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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	$5.01B	-$89.7M	37	31.17%	Reduced
2	Fidelity Investments Boston, Massachusetts	$1.75B	-$301M	26	0.23%	Reduced
3	First Eagle Investment Management New York	$1.7B	-$125M	13	4.13%	Reduced
4	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.69B	+$440M	44	1.04%	Increased
5	BlackRock Group London, United Kingdom	$1.48B	-$52.8M	21	0.79%	Reduced
6	T. Rowe Price Associates Baltimore, Maryland	$1.46B	+$134M	15	0.31%	Increased
7	Bank of New York Mellon New York	$1.07B	+$17M	24	0.28%	Increased
8	Vanguard Group Malvern, Pennsylvania	$1.07B	+$130M	13	0.08%	Increased
9	Royal Bank of Canada Toronto, Ontario, Canada	$1.06B	-$73.2M	53	0.69%	Reduced
10	Credit Suisse Zurich, Switzerland	$990M	+$95M	34	0.88%	Increased
11	Tocqueville Asset Management New York	$933M	-$36M	21	10.03%	Reduced
12	Bank of Montreal Toronto, Ontario, Canada	$897M	-$36.8M	41	1.02%	Reduced
13	State Street Boston, Massachusetts	$731M	-$28.8M	16	0.07%	Reduced
14	BlackRock Institutional Trust San Francisco, California	$648M	+$7.58M	23	0.1%	Increased
15	Susquehanna International Group Bala Cynwyd, Pennsylvania	$639M	-$118M	45	0.25%	Reduced
16	JP Morgan Chase New York	$636M	+$230M	26	0.15%	Increased
17	Morgan Stanley New York	$595M	-$166M	52	0.22%	Reduced
18	Franklin Resources San Mateo, California	$590M	-$67.6M	16	0.27%	Reduced
19	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$589M	+$180M	20	4.76%	Increased
20	TD Asset Management Toronto, Ontario, Canada	$581M	+$8.18M	24	0.97%	Increased
21	Norges Bank Oslo, Norway	$552M	+$55.5M	21	0.28%	Increased
22	Capital World Investors Los Angeles, California	$548M	+$286M	2	0.15%	Increased
23	APG Asset Management Amsterdam, Netherlands	$537M	+$38.2M	12	1.03%	Increased
24	CIBC World Market Toronto, Ontario, Canada	$527M	-$1.1M	23	1.98%	Reduced
25	Prudential plc London, England, United Kingdom	$506M	+$63.5M	11	2.14%	Increased