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Gold & Silver Miners

Miners carry fixed costs against a variable metal price, so their earnings move by more than the metal itself in either direction. That operating leverage is the reason to own them instead of bullion.

124 stocks

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
1	VanEck Associates New York	$26.9B	-$2.12B	65	16.42%	Reduced
2	BlackRock New York	$25.7B	+$487M	69	0.38%	Increased
3	Vanguard Capital Management Malvern, Pennsylvania	$20.7B	+$723M	49	0.44%	Increased
4	Fidelity Investments Boston, Massachusetts	$14.7B	-$2.34B	63	0.64%	Reduced
5	Capital World Investors Los Angeles, California	$11.9B	-$1.48B	12	1.41%	Reduced
6	Bank of Montreal Toronto, Ontario, Canada	$9.34B	+$768M	71	3.08%	Increased
7	Royal Bank of Canada Toronto, Ontario, Canada	$8.67B	+$770M	89	1.29%	Increased
8	Geode Capital Management Boston, Massachusetts	$8.33B	+$544M	60	0.44%	Increased
9	State Street Boston, Massachusetts	$8.21B	+$730M	33	0.24%	Increased
10	Morgan Stanley New York	$6.92B	+$857M	94	0.37%	Increased
11	Fidelity International Hamilton, Bermuda	$6.81B	-$723M	35	4.89%	Reduced
12	Norges Bank Oslo, Norway	$6.4B	+$7.54B	29	0.64%	New
13	First Eagle Investment Management New York	$6.31B	-$120M	16	10.39%	Reduced
14	Mackenzie Financial Toronto Ontario, Ontario, Canada	$6.03B	-$109M	51	6.03%	Reduced
15	Vanguard Portfolio Management Malvern, Pennsylvania	$5.82B	+$379M	23	0.26%	Increased
16	Massachusetts Financial Services Boston, Massachusetts	$5.81B	+$197M	18	1.84%	Increased
17	Invesco Atlanta, Georgia	$5.26B	+$310M	46	0.42%	Increased
18	Goldman Sachs New York	$5.1B	-$859K	75	0.44%	Reduced
19	Mirae Asset Global ETFs Holdings Causeway Bay, Hong Kong	$4.79B	+$53.5M	68	5.71%	Increased
20	Deutsche Bank Frankfurt Am Main Ge, Germany	$4.74B	+$254M	60	1.38%	Increased
21	Vanguard Fiduciary Trust Malvern, Pennsylvania	$4.6B	+$152M	53	1.01%	Increased
22	Bank of America Charlotte, North Carolina	$4.41B	+$112M	81	0.28%	Increased
23	Elliott Investment Management West Palm Beach, Florida	$4.09B	-$215K	2	18.05%	Reduced
24	Dimensional Fund Advisors Austin, Texas	$3.96B	+$220M	43	0.72%	Increased
25	JP Morgan Chase New York	$3.88B	+$200M	81	0.22%	Increased