<SEC-DOCUMENT>0000950123-14-001974.txt : 20140213
<SEC-HEADER>0000950123-14-001974.hdr.sgml : 20140213
<ACCEPTANCE-DATETIME>20140213060306
ACCESSION NUMBER:		0000950123-14-001974
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140213
DATE AS OF CHANGE:		20140213
EFFECTIVENESS DATE:		20140213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LOEWS CORP
		CENTRAL INDEX KEY:			0000060086
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				132646102
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-00217
		FILM NUMBER:		14602830

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065-8087
		BUSINESS PHONE:		212-521-2000

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065-8087
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>13F-HR</submissionType>
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      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0000060086</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2013</periodOfReport>
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  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2013</reportCalendarOrQuarter>
      <filingManager>
        <name>Loews Corp</name>
        <address>
          <ns1:street1>667 Madison Ave</ns1:street1>
          <ns1:city>New York</ns1:city>
          <ns1:stateOrCountry>NY</ns1:stateOrCountry>
          <ns1:zipCode>10065-8087</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-00217</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <form13FFileNumber>28-346</form13FFileNumber>
          <name>CNA Financial Corporation</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>Loews Corporation (Loews), by virtue of its approximately 90% ownership of voting securities of CNA Financial Corporation whose business address is 333 South Wabash Avenue, Chicago, Illinois 60604 (CNA), may be deemed to have investment discretion regarding certain securities (the CNA Securities) as to which investment discretion is deemed to be exercised by CNA. CNA is reporting on behalf of Loews regarding the CNA Securities.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Gary W. Garson</name>
      <title>General Counsel and Senior Vice President</title>
      <phone>212-521-2932</phone>
      <signature>/s/ Gary W. Garson</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>02-13-2014</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>195</tableEntryTotal>
      <tableValueTotal>18796017</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-15068</form13FFileNumber>
            <name>Loews MIP, Inc.</name>
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        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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<DESCRIPTION>INFORMATION TABLE FOR FORM 13F
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   <infoTable>
       <nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>N00985106</cusip>
       <value>22051</value>
       <shrsOrPrnAmt>
           <sshPrnamt>575000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>575000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AETNA INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>00817Y108</cusip>
       <value>631</value>
       <shrsOrPrnAmt>
           <sshPrnamt>9200</sshPrnamt>
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       <votingAuthority>
           <Sole>9200</Sole>
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           <None>0</None>
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   </infoTable>
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       <nameOfIssuer>AGNICO-EAGLE MINES LTD</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>008474908</cusip>
       <value>3693</value>
       <shrsOrPrnAmt>
           <sshPrnamt>140000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <votingAuthority>
           <Sole>140000</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>AGNICO-EAGLE MINES LTD</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>008474958</cusip>
       <value>3957</value>
       <shrsOrPrnAmt>
           <sshPrnamt>150000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>150000</Sole>
           <Shared>0</Shared>
           <None>0</None>
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       <nameOfIssuer>AMERICAN AIRLINES GROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>02376R102</cusip>
       <value>379</value>
       <shrsOrPrnAmt>
           <sshPrnamt>15000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>15000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>026874784</cusip>
       <value>20691</value>
       <shrsOrPrnAmt>
           <sshPrnamt>405300</sshPrnamt>
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       <votingAuthority>
           <Sole>405300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMKOR TECHNOLOGY INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>031652100</cusip>
       <value>981</value>
       <shrsOrPrnAmt>
           <sshPrnamt>160000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>160000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>032511107</cusip>
       <value>984</value>
       <shrsOrPrnAmt>
           <sshPrnamt>12400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>12400</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>APACHE CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>037411105</cusip>
       <value>325</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3780</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>3780</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>APPLE INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>037833900</cusip>
       <value>42076</value>
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           <sshPrnamt>75000</sshPrnamt>
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       <putCall>Call</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
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           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>75000</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ARC DOCUMENT SOLUTIONS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>00191G103</cusip>
       <value>86</value>
       <shrsOrPrnAmt>
           <sshPrnamt>10456</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>10456</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ASHLAND INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>044209104</cusip>
       <value>16012</value>
       <shrsOrPrnAmt>
           <sshPrnamt>165000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>165000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ASHLAND INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>044209904</cusip>
       <value>2426</value>
       <shrsOrPrnAmt>
           <sshPrnamt>25000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>25000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ASSURANT INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>04621X108</cusip>
       <value>275</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4150</sshPrnamt>
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       <votingAuthority>
           <Sole>4150</Sole>
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           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>ATMEL CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>049513104</cusip>
       <value>209</value>
       <shrsOrPrnAmt>
           <sshPrnamt>26716</sshPrnamt>
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       <votingAuthority>
           <Sole>26716</Sole>
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           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>AURICO GOLD INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>05155C105</cusip>
       <value>1354</value>
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           <sshPrnamt>370048</sshPrnamt>
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           <Sole>370048</Sole>
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       <nameOfIssuer>AVNET INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>053807103</cusip>
       <value>330</value>
       <shrsOrPrnAmt>
           <sshPrnamt>7475</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>7475</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>B2GOLD CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>11777Q209</cusip>
       <value>2584</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1258105</sshPrnamt>
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       <votingAuthority>
           <Sole>1258105</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>057224107</cusip>
       <value>257</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4650</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>4650</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>060505104</cusip>
       <value>194</value>
