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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	$5.94B	+$648M	37	31.48%	Increased
2	Fidelity Investments Boston, Massachusetts	$2.23B	-$20.1M	28	0.3%	Reduced
3	First Eagle Investment Management New York	$2.13B	+$12.4M	15	5.28%	Increased
4	BlackRock Group London, United Kingdom	$1.64B	+$110M	21	0.95%	Increased
5	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.53B	+$467M	40	0.95%	Increased
6	T. Rowe Price Associates Baltimore, Maryland	$1.42B	+$84.8M	16	0.31%	Increased
7	Bank of New York Mellon New York	$1.33B	+$172M	26	0.36%	Increased
8	Royal Bank of Canada Toronto, Ontario, Canada	$1.33B	+$76.5M	53	0.91%	Increased
9	Bank of Montreal Toronto, Ontario, Canada	$1.12B	-$95.9M	42	1.26%	Reduced
10	Vanguard Group Malvern, Pennsylvania	$1.08B	+$24.9M	13	0.08%	Increased
11	Credit Suisse Zurich, Switzerland	$1.07B	+$297M	36	0.87%	Increased
12	Tocqueville Asset Management New York	$1.06B	+$114M	20	11.82%	Increased
13	Morgan Stanley New York	$918M	+$177M	53	0.35%	Increased
14	Susquehanna International Group Bala Cynwyd, Pennsylvania	$897M	+$226M	44	0.35%	Increased
15	State Street Boston, Massachusetts	$889M	+$104M	17	0.1%	Increased
16	Franklin Resources San Mateo, California	$780M	-$428M	16	0.36%	Reduced
17	BlackRock Institutional Trust San Francisco, California	$725M	-$18.5M	25	0.12%	Reduced
18	TD Asset Management Toronto, Ontario, Canada	$667M	-$24.4M	24	1.15%	Reduced
19	CIBC World Market Toronto, Ontario, Canada	$643M	+$96.8M	19	2.31%	Increased
20	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$608M	-$37.1M	39	2.13%	Reduced
21	Norges Bank Oslo, Norway	$543M	-$662M	22	0.29%	Reduced
22	Prudential plc London, England, United Kingdom	$538M	+$87.8M	10	2.23%	Increased
23	Dimensional Fund Advisors Austin, Texas	$531M	+$70.7M	30	0.38%	Increased
24	APG Asset Management Amsterdam, Netherlands	$525M	+$58.4M	14	1.06%	Increased
25	PC Paulson & Co New York	$505M	-$242K	6	2.1%	Reduced