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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	$7.81B	-$2.33B	36	42.69%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$4.35B	+$108M	36	0.21%	Increased
3	BlackRock New York	$3.93B	-$122M	39	0.21%	Reduced
4	Fidelity Investments Boston, Massachusetts	$3.29B	+$50.3M	27	0.41%	Increased
5	Franklin Resources San Mateo, California	$2.48B	+$441M	17	1.24%	Increased
6	First Eagle Investment Management New York	$2.25B	+$93.9M	15	5.39%	Increased
7	Bank of Montreal Toronto, Ontario, Canada	$2.15B	+$79M	50	2.06%	Increased
8	Royal Bank of Canada Toronto, Ontario, Canada	$1.55B	+$79.6M	55	0.8%	Increased
9	Wells Fargo San Francisco, California	$1.38B	-$14.4M	49	0.44%	Reduced
10	Credit Suisse Zurich, Switzerland	$1.36B	-$146M	40	1.32%	Reduced
11	Morgan Stanley New York	$1.32B	+$264M	54	0.4%	Increased
12	T. Rowe Price Associates Baltimore, Maryland	$1.26B	-$68.3M	17	0.23%	Reduced
13	State Street Boston, Massachusetts	$1.25B	-$59.3M	14	0.11%	Reduced
14	Capital World Investors Los Angeles, California	$1.03B	+$73.6M	3	0.24%	Increased
15	Prudential plc London, England, United Kingdom	$1.01B	-$68.6M	14	3.31%	Reduced
16	Norges Bank Oslo, Norway	$977M	-$31.7M	19	0.39%	Reduced
17	APG Asset Management Amsterdam, Netherlