Merk Investments LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Merk Investments LLC reported 10 stock positions worth $97.4 million. Its top holding was Orla Mining (ORLA) at 35.3% of the portfolio, followed by Alamos Gold Class A (AGI, 18.9%) and Agnico Eagle Mines (AEM, 13.2%). Compared with Q3 2024, it sold out of 1 and added to 3. The biggest buy was Metalla Royalty & Streaming (MTA, shares +35%) and the biggest sale an exit from Barrick Gold (B).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $97.4M (Q4 2024)
- SEC Filing
- 0001420506-25-000622 ↗ filed Feb 14, 2025
Holdings Value
Holdings 10 stocks · $97.4M
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 35.27% | 6,200,000 | $34.3M | No change |
| AGI Alamos Gold Inc. Class A | 18.93% | 1,000,000 | $18.4M | No change |
| AEM Agnico Eagle Mines Ltd. | 13.25% | 165,000 | $12.9M | No change |
| MTA Metalla Royalty & Streaming | 7.73% | 3,000,000 | $7.5M | Add +34.6% |
| GFI Gold Fields Ltd.-Spons ADR | 6.78% | 500,000 | $6.6M | No change |
| AU Anglogold Ashanti PLC | 6.52% | 275,000 | $6.3M | No change |
| BTG B2GOLD Corp. | 5.01% | 2,000,000 | $4.9M | No change |
| ITRG Integra Resources Corp. | 4.92% | 5,524,510 | $4.8M | No change |
| USAS Americas Gold and Silver Cor | 1.08% | 2,751,028 | $1.1M | Add +1.9% |
| OUNZ Vaneck Merk Gold ETF | 0.51% | 19,763 | $500K | Add +37.3% |
Portfolio Sells Q3 2024 → Q4 2024
| B Barrick Gold Corp. | Sold out | 0.00% | −12.24 |
Portfolio Buys Q3 2024 → Q4 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $313.5M | USAS, ORLA, EQX, NFGC, MTA |
| Q1 2026 | 11 | $367.9M | USAS, ORLA, EQX, AGI, MTA |
| Q4 2025 | 10 | $360.7M | USAS, ORLA, EQX, MTA, AGI |
| Q3 2025 | 11 | $324.9M | USAS, ORLA, EQX, AGI, AEM |
| Q2 2025 | 11 | $246.1M | ORLA, USAS, EQX, AGI, AEM |
| Q1 2025 | 10 | $183.4M | ORLA, USAS, AGI, AEM, GFI |
| Q4 2024 | 10 | $97.4M | ORLA, AGI, AEM, MTA, GFI |
| Q3 2024 | 11 | $105.6M | ORLA, AGI, AEM, B, GFI |
| Q2 2024 | 12 | $89.7M | ORLA, AGI, B, AEM, GFI |
| Q1 2024 | 13 | $89.6M | ORLA, AGI, B, AEM, GFI |