Merk Investments LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), Merk Investments LLC reported 10 stock positions worth $183.4 million. Its top holding was Orla Mining (ORLA) at 31.6% of the portfolio, followed by Americas Gold and Silver Cor (USAS, 20.7%) and Alamos Gold Class A (AGI, 14.6%). Compared with Q4 2024, it added to 1 and reduced 1. The biggest buy was Americas Gold and Silver Cor (USAS, shares +2486%) and the biggest sale Vaneck Merk Gold ETF (OUNZ, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $183.4M (Q1 2025)
- SEC Filing
- 0001420506-25-001314 ↗ filed May 16, 2025
Holdings Value
Holdings 10 stocks · $183.4M
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 31.60% | 6,200,000 | $58.0M | No change |
| USAS Americas Gold and Silver Cor | 20.75% | 71,151,028 | $38.1M | Add +2486.3% |
| AGI Alamos Gold Inc. Class A | 14.58% | 1,000,000 | $26.7M | No change |
| AEM Agnico Eagle Mines Ltd. | 9.75% | 165,000 | $17.9M | No change |
| GFI Gold Fields Ltd.-Spons ADR | 6.02% | 500,000 | $11.0M | No change |
| AU Anglogold Ashanti PLC | 5.57% | 275,000 | $10.2M | No change |
| MTA Metalla Royalty & Streaming | 4.68% | 3,000,000 | $8.6M | No change |
| ITRG Integra Resources Corp. | 3.74% | 5,524,510 | $6.9M | No change |
| BTG B2GOLD Corp. | 3.11% | 2,000,000 | $5.7M | No change |
| OUNZ Vaneck Merk Gold ETF | 0.21% | 12,794 | $386K | Reduce -35.3% |
Portfolio Sells Q4 2024 → Q1 2025
| OUNZ Vaneck Merk Gold ETF | Reduce -35.3% | 0.21% | −0.30 |
Portfolio Buys Q4 2024 → Q1 2025
| USAS Americas Gold and Silver Cor | Add +2486.3% | 20.75% | +19.67 |
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 |