Merk Investments LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Merk Investments LLC reported 11 stock positions worth $313.5 million. Its top holding was Americas Gold and Silver Cor (USAS) at 29.2% of the portfolio, followed by Orla Mining (ORLA, 21.9%) and Equinox Gold (EQX, 15.2%). Compared with Q1 2026, it added to 2 and reduced 1. The biggest buy was New Found Gold (NFGC, shares +243%) and the biggest sale Vaneck Merk Gold ETF (OUNZ, shares −13%).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001302842
Portfolio Value
$313.5M (Q2 2026)
SEC Filing
0001420506-26-001784 ↗ filed Aug 14, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $89.6M Q1 2024 Q2 2024: $89.7M Q2 2024 Q3 2024: $105.6M Q3 2024 Q4 2024: $97.4M Q4 2024 Q1 2025: $183.4M Q1 2025 Q2 2025: $246.1M Q2 2025 Q3 2025: $324.9M Q3 2025 Q4 2025: $360.7M Q4 2025 Q1 2026: $367.9M Q1 2026 Q2 2026: $313.5M $313.5M Q2 2026

Holdings 11 stocks · $313.5M
USAS Americas Gold and Silver Cor 29.20% 19,392,000 $91.5M No change
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 21.86% 7,000,000 $68.5M Add +12.9%
EQX Equinox Gold Corp. 15.23% 4,900,000 $47.7M No change
NFGC New Found Gold Corp. 8.03% 16,312,500 $25.2M Add +243.4%
MTA Metalla Royalty & Streaming 7.28% 3,000,000 $22.8M No change
VMET Versamet Royalties Corp. 5.48% 1,400,000 $17.2M No change
AGI Alamos Gold Inc. Class A 4.35% 450,000 $13.7M No change
AEM Agnico Eagle Mines Ltd. 3.96% 80,000 $12.4M No change
BTG B2GOLD Corp. 2.39% 2,000,000 $7.5M No change
ITRG Integra Resources Corp. 1.85% 2,562,526 $5.8M No change
OUNZ Vaneck Merk Gold ETF 0.37% 29,794 $1.1M Reduce -12.9%

Portfolio Sells Q1 2026 → Q2 2026
OUNZ Vaneck Merk Gold ETF Reduce -12.9% 0.37% −0.05

Portfolio Buys Q1 2026 → Q2 2026
NFGC New Found Gold Corp. Add +243.4% 8.03% +5.62
ORLA Orla Mining Ltd. Add +12.9% 21.86% −5.33

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$313.5MUSAS, ORLA, EQX, NFGC, MTA
Q1 2026 11$367.9MUSAS, ORLA, EQX, AGI, MTA
Q4 2025 10$360.7MUSAS, ORLA, EQX, MTA, AGI
Q3 2025 11$324.9MUSAS, ORLA, EQX, AGI, AEM
Q2 2025 11$246.1MORLA, USAS, EQX, AGI, AEM
Q1 2025 10$183.4MORLA, USAS, AGI, AEM, GFI
Q4 2024 10$97.4MORLA, AGI, AEM, MTA, GFI
Q3 2024 11$105.6MORLA, AGI, AEM, B, GFI
Q2 2024 12$89.7MORLA, AGI, B, AEM, GFI
Q1 2024 13$89.6MORLA, AGI, B, AEM, GFI