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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	$6.73B	+$62.8M	35	31.07%	Increased
2	Fidelity Investments Boston, Massachusetts	$2.74B	+$191M	31	0.37%	Increased
3	First Eagle Investment Management New York	$2.65B	+$27.9M	15	6.42%	Increased
4	BlackRock Group London, United Kingdom	$1.84B	+$42.5M	21	1.06%	Increased
5	Royal Bank of Canada Toronto, Ontario, Canada	$1.61B	-$96.7M	52	1.09%	Reduced
6	T. Rowe Price Associates Baltimore, Maryland	$1.59B	+$67.5M	15	0.34%	Increased
7	Bank of New York Mellon New York	$1.51B	+$103M	25	0.41%	Increased
8	Bank of Montreal Toronto, Ontario, Canada	$1.51B	+$40.7M	41	1.68%	Increased
9	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.41B	-$168M	39	0.96%	Reduced
10	Franklin Resources San Mateo, California	$1.39B	-$21M	16	0.61%	Reduced
11	Norges Bank Oslo, Norway	$1.37B	+$660M	22	0.37%	Increased
12	Vanguard Group Malvern, Pennsylvania	$1.22B	+$27M	13	0.1%	Increased
13	Tocqueville Asset Management New York	$1.22B	+$882M	24	11.84%	Increased
14	Credit Suisse Zurich, Switzerland	$1.02B	+$250M	38	0.83%	Increased
15	Morgan Stanley New York	$955M	+$139M	53	0.37%	Increased
16	State Street Boston, Massachusetts	$908M	+$2.18M	17	0.1%	Increased
17	Susquehanna International Group Bala Cynwyd, Pennsylvania	$887M	+$58.8M	41	0.38%	Increased
18	TD Asset Management Toronto, Ontario, Canada	$869M	+$5.88M	24	1.48%	Increased
19	BlackRock Institutional Trust San Francisco, California	$861M	+$41M	27	0.14%	Increased
20	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$813M	+$33.9M	34	2.65%	Increased
21	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$802M	+$73.5M	20	5.67%	Increased
22	CIBC World Market Toronto, Ontario, Canada	$718M	-$67.4M	20	2.5%	Reduced
23	Wells Fargo San Francisco, California	$718M	-$69.9M	44	0.3%	Reduced
24	PC Paulson & Co New York	$706M	-$12.3M	6	3.06%	Reduced
25	OppenheimerFunds New York	$683M	+$4.74M	21	0.76%	Increased