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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	$9.14B	+$703M	32	46.86%	Increased
2	Fidelity Investments Boston, Massachusetts	$4.45B	+$531M	26	0.61%	Increased
3	Vanguard Group Malvern, Pennsylvania	$4.41B	+$240M	33	0.27%	Increased
4	First Eagle Investment Management New York	$2.67B	-$87.7M	15	6.81%	Reduced
5	BlackRock Group London, United Kingdom	$2.38B	+$278M	12	1.24%	Increased
6	Bank of Montreal Toronto, Ontario, Canada	$1.8B	+$359M	41	2.06%	Increased
7	Royal Bank of Canada Toronto, Ontario, Canada	$1.72B	+$157M	52	1.02%	Increased
8	T. Rowe Price Associates Baltimore, Maryland	$1.63B	-$114M	15	0.35%	Reduced
9	Morgan Stanley New York	$1.63B	+$528M	52	0.59%	Increased
10	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.58B	+$276M	45	1.11%	Increased
11	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$1.54B	+$122M	27	11.28%	Increased
12	Arrowstreet Capital Boston, Massachusetts	$1.53B	+$704M	28	5.04%	Increased
13	State Street Boston, Massachusetts	$1.37B	-$25.4M	13	0.15%	Reduced
14	Credit Suisse Zurich, Switzerland	$1.25B	+$83.2M	36	1.39%	Increased
15	TD Asset Management Toronto, Ontario, Canada	$1.22B	+$242M	23	2.21%	Increased
16	Renaissance Technologies New York	$1.2B	-$211M	42	2.28%	Reduced
17	Franklin Resources San Mateo, California	$1.17B	-$84.3M	14	0.63%	Reduced
18	Bank of New York Mellon New York	$1.17B	-$353M	28	0.36%	Reduced
19	Tocqueville Asset Management New York	$1.15B	+$72.6M	18	13.71%	Increased
20	Prudential plc London, England, United Kingdom	$1.13B	+$30.8M	12	4.44%	Increased
21	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$1.1B	+$164M	36	4.56%	Increased
22	Dimensional Fund Advisors Austin, Texas	$1.1B	-$59.4M	24	0.63%	Reduced
23	CIBC World Market Toronto, Ontario, Canada	$1.06B	+$29.3M	28	4.67%	Increased
24	Norges Bank Oslo, Norway	$993M	+$59.2M	19	0.47%	Increased
25	APG Asset Management Amsterdam, Netherlands	$983M	+$7.98M	9	1.85%	Increased