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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	$5.98B	+$20M	35	29.68%	Increased
2	First Eagle Investment Management New York	$2.4B	-$85.7M	14	6.37%	Reduced
3	Fidelity Investments Boston, Massachusetts	$2.14B	+$121M	31	0.3%	Increased
4	BlackRock Group London, United Kingdom	$1.56B	+$178M	20	0.98%	Increased
5	Royal Bank of Canada Toronto, Ontario, Canada	$1.52B	+$62.8M	50	1.11%	Increased
6	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.43B	-$383M	41	1.02%	Reduced
7	Bank of New York Mellon New York	$1.35B	+$357M	27	0.37%	Increased
8	Bank of Montreal Toronto, Ontario, Canada	$1.33B	+$239M	41	1.72%	Increased
9	Franklin Resources San Mateo, California	$1.32B	-$92.9M	17	0.62%	Reduced
10	T. Rowe Price Associates Baltimore, Maryland	$1.26B	-$98.2M	12	0.28%	Reduced
11	Vanguard Group Malvern, Pennsylvania	$1.08B	-$5.76M	13	0.09%	Reduced
12	State Street Boston, Massachusetts	$830M	-$6.41M	18	0.09%	Reduced
13	TD Asset Management Toronto, Ontario, Canada	$776M	+$21.4M	24	1.41%	Increased
14	Susquehanna International Group Bala Cynwyd, Pennsylvania	$744M	-$34.2M	41	0.34%	Reduced
15	BlackRock Institutional Trust San Francisco, California	$729M	-$7.92M	29	0.13%	Reduced
16	Morgan Stanley New York	$719M	-$59.6M	53	0.3%	Reduced
17	CIBC World Market Toronto, Ontario, Canada	$713M	-$8.31M	21	2.72%	Reduced
18	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$710M	-$2.94M	35	2.48%	Reduced
19	Wells Fargo San Francisco, California	$706M	-$52.8M	45	0.3%	Reduced
20	PC Paulson & Co New York	$681M	-$56.2M	6	3.33%	Reduced
21	Allianz Asset Management Munich, Germany	$673M	-$50.8M	14	0.81%	Reduced
22	Credit Suisse Zurich, Switzerland	$669M	+$133M	37	0.65%	Increased
23	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$636M	+$127M	18	4.65%	Increased
24	OppenheimerFunds New York	$580M	+$59.7M	19	0.68%	Increased
25	JP Morgan Chase New York	$547M	+$16.1M	25	0.15%	Increased