       <shrsOrPrnAmt>
           <sshPrnamt>12443</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>12443</Sole>
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           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>060505104</cusip>
       <value>3892</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
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           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>250000</None>
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   <infoTable>
       <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
       <titleOfClass>Warrant</titleOfClass>
       <cusip>060505153</cusip>
       <value>1946</value>
       <shrsOrPrnAmt>
           <sshPrnamt>125000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>125000</Sole>
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           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BANK OF NEW YORK MELLON CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>064058100</cusip>
       <value>239</value>
       <shrsOrPrnAmt>
           <sshPrnamt>6833</sshPrnamt>
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       <votingAuthority>
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           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>067901108</cusip>
       <value>2374</value>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>067901908</cusip>
       <value>3526</value>
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           <sshPrnamt>200000</sshPrnamt>
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           <Sole>200000</Sole>
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           <None>0</None>
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       <nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>067901958</cusip>
       <value>5289</value>
       <shrsOrPrnAmt>
           <sshPrnamt>300000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>300000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
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       <nameOfIssuer>BLACKBERRY LTD</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>09228F903</cusip>
       <value>11160</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1500000</sshPrnamt>
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       <putCall>Call</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>1500000</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>BOEING CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>097023105</cusip>
       <value>246</value>
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           <sshPrnamt>1800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>1800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BOEING CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <value>5460</value>
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           <sshPrnamt>40000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>40000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BP PLC-SPONS ADR</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>055622104</cusip>
       <value>396</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8140</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>8140</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BROADCOM CORP-CL A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>111320107</cusip>
       <value>1186</value>
       <shrsOrPrnAmt>
           <sshPrnamt>40000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>40000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BROADCOM CORP-CL A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>111320957</cusip>
       <value>2372</value>
       <shrsOrPrnAmt>
           <sshPrnamt>80000</sshPrnamt>
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       <nameOfIssuer>BOARDWALK PIPELINE COMMON UNITS</nameOfIssuer>
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       <nameOfIssuer>DIAMOND OFFSHORE DRILLING</nameOfIssuer>
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       <nameOfIssuer>DU PONT E.I. DE NEMOURS</nameOfIssuer>
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       <nameOfIssuer>ENSCO PLC-CL A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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           <None>0</None>
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       <nameOfIssuer>EXETER RESOURCE CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>301835104</cusip>
       <value>351</value>
       <shrsOrPrnAmt>
           <sshPrnamt>642545</sshPrnamt>
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       <cusip>30219G108</cusip>
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           <sshPrnamt>375000</sshPrnamt>
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           <None>0</None>
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           <sshPrnamt>2125</sshPrnamt>
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           <None>1000000</None>
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       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>37045V100</cusip>
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           <sshPrnamt>584850</sshPrnamt>
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           <None>0</None>
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       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>37045V100</cusip>
       <value>24522</value>
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           <sshPrnamt>600000</sshPrnamt>
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       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Warrant</titleOfClass>
       <cusip>37045V118</cusip>
       <value>227</value>
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           <sshPrnamt>5552</sshPrnamt>
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           <None>0</None>
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       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Warrant</titleOfClass>
       <cusip>37045V126</cusip>
       <value>1667</value>
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           <sshPrnamt>40800</sshPrnamt>
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       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>37045V900</cusip>
       <value>44957</value>
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           <sshPrnamt>1100000</sshPrnamt>
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       <nameOfIssuer>GLOBAL CASH ACCESS HOLDINGS</nameOfIssuer>
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       <cusip>378967103</cusip>
       <value>273</value>
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           <sshPrnamt>27336</sshPrnamt>
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       <cusip>380956409</cusip>
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       <cusip>380956959</cusip>
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       <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
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       <cusip>38141G104</cusip>
       <value>239</value>
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           <sshPrnamt>1350</sshPrnamt>
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       <nameOfIssuer>GRANITE REAL ESTATE INVESTMENT</nameOfIssuer>
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       <nameOfIssuer>HEALTH MGMT ASSOCIATES INC-A</nameOfIssuer>
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       <cusip>421933102</cusip>
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       <nameOfIssuer>HECLA MINING CO</nameOfIssuer>
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       <cusip>422704106</cusip>
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       <nameOfIssuer>HEWLETT-PACKARD CO</nameOfIssuer>
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       <cusip>428236103</cusip>
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       <nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>437076902</cusip>
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       <cusip>450913108</cusip>
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       <value>223</value>
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       <nameOfIssuer>INFINERA CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>45667G103</cusip>
       <value>4499</value>
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           <sshPrnamt>460000</sshPrnamt>
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       <cusip>45685E106</cusip>
       <value>310</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8825</sshPrnamt>
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       <cusip>45768S105</cusip>
       <value>213</value>
