Merk Investments LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Merk Investments LLC reported 11 stock positions worth $105.6 million. Its top holding was Orla Mining (ORLA) at 23.5% of the portfolio, followed by Alamos Gold Class A (AGI, 18.9%) and Agnico Eagle Mines (AEM, 12.6%). Compared with Q2 2024, it sold out of 1, added to 2 and reduced 2. The biggest buy was Metalla Royalty & Streaming (MTA, shares +395%) and the biggest sale Gold Fields Ltd.-Spons ADR (GFI, shares −17%).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001302842
Portfolio Value
$105.6M (Q3 2024)
SEC Filing
0001420506-24-002495 ↗ filed Nov 14, 2024

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 $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 Q2 2026

Holdings 11 stocks · $105.6M
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 23.48% 6,200,000 $24.8M No change
AGI Alamos Gold Inc. Class A 18.88% 1,000,000 $19.9M No change
AEM Agnico Eagle Mines Ltd. 12.59% 165,000 $13.3M No change
B Barrick Gold Corp. 12.24% 650,000 $12.9M No change
GFI Gold Fields Ltd.-Spons ADR 7.27% 500,000 $7.7M Reduce -16.7%
AU Anglogold Ashanti PLC 6.93% 275,000 $7.3M No change
MTA Metalla Royalty & Streaming 6.52% 2,228,811 $6.9M Add +395.3%
BTG B2GOLD Corp. 5.83% 2,000,000 $6.2M No change
ITRG Integra Resources Corp. 5.12% 5,524,510 $5.4M Add +23.1%
USAS Americas Gold and Silver Cor 0.78% 2,701,028 $822K No change
OUNZ Vaneck Merk Gold ETF 0.35% 14,392 $365K Reduce -23.4%

Portfolio Sells Q2 2024 → Q3 2024
GFI Gold Fields Ltd.-Spons ADR Reduce -16.7% 7.27% −2.70
PPTA Perpetua Resources Corp. Sold out 0.00% −0.89
OUNZ Vaneck Merk Gold ETF Reduce -23.4% 0.35% −0.13

Portfolio Buys Q2 2024 → Q3 2024
MTA Metalla Royalty & Streaming Add +395.3% 6.52% +5.13
ITRG Integra Resources Corp. Add +23.1% 5.12% +0.50

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