUST COM 678002106 88 61 SH CALL Sole 61
OIL STATES
INTERNATIONAL INC COM 678026105 12,786 160,000 SH Sole 160,000
OPEN TEXT CORP COM 683715106 640 10,000 SH Sole 10,000
ORACLE CORP COM 68389X105 329 10,000 SH Sole 10,000
ORACLE CORP COM 68389X105 658 20,000 SH Sole 20,000
P P G INDUSTRIES INC COM 693506107 182 2,000 SH Sole 2,000
P P G INDUSTRIES INC COM 693506107 363 4,000 SH Sole 4,000
PAN AMERICAN SILVER
CORP COM 697900108 10,333 334,500 SH Sole 334,500
PAN AMERICAN SILVER
CORP COM 697900108 5,881 190,400 SH Sole 190,400
PEABODY ENERGY CORP COM 704549104 11,782 200,000 SH Sole 200,000
PEABODY ENERGY CORP COM 704549104 295 5,000 SH Sole 5,000
PETROCHINA CO LTD ADR ADR 71646E104 993 6,800 SH Sole 6,800
PETROCHINA CO LTD ADR ADR 71646E104 228 1,500 SH Sole 1,500
PIONEER NATURAL
RESOURCES CO COM 723787107 9,853 110,000 SH Sole 110,000
PIONEER NATURAL
RESOURCES CO COM 723787107 537 6,000 SH Sole 6,000
PITNEY BOWES COM 724479100 172 7,500 SH Sole 7,500
PLATINUM GROUP METALS
/CAD/ COM 72765Q205 3,484 2,000,000 SH Sole 2,000,000
PLATINUM GROUP METALS
/CAD/ COM 72765Q205 126 75,000 SH Sole 75,000
POSCO SPONSORED ADR SPONSORED ADR 693483109 114 1,000 SH Sole 1,000
POTASH CORP
SASKATCHEWAN COM 73755L107 26,136 458,600 SH Sole 458,600
POWERSHARES DB
AGRICULTURE FUND DB AGRICULT FD 73936B408 41 1,300 SH Sole 1,300
POWERSHARES DB
AGRICULTURE FUND DB AGRICULT FD 73936B408 143 4,500 SH Sole 4,500
POWERSHARES INDIA
PORTFOLIO TRUST ETF INDIA PORT 73935L100 28 1,200 SH Sole 1,200
PROCTER & GAMBLE COM 742718109 191 3,000 SH Sole 3,000
PROSHARES SHORT MSCI
EMERGING MARKETS ETF PSHS SH MSCI EMR 74347R396 59 2,000 SH Sole 2,000
PROSHARES ULTRASHORT
SILVER ULTRA SILVER 74347W841 152 8,000 SH Sole 8,000
PROSHARES ULTRASHORT
SILVER ULTRA SILVER 74347W841 308 16,200 SH Sole 16,200
PUBLIC SVC ENTERPRISE
GRP INC COM 744573106 186 5,700 SH Sole 5,700
QUALCOMM INC COM 747525103 273 4,800 SH Sole 4,800
RACKSPACE HOSTING INC COM 750086100 342 8,000 SH Sole 8,000
RACKSPACE HOSTING INC COM 750086100 684 16,000 SH Sole 16,000
RADIOSHACK CORP COM 750438103 180 13,500 SH Sole 13,500
RAYTHEON COMPANY COM 755111507 199 4,000 SH Sole 4,000
REVETT MINERALS INC
/CAD/ COM 761505205 2,247 501,600 SH Sole 501,600
RICHMONT MINES INC COM 76547T106 1,778 250,000 SH Sole 250,000
RICHMONT MINES INC COM 76547T106 3,555 500,000 SH Sole 500,000
ROBBINS & MYERS INC COM 770196103 16,479 311,800 SH Sole 311,800
RODMAN & RENSHAW CAP
GRP INC COM 77487R100 13 10,000 SH Sole 10,000
ROYAL GOLD INC COM 780287108 2,929 50,000 SH Sole 50,000
RUBICON MINERALS CORP COM 780911103 5,335 1,500,000 SH Sole 1,500,000
RUSH ENTERPRISES
INC - CL A CL A 781846209 285 15,000 SH Sole 15,000
RUSH ENTERPRISES
INC - CL A CL A 781846209 761 40,000 SH Sole 40,000
SANDRIDGE ENERGY INC COM 80007P307 8,658 812,203 SH Sole 812,203
SARA LEE CORP COM 803111103 190 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 26,317 304,600 SH Sole 304,600
SEADRILL LTD COM G7945E105 176 5,000 SH Sole 5,000
SEMPRA ENERGY COM 816851109 159 3,000 SH Sole 3,000
SEMTECH CORP COM 816850101 328 12,000 SH Sole 12,000
SENSATA TECHNOLOGIES
HOLDING COM N7902X106 753 20,000 SH Sole 20,000
SHERWIN WILLIAMS COM 824348106 168 2,000 SH Sole 2,000
SILVER STD RES INC COM 82823L106 12,011 450,000 SH Sole 450,000
SILVER STD RES INC COM 82823L106 9,208 345,000 SH Sole 345,000
SILVERCORP METALS INC COM 82835P103 94 10,000 SH Sole 10,000
SILVERCORP METALS
INC /CAD/ COM 82835P103 11,309 1,203,879 SH Sole 1,203,879
SILVERCORP METALS
INC /CAD/ COM 82835P103 20,610 2,193,917 SH Sole 2,193,917
SILVERCORP METALS INC
