Merk Investments LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Merk Investments LLC reported 11 stock positions worth $246.1 million. Its top holding was Orla Mining (ORLA) at 25.2% of the portfolio, followed by Americas Gold and Silver Cor (USAS, 23.4%) and Equinox Gold (EQX, 11.5%). Compared with Q1 2025, it opened 1 new position and added to 1. The biggest buy was a new position in Equinox Gold (EQX).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $246.1M (Q2 2025)
- SEC Filing
- 0001420506-25-002137 ↗ filed Aug 14, 2025
Holdings Value
Holdings 11 stocks · $246.1M
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 25.24% | 6,200,000 | $62.1M | No change |
| USAS Americas Gold and Silver Cor | 23.35% | 71,151,028 | $57.5M | No change |
| EQX Equinox Gold Corp. | 11.49% | 4,900,000 | $28.3M | New |
| AGI Alamos Gold Inc. Class A | 10.79% | 1,000,000 | $26.6M | No change |
| AEM Agnico Eagle Mines Ltd. | 7.97% | 165,000 | $19.6M | No change |
| AU Anglogold Ashanti PLC | 5.09% | 275,000 | $12.5M | No change |
| GFI Gold Fields Ltd.-Spons ADR | 4.81% | 500,000 | $11.8M | No change |
| MTA Metalla Royalty & Streaming | 4.68% | 3,000,000 | $11.5M | No change |
| ITRG Integra Resources Corp. | 3.38% | 5,524,510 | $8.3M | No change |
| BTG B2GOLD Corp. | 2.93% | 2,000,000 | $7.2M | No change |
| OUNZ Vaneck Merk Gold ETF | 0.25% | 19,249 | $614K | Add +50.5% |
Portfolio Sells Q1 2025 → Q2 2025
| None this quarter. | |||
Portfolio Buys Q1 2025 → Q2 2025
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 |