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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	$3.73B	+$430K	32	28.68%	Increased
2	Vanguard Group Malvern, Pennsylvania	$1.56B	+$209M	31	0.11%	Increased
3	First Eagle Investment Management New York	$1.52B	+$73.3M	15	3.84%	Increased
4	Fidelity Investments Boston, Massachusetts	$1.45B	+$115M	26	0.21%	Increased
5	T. Rowe Price Associates Baltimore, Maryland	$1.3B	+$66.2M	15	0.29%	Increased
6	Bank of New York Mellon New York	$771M	+$41.9M	25	0.24%	Increased
7	Morgan Stanley New York	$675M	+$228M	49	0.25%	Increased
8	Royal Bank of Canada Toronto, Ontario, Canada	$673M	-$89.7M	52	0.5%	Reduced
9	Deutsche Bank Frankfurt Am Main Ge, Germany	$657M	-$62M	32	0.51%	Reduced
10	Bank of Montreal Toronto, Ontario, Canada	$652M	-$10.4M	41	0.9%	Reduced
11	Franklin Resources San Mateo, California	$607M	+$323M	16	0.3%	Increased
12	Tocqueville Asset Management New York	$576M	-$35.8M	21	7.71%	Reduced
13	State Street Boston, Massachusetts	$546M	+$17.8M	14	0.06%	Increased
14	BlackRock Group London, United Kingdom	$538M	-$571M	11	0.32%	Reduced
15	Credit Suisse Zurich, Switzerland	$527M	-$86.6M	32	0.63%	Reduced
16	Susquehanna International Group Bala Cynwyd, Pennsylvania	$498M	+$43M	39	0.22%	Increased
17	Dimensional Fund Advisors Austin, Texas	$492M	+$31.6M	23	0.32%	Increased
18	BlackRock Institutional Trust San Francisco, California	$437M	-$128M	19	0.08%	Reduced
19	CIBC World Market Toronto, Ontario, Canada	$430M	-$6.04M	27	2.13%	Reduced
20	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$419M	-$3.28M	20	3.4%	Reduced
21	Norges Bank Oslo, Norway	$416M	-$8.77M	19	0.22%	Reduced
22	Citigroup New York	$402M	+$243M	41	0.38%	Increased
23	BlackRock Fund Advisors San Francisco, California	$393M	-$9.92M	27	0.1%	Reduced
24	Prudential plc London, England, United Kingdom	$392M	+$1.55M	10	1.68%	Increased
25	TD Asset Management Toronto, Ontario, Canada	$388M	-$12.9M	21	0.76%	Reduced