/CAD/ COM 82835P103 535 57,004 SH Sole 57,004
SINA CORPORATION COM G81477104 1,312 12,600 SH Sole 12,600
SOHU.COM INC COM 83408W103 809 11,200 SH Sole 11,200
SOHU.COM INC COM 83408W103 506 7,000 SH Sole 7,000
SOHU.COM INC COM 83408W103 231 3,200 SH Sole 3,200
SOLARWINDS INC COM 83416B109 784 30,000 SH Sole 30,000
SOLITARIO
EXPLORATION & ROYALTY COM 8342EP107 2,590 925,000 SH Sole 925,000
SOUTHERN COPPER CORP COM 84265V105 13,148 400,000 SH Sole 400,000
SOUTHERN COPPER CORP COM 84265V105 197 6,000 SH Sole 6,000
SOUTHERN COPPER CORP COM 84265V105 296 9,000 SH Sole 9,000
SOUTHERN COPPER CORP COM 84265V105 131 4,000 SH Sole 4,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 12,116 83,000 SH Sole 83,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 31,678 217,000 SH Sole 217,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 102 700 SH Sole 700
SPDR KBW BANK ETF GOLD SHS 78464A797 432 18,000 SH Sole 18,000
SPECTRA ENERGY CORP COM 847560109 192 7,000 SH Sole 7,000
SPROTT PHYSICAL GOLD
TRUST ETF UNIT 85207H104 7,830 600,000 SH Sole 600,000
SPROTT PHYSICAL GOLD
TRUST ETF UNIT 85207H104 13,442 1,030,000 SH Sole 1,030,000
T ROWE PRICE GROUP INC COM 74144T108 181 3,000 SH Sole 3,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 189 15,000 SH Sole 15,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 365 30,000 SH Sole 30,000
TATA MOTORS LTD SPONSORED ADR 876568502 83 3,000 SH Sole 3,000
TELECOMUN DE SAO PAULO
SA ADR SPON ADR 87929A102 414 13,950 SH Sole 13,950
TELECOMUN DE SAO PAULO
SA ADR SPON ADR 87929A102 460 15,500 SH Sole 15,500
TELECOMUN DE SAO PAULO
SA ADR SPON ADR 87929A102 276 9,300 SH Sole 9,300
TELLABS INC COM 879664100 184 40,000 SH Sole 40,000
THE NASDAQ OMX GROUP COM 631103108 177 7,000 SH Sole 7,000
TRAVELERS COS INC/THE COM 89417E113 175 3,000 SH Sole 3,000
TYSON FOODS INC DEL
CLASS A CL A 902494103 26,722 1,376,000 SH Sole 1,376,000
UNION PACIFIC CORP COM 907818108 209 2,000 SH Sole 2,000
UNITED STATES STEEL
CORP COM 912909108 39,231 852,100 SH Sole 852,100
UNITED STATES STEEL
CORP COM 912909108 322 7,000 SH Sole 7,000
UNITEDHEALTH GROUP INC COM 91324P102 129 2,500 SH Sole 2,500
UNITEDHEALTH GROUP INC COM 91324P102 309 6,000 SH Sole 6,000
URANIUM ENERGY CORP COM 916896103 184 60,000 SH Sole 60,000
URANIUM ENERGY CORP COM 916896103 165 54,000 SH Sole 54,000
VALE S.A. ADR ADR 91912E109 639 20,000 SH Sole 20,000
VALE S.A. ADR ADR 91912E109 320 10,000 SH Sole 10,000
VALE S.A. ADR ADR 91912E109 133 4,000 SH Sole 4,000
VALEANT PHARMACEUTICALS
INTERN COM 91911K102 364 7,000 SH Sole 7,000
VEECO INSTRUMENTS
INC DEL COM 922417100 290 6,000 SH Sole 6,000
VERIFONE SYSTEMS INC COM 92342Y109 310 7,000 SH Sole 7,000
VERISIGN INC COM 91912E109 217 6,500 SH Sole 6,500
VERIZON COMMUNICATIONS COM 92343V104 205 5,500 SH Sole 5,500
WABCO HOLDINGS INC COM 92927K102 207 3,000 SH Sole 3,000
WABCO HOLDINGS INC COM 92927K102 1,036 15,000 SH Sole 15,000
WADDELL & REED FINL
INC CL A CL A 930059100 582 16,000 SH Sole 16,000
WALTER ENERGY INC COM 93317Q105 232 2,000 SH Sole 2,000
WASHINGTON POST CO CL B CL B 939640108 168 400 SH Sole 400
WELLPOINT INC COM 94973V107 197 2,500 SH Sole 2,500
WESTERN REFINING INC COM 959319104 271 15,000 SH Sole 15,000
WEYERHAEUSER CO COM 962166104 13,300 608,400 SH Sole 608,400
WOLVERINE WORLD WIDE
INC COM 978097103 626 15,000 SH Sole 15,000
WRIGHT EXPRESS CORP COM 98233Q105 338 6,500 SH Sole 6,500
XL GROUP PLC COM G98290102 187 8,500 SH Sole 8,500
YAMANA GOLD INC COM 98462Y100 11,630 1,000,000 SH Sole 1,000,000
YAMANA GOLD INC COM 98462Y100 22,097 1,900,000 SH Sole 1,900,000
GRAND TOTAL 1,213,742 60,565,630