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       <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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       <cusip>478160104</cusip>
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           <Sole>6432</Sole>
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       <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
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       <cusip>46625H100</cusip>
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           <sshPrnamt>191833</sshPrnamt>
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   <infoTable>
       <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
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       <cusip>46625H100</cusip>
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       <nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>496902404</cusip>
       <value>3793</value>
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           <sshPrnamt>866010</sshPrnamt>
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           <Sole>866010</Sole>
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       <titleOfClass>Common</titleOfClass>
       <cusip>524901105</cusip>
       <value>333</value>
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           <sshPrnamt>7650</sshPrnamt>
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           <Sole>7650</Sole>
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       <nameOfIssuer>LINCOLN NATIONAL CORP</nameOfIssuer>
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       <cusip>534187109</cusip>
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           <sshPrnamt>19500</sshPrnamt>
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           <Sole>19500</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>LOWE&apos;S COS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>548661107</cusip>
       <value>496</value>
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           <sshPrnamt>10000</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
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   <infoTable>
       <nameOfIssuer>LOWE&apos;S COS INC</nameOfIssuer>
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       <cusip>548661957</cusip>
       <value>4955</value>
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       <nameOfIssuer>MANITOWOC CO INC.</nameOfIssuer>
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       <nameOfIssuer>MARKET VECTORS GOLD MINERS</nameOfIssuer>
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       <nameOfIssuer>MARKET VECTORS JR GOLD MINER</nameOfIssuer>
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       <nameOfIssuer>MARKET VECTORS JR GOLD MINER</nameOfIssuer>
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       <nameOfIssuer>MARKET VECTORS JR GOLD MINER</nameOfIssuer>
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       <nameOfIssuer>MARTIN MARIETTA MATERIALS</nameOfIssuer>
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       <nameOfIssuer>MARTIN MARIETTA MATERIALS</nameOfIssuer>
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           <None>0</None>
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       <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
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       <cusip>594918104</cusip>
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       <votingAuthority>
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       <cusip>594918904</cusip>
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       <value>162</value>
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       <nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
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       <nameOfIssuer>NEWS CORP - CLASS A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <value>561</value>
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       <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <value>1222</value>
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       <nameOfIssuer>ORACLE CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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           <Sole>9564</Sole>
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   <infoTable>
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       <cusip>697900108</cusip>
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           <Sole>42176</Sole>
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   <infoTable>
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       <titleOfClass>Common</titleOfClass>
       <cusip>70086Y105</cusip>
       <value>146</value>
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           <Sole>20415</Sole>
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   <infoTable>
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       <cusip>701094104</cusip>
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       <titleOfClass>Common</titleOfClass>
       <cusip>717081103</cusip>
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           <sshPrnamt>37606</sshPrnamt>
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       <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>718546954</cusip>
       <value>4628</value>
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           <sshPrnamt>60000</sshPrnamt>
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           <None>0</None>
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       <nameOfIssuer>PINNACLE ENTERTAINMENT INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>723456109</cusip>
       <value>7797</value>
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           <sshPrnamt>300000</sshPrnamt>
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       <nameOfIssuer>PMC - SIERRA INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>69344F106</cusip>
       <value>1929</value>
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           <sshPrnamt>300000</sshPrnamt>
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           <Sole>300000</Sole>
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           <None>0</None>
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       <nameOfIssuer>PNC FINANCIAL SERVICES GROUP</nameOfIssuer>
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       <cusip>693475105</cusip>
       <value>247</value>
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       <nameOfIssuer>POST HOLDINGS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>737446104</cusip>
       <value>8622</value>
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           <sshPrnamt>175000</sshPrnamt>
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       <titleOfClass>Common</titleOfClass>
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       <nameOfIssuer>REINSURANCE GROUP OF AMERICA</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <nameOfIssuer>RENT-A-CENTER INC</nameOfIssuer>
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       <value>321</value>
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       <nameOfIssuer>ROYAL DUTCH SHELL PLC-ADR</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>780259206</cusip>
       <value>287</value>
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           <sshPrnamt>4020</sshPrnamt>
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       <nameOfIssuer>RUBICON MINERALS CORP</nameOfIssuer>
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           <sshPrnamt>1401817</sshPrnamt>
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       <nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
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       <nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
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       <cusip>808513105</cusip>
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       <nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <nameOfIssuer>STAPLES INC</nameOfIssuer>
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       <nameOfIssuer>SYNOVUS FINANCIAL CORP</nameOfIssuer>
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       <nameOfIssuer>TESLA MOTORS INC</nameOfIssuer>
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       <nameOfIssuer>THORATEC CORP</nameOfIssuer>
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       <nameOfIssuer>TIME WARNER CABLE</nameOfIssuer>
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       <nameOfIssuer>UNITED PARCEL SERVICE-CL B</nameOfIssuer>
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       <nameOfIssuer>VIRTUS INVESTMENT PARTNERS</nameOfIssuer>
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       <nameOfIssuer>WESTERN DIGITAL CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>958102105</cusip>
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</SEC-DOCUMENT>
