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Merk Investments LLC

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13F filer, CIK 1302842, PALO ALTO, CA

Merk Investments LLC reported $246,086,608 across 11 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 99.75% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-002137

Period
2025-06-30
Reported value
$246M
Holdings
11
Top 10 weight
99.75%
New
1
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EQXnew+4,900,000$28.3M
OUNZadded+6,455$206K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

None.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001420506-25-002137, largest first. % of portfolio is the value over $246,086,608, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,200,000 shares; 2024Q4: 6,200,000 shares; 2025Q1: 6,200,000 shares; 2025Q2: 6,200,000 shares 6,200,000$62.1M25.24%0Timeline
AMERICAS GOLD AND SILVER CORAMERICAS GOLD AND SILVER CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,701,028 shares; 2024Q4: 2,751,028 shares; 2025Q1: 71,151,028 shares; 2025Q2: 71,151,028 shares 71,151,028$57.5M23.35%0
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,900,000 shares 4,900,000$28.3M11.49%newTimeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares 1,000,000$26.6M10.79%0Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,000 shares; 2024Q4: 165,000 shares; 2025Q1: 165,000 shares; 2025Q2: 165,000 shares 165,000$19.6M7.97%0Timeline
AUANGLOGOLD ASHANTI PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,000 shares; 2024Q4: 275,000 shares; 2025Q1: 275,000 shares; 2025Q2: 275,000 shares 275,000$12.5M5.09%0Timeline
GFIGOLD FIELDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares 500,000$11.8M4.81%0Timeline
MTAMETALLA RTY & STREAMING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,228,811 shares; 2024Q4: 3,000,000 shares; 2025Q1: 3,000,000 shares; 2025Q2: 3,000,000 shares 3,000,000$11.5M4.68%0Timeline
ITRGINTEGRA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,524,510 shares; 2024Q4: 5,524,510 shares; 2025Q1: 5,524,510 shares; 2025Q2: 5,524,510 shares 5,524,510$8.31M3.38%0Timeline
BTGB2GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares 2,000,000$7.22M2.93%0Timeline
OUNZVANECK MERK GOLD ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,392 shares; 2024Q4: 19,763 shares; 2025Q1: 12,794 shares; 2025Q2: 19,249 shares 19,249$614K0.25%+6,455Timeline

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001420506-25-002137 base2025-08-14acceptance time not in the bulk data set