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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	$4.97B	-$179M	35	29.37%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$1.93B	+$147M	31	0.13%	Increased
3	First Eagle Investment Management New York	$1.81B	+$127M	15	4.31%	Increased
4	Fidelity Investments Boston, Massachusetts	$1.68B	+$17.4M	26	0.22%	Increased
5	T. Rowe Price Associates Baltimore, Maryland	$1.56B	-$24M	15	0.32%	Reduced
6	BlackRock Group London, United Kingdom	$1.29B	-$185M	16	0.7%	Reduced
7	Bank of New York Mellon New York	$1.06B	+$130M	27	0.29%	Increased
8	Royal Bank of Canada Toronto, Ontario, Canada	$996M	+$16.7M	53	0.69%	Increased
9	Deutsche Bank Frankfurt Am Main Ge, Germany	$956M	+$19.7M	37	0.61%	Increased
10	Bank of Montreal Toronto, Ontario, Canada	$862M	-$56.9M	42	1.01%	Reduced
11	Credit Suisse Zurich, Switzerland	$806M	-$28.3M	35	0.79%	Reduced
12	Tocqueville Asset Management New York	$774M	-$6.72M	21	9.12%	Reduced
13	State Street Boston, Massachusetts	$770M	-$8.86M	14	0.08%	Reduced
14	BlackRock Institutional Trust San Francisco, California	$760M	+$11.8M	23	0.12%	Increased
15	Capital World Investors Los Angeles, California	$727M	+$6.33M	3	0.2%	Increased
16	JP Morgan Chase New York	$666M	+$28.1M	26	0.16%	Increased
17	Morgan Stanley New York	$638M	+$41.4M	53	0.22%	Increased
18	Susquehanna International Group Bala Cynwyd, Pennsylvania	$619M	+$70.7M	42	0.26%	Increased
19	Dimensional Fund Advisors Austin, Texas	$602M	+$90.6M	22	0.37%	Increased
20	CIBC World Market Toronto, Ontario, Canada	$592M	+$112M	27	2.56%	Increased
21	BlackRock Fund Advisors San Francisco, California	$571M	+$21.3M	28	0.14%	Increased
22	TD Asset Management Toronto, Ontario, Canada	$532M	+$10.8M	23	0.95%	Increased
23	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$524M	-$16.4M	21	4.76%	Reduced
24	Norges Bank Oslo, Norway	$507M	+$3.14M	19	0.25%	Increased
25	Prudential plc London, England, United Kingdom	$506M	+$55.7M	11	1.93%	Increased