Merk Investments LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Merk Investments LLC reported 11 stock positions worth $324.9 million. Its top holding was Americas Gold and Silver Cor (USAS) at 29.4% of the portfolio, followed by Orla Mining (ORLA, 20.6%) and Equinox Gold (EQX, 16.9%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 1 and reduced 5. The biggest buy was a new position in New Found Gold (NFGC) and the biggest sale an exit from Anglogold Ashanti (AU).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $324.9M (Q3 2025)
- SEC Filing
- 0001420506-25-003403 ↗ filed Nov 14, 2025
Holdings Value
Holdings 11 stocks · $324.9M
| USAS Americas Gold and Silver Cor | 29.40% | 25,679,000 | $95.5M | Reduce -9.8% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 20.61% | 6,200,000 | $67.0M | No change |
| EQX Equinox Gold Corp. | 16.89% | 4,900,000 | $54.9M | No change |
| AGI Alamos Gold Inc. Class A | 8.05% | 750,000 | $26.1M | Reduce -25.0% |
| AEM Agnico Eagle Mines Ltd. | 7.26% | 140,000 | $23.6M | Reduce -15.2% |
| MTA Metalla Royalty & Streaming | 5.86% | 3,000,000 | $19.1M | No change |
| ITRG Integra Resources Corp. | 3.63% | 3,999,999 | $11.8M | Reduce -27.6% |
| GFI Gold Fields Ltd.-Spons ADR | 3.23% | 250,000 | $10.5M | Reduce -50.0% |
| BTG B2GOLD Corp. | 3.05% | 2,000,000 | $9.9M | No change |
| NFGC New Found Gold Corp. | 1.72% | 2,350,000 | $5.6M | New |
| OUNZ Vaneck Merk Gold ETF | 0.30% | 26,604 | $989K | Add +38.2% |
Portfolio Sells Q2 2025 → Q3 2025
| AU Anglogold Ashanti PLC | Sold out | 0.00% | −5.09 |
| AGI Alamos Gold Inc. Class A | Reduce -25.0% | 8.05% | −2.75 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -50.0% | 3.23% | −1.58 |
| AEM Agnico Eagle Mines Ltd. | Reduce -15.2% | 7.26% | −0.71 |
| ITRG Integra Resources Corp. | Reduce -27.6% | 3.63% | +0.26 |
| USAS Americas Gold and Silver Cor | Reduce -9.8% | 29.40% | +6.05 |
Portfolio Buys Q2 2025 → Q3 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 |