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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	$10.1B	+$1.28B	33	46.83%	Increased
2	Vanguard Group Malvern, Pennsylvania	$4.57B	+$225M	34	0.27%	Increased
3	Fidelity Investments Boston, Massachusetts	$4.19B	-$80M	28	0.56%	Reduced
4	First Eagle Investment Management New York	$2.34B	-$188M	16	5.9%	Reduced
5	BlackRock Group London, United Kingdom	$2.18B	-$85.5M	12	1.09%	Reduced
6	Credit Suisse Zurich, Switzerland	$1.72B	+$554M	38	1.63%	Increased
7	Royal Bank of Canada Toronto, Ontario, Canada	$1.68B	+$82.1M	53	0.95%	Increased
8	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.6B	+$78.9M	44	1.13%	Increased
9	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$1.6B	+$153M	28	11.15%	Increased
10	State Street Boston, Massachusetts	$1.48B	+$72.4M	14	0.15%	Increased
11	Bank of Montreal Toronto, Ontario, Canada	$1.42B	-$285M	46	1.55%	Reduced
12	Citigroup New York	$1.4B	+$1.02B	41	1.31%	Increased
13	Arrowstreet Capital Boston, Massachusetts	$1.4B	+$11.2M	25	4.57%	Increased
14	T. Rowe Price Associates Baltimore, Maryland	$1.34B	-$230M	15	0.27%	Reduced
15	Rafferty Asset Management New York	$1.29B	+$1.08B	3	46.98%	Increased
16	TD Asset Management Toronto, Ontario, Canada	$1.26B	+$126M	24	2.19%	Increased
17	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$1.19B	+$174M	35	3.94%	Increased
18	Morgan Stanley New York	$1.14B	-$480M	54	0.39%	Reduced
19	Prudential plc London, England, United Kingdom	$1.12B	+$74.1M	13	4.21%	Increased
20	Tocqueville Asset Management New York	$1.11B	-$46.6M	19	13.34%	Reduced
21	Bank of New York Mellon New York	$1.08B	-$65.4M	28	0.32%	Reduced
22	Franklin Resources San Mateo, California	$1.07B	-$109M	14	0.56%	Reduced
23	BlackRock Fund Advisors San Francisco, California	$1.06B	+$62.4M	28	0.22%	Increased
24	Dimensional Fund Advisors Austin, Texas	$1.04B	-$53.2M	24	0.56%	Reduced
25	Norges Bank Oslo, Norway	$1.03B	+$109M	20	0.49%	Increased