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Merk Investments LLC

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13F filer, CIK 1302842, PALO ALTO, CA

Merk Investments LLC reported $324,942,204 across 11 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 99.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-003403

Period
2025-09-30
Reported value
$325M
Holdings
11
Top 10 weight
99.7%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
USASnew+25,679,000$95.5M
NFGCnew+2,350,000$5.59M
OUNZadded+7,355$274K

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

SecurityShares changeApprox. value
AMERICAS GOLD AND SILVER CORexited-71,151,028-$57.5M
AUexited-275,000-$12.5M
GFIreduced-250,000-$10.5M
AGIreduced-250,000-$8.71M
ITRGreduced-1,524,511-$4.5M

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.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001420506-25-003403, largest first. % of portfolio is the value over $324,942,204, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
USASAMERICAS GOLD AND SILVER CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 25,679,000 shares 25,679,000$95.5M29.4%newTimeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,200,000 shares 6,200,000$67M20.61%0Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,900,000 shares; 2025Q3: 4,900,000 shares 4,900,000$54.9M16.89%0Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 750,000 shares 750,000$26.1M8.05%-250,000Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,000 shares; 2024Q4: 165,000 shares; 2025Q1: 165,000 shares; 2025Q2: 165,000 shares; 2025Q3: 140,000 shares 140,000$23.6M7.26%-25,000Timeline
MTAMETALLA RTY & STREAMING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,000,000 shares 3,000,000$19.1M5.86%0Timeline
ITRGINTEGRA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,999,999 shares 3,999,999$11.8M3.63%-1,524,511Timeline
GFIGOLD FIELDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 250,000 shares 250,000$10.5M3.23%-250,000Timeline
BTGB2GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,000,000 shares 2,000,000$9.9M3.05%0Timeline
NFGCNEW FOUND GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,350,000 shares 2,350,000$5.59M1.72%newTimeline
OUNZVANECK MERK GOLD ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,392 shares; 2024Q4: 19,763 shares; 2025Q1: 12,794 shares; 2025Q2: 19,249 shares; 2025Q3: 26,604 shares 26,604$989K0.3%+7,355Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
AMERICAS GOLD AND SILVER CORAMERICAS GOLD AND SILVER COR71,151,028$57.5Mshares
AUANGLOGOLD ASHANTI PLC275,000$12.5Mshares

How Q3 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 0001420506-25-003403 base2025-11-14acceptance time not in the bulk data set