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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	$5.54B	+$276M	34	27.99%	Increased
2	First Eagle Investment Management New York	$2.2B	+$417M	13	5.98%	Increased
3	Fidelity Investments Boston, Massachusetts	$1.86B	-$346M	29	0.26%	Reduced
4	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.62B	+$626M	43	1.17%	Increased
5	Royal Bank of Canada Toronto, Ontario, Canada	$1.39B	-$16.1M	50	0.98%	Reduced
6	Franklin Resources San Mateo, California	$1.29B	+$94.7M	17	0.63%	Increased
7	T. Rowe Price Associates Baltimore, Maryland	$1.23B	-$26.3M	13	0.28%	Reduced
8	BlackRock Group London, United Kingdom	$1.22B	-$105M	20	0.79%	Reduced
9	Bank of Montreal Toronto, Ontario, Canada	$1.08B	-$14.7M	38	1.48%	Reduced
10	Vanguard Group Malvern, Pennsylvania	$1.01B	+$38M	17	0.09%	Increased
11	Bank of New York Mellon New York	$994M	+$31.3M	25	0.28%	Increased
12	State Street Boston, Massachusetts	$787M	-$50.1M	18	0.09%	Reduced
13	Wellington Management Group Boston, Massachusetts	$750M	-$48.3M	30	0.22%	Reduced
14	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$743M	+$9.76M	33	2.55%	Increased
15	Susquehanna International Group Bala Cynwyd, Pennsylvania	$724M	+$35.9M	42	0.33%	Increased
16	TD Asset Management Toronto, Ontario, Canada	$720M	+$13.6M	24	1.35%	Increased
17	Morgan Stanley New York	$720M	-$21.5M	51	0.31%	Reduced
18	CIBC World Market Toronto, Ontario, Canada	$698M	+$9.48M	22	2.89%	Increased
19	BlackRock Institutional Trust San Francisco, California	$682M	+$74.7M	28	0.12%	Increased
20	Allianz Asset Management Munich, Germany	$677M	+$23.1M	11	0.86%	Increased
21	Wells Fargo San Francisco, California	$642M	+$37.3M	43	0.28%	Increased
22	PC Paulson & Co New York	$523M	-$150K	6	2.58%	Reduced
23	JP Morgan Chase New York	$514M	-$10.2M	26	0.15%	Reduced
24	Credit Suisse Zurich, Switzerland	$504M	-$104M	37	0.46%	Reduced
25	OppenheimerFunds New York	$472M	-$407M	14	0.57%	Reduced