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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	$8.55B	+$443M	35	42.6%	Increased
2	Vanguard Group Malvern, Pennsylvania	$4B	+$177M	35	0.22%	Increased
3	Fidelity Investments Boston, Massachusetts	$3.14B	-$320M	26	0.42%	Reduced
4	First Eagle Investment Management New York	$1.94B	-$24.9M	14	4.92%	Reduced
5	BlackRock Group London, United Kingdom	$1.65B	-$121M	12	0.79%	Reduced
6	Bank of Montreal Toronto, Ontario, Canada	$1.39B	+$278M	47	1.46%	Increased
7	State Street Boston, Massachusetts	$1.38B	+$122M	14	0.13%	Increased
8	Royal Bank of Canada Toronto, Ontario, Canada	$1.37B	-$17.9M	55	0.74%	Reduced
9	Franklin Resources San Mateo, California	$1.26B	+$429M	13	0.65%	Increased
10	T. Rowe Price Associates Baltimore, Maryland	$1.26B	+$127M	15	0.25%	Increased
11	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$1.05B	-$265M	24	7.21%	Reduced
12	Credit Suisse Zurich, Switzerland	$1B	-$380M	39	1%	Reduced
13	Rafferty Asset Management New York	$955M	-$29.9M	2	43.74%	Reduced
14	Prudential plc London, England, United Kingdom	$925M	+$2.53M	12	3.25%	Increased
15	Renaissance Technologies New York	$910M	+$133M	39	1.44%	Increased
16	Bank of New York Mellon New York	$906M	+$25M	30	0.26%	Increased
17	BlackRock Institutional Trust San Francisco, California	$889M	+$40.5M	21	0.13%	Increased
18	BlackRock Fund Advisors San Francisco, California	$887M	-$8.97M	28	0.16%	Reduced
19	Tocqueville Asset Management New York	$882M	-$29.1M	17	11.28%	Reduced
20	Norges Bank Oslo, Norway	$882M	+$11.7M	20	0.39%	Increased
21	Wells Fargo San Francisco, California	$876M	+$339M	43	0.31%	Increased
22	Morgan Stanley New York	$849M	-$48.6M	54	0.28%	Reduced
23	Deutsche Bank Frankfurt Am Main Ge, Germany	$822M	-$499M	44	0.66%	Reduced
24	UBS Group Zurich, Switzerland	$804M	+$442M	53	0.44%	Increased
25	CIBC World Market Toronto, Ontario, Canada	$797M	-$14.7M	29	2.75%	Reduced