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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	$3.54B	-$191M	32	28.07%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$1.67B	+$64.5M	32	0.11%	Increased
3	Fidelity Investments Boston, Massachusetts	$1.66B	+$204M	26	0.22%	Increased
4	First Eagle Investment Management New York	$1.32B	-$200M	14	3.3%	Reduced
5	T. Rowe Price Associates Baltimore, Maryland	$1.12B	-$250M	15	0.24%	Reduced
6	Bank of New York Mellon New York	$792M	-$18.6M	28	0.24%	Reduced
7	Royal Bank of Canada Toronto, Ontario, Canada	$694M	-$5.25M	52	0.46%	Reduced
8	Franklin Resources San Mateo, California	$657M	+$55.3M	14	0.33%	Increased
9	BlackRock Group London, United Kingdom	$656M	+$129M	11	0.36%	Increased
10	Credit Suisse Zurich, Switzerland	$625M	+$99.2M	34	0.72%	Increased
11	State Street Boston, Massachusetts	$613M	+$52.6M	13	0.07%	Increased
12	Bank of Montreal Toronto, Ontario, Canada	$600M	-$90.6M	41	0.72%	Reduced
13	Deutsche Bank Frankfurt Am Main Ge, Germany	$553M	-$109M	38	0.38%	Reduced
14	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$526M	+$101M	21	4.4%	Increased
15	Dimensional Fund Advisors Austin, Texas	$512M	+$24.7M	23	0.32%	Increased
16	Tocqueville Asset Management New York	$500M	-$71.5M	20	6.78%	Reduced
17	Morgan Stanley New York	$469M	-$234M	50	0.17%	Reduced
18	Wells Fargo San Francisco, California	$465M	+$248M	44	0.18%	Increased
19	CIBC World Market Toronto, Ontario, Canada	$459M	+$2.57M	25	2.33%	Increased
20	Norges Bank Oslo, Norway	$445M	+$12.6M	19	0.22%	Increased
21	Renaissance Technologies New York	$444M	+$71.9M	34	0.97%	Increased
22	BlackRock Institutional Trust San Francisco, California	$432M	-$15.1M	20	0.07%	Reduced
23	Prudential plc London, England, United Kingdom	$411M	+$23.1M	11	1.67%	Increased
24	TD Asset Management Toronto, Ontario, Canada	$403M	-$6.98M	21	0.8%	Reduced
25	BlackRock Fund Advisors San Francisco, California	$394M	+$5.19M	29	0.09%	Increased