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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	$5.34B	+$662M	36	30.81%	Increased
2	Vanguard Group Malvern, Pennsylvania	$1.77B	+$672M	33	0.12%	Increased
3	First Eagle Investment Management New York	$1.75B	+$57.9M	14	4.18%	Increased
4	Fidelity Investments Boston, Massachusetts	$1.73B	+$96.8M	27	0.22%	Increased
5	T. Rowe Price Associates Baltimore, Maryland	$1.61B	+$144M	15	0.33%	Increased
6	BlackRock Group London, United Kingdom	$1.5B	+$26.9M	19	0.81%	Increased
7	Royal Bank of Canada Toronto, Ontario, Canada	$1.02B	-$7.06M	53	0.71%	Reduced
8	Bank of New York Mellon New York	$996M	-$29.6M	24	0.26%	Reduced
9	Deutsche Bank Frankfurt Am Main Ge, Germany	$948M	-$763M	39	0.59%	Reduced
10	Bank of Montreal Toronto, Ontario, Canada	$946M	+$102M	42	1.1%	Increased
11	Credit Suisse Zurich, Switzerland	$854M	-$141M	32	0.86%	Reduced
12	Tocqueville Asset Management New York	$800M	-$61.9M	21	9.4%	Reduced
13	State Street Boston, Massachusetts	$742M	-$73.7M	15	0.08%	Reduced
14	BlackRock Institutional Trust San Francisco, California	$727M	+$37.3M	24	0.11%	Increased
15	Capital World Investors Los Angeles, California	$702M	+$112M	3	0.19%	Increased
16	JP Morgan Chase New York	$671M	+$67.1M	27	0.15%	Increased
17	Morgan Stanley New York	$604M	+$11.4M	53	0.22%	Increased
18	Susquehanna International Group Bala Cynwyd, Pennsylvania	$567M	-$71M	41	0.26%	Reduced
19	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$554M	+$4.4M	22	4.67%	Increased
20	Dimensional Fund Advisors Austin, Texas	$552M	+$55.2M	22	0.35%	Increased
21	TD Asset Management Toronto, Ontario, Canada	$543M	-$9.08M	24	0.98%	Reduced
22	BlackRock Fund Advisors San Francisco, California	$540M	+$25.7M	33	0.13%	Increased
23	BNP Paribas Financial Markets Paris, France	$530M	+$373M	22	1.47%	Increased
24	Norges Bank Oslo, Norway	$517M	-$11.5M	20	0.25%	Reduced
25	CIBC World Market Toronto, Ontario, Canada	$511M	+$9.91M	20	2.09%	Increased