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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	$6.09B	+$525M	35	31%	Increased
2	Fidelity Investments Boston, Massachusetts	$2.5B	-$499M	29	0.38%	Reduced
3	First Eagle Investment Management New York	$2.04B	+$182M	13	5.93%	Increased
4	Royal Bank of Canada Toronto, Ontario, Canada	$1.58B	-$51.5M	51	1.22%	Reduced
5	BlackRock Group London, United Kingdom	$1.49B	-$4.44M	23	1%	Reduced
6	T. Rowe Price Associates Baltimore, Maryland	$1.43B	-$98.2M	15	0.36%	Reduced
7	Franklin Resources San Mateo, California	$1.38B	+$267M	16	0.73%	Increased
8	Bank of Montreal Toronto, Ontario, Canada	$1.24B	+$88.8M	41	1.93%	Increased
9	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.22B	-$66.2M	44	0.9%	Reduced
10	Vanguard Group Malvern, Pennsylvania	$1.12B	+$31.1M	16	0.11%	Increased
11	Bank of New York Mellon New York	$1.11B	-$2.67M	24	0.33%	Reduced
12	State Street Boston, Massachusetts	$980M	+$89.2M	18	0.12%	Increased
13	OppenheimerFunds New York	$965M	+$551M	15	0.64%	Increased
14	Wellington Management Group Boston, Massachusetts	$898M	-$852M	30	0.28%	Reduced
15	Morgan Stanley New York	$855M	+$102M	46	0.4%	Increased
16	TD Asset Management Toronto, Ontario, Canada	$801M	+$30.6M	25	1.59%	Increased
17	Susquehanna International Group Bala Cynwyd, Pennsylvania	$788M	+$160M	45	0.42%	Increased
18	CIBC World Market Toronto, Ontario, Canada	$771M	-$3.77M	24	3.19%	Reduced
19	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$764M	+$37.7M	31	2.68%	Increased
20	Allianz Asset Management Munich, Germany	$715M	+$31.1M	13	0.95%	Increased
21	BlackRock Institutional Trust San Francisco, California	$708M	-$4.43M	25	0.14%	Reduced
22	Credit Suisse Zurich, Switzerland	$704M	+$202M	14	0.7%	Increased
23	Wells Fargo San Francisco, California	$673M	-$40.5M	42	0.32%	Reduced
24	Tocqueville Asset Management New York	$655M	-$6.18M	19	8.17%	Reduced
25	Norges Bank Oslo, Norway	$643M	+$107M	25	0.38%	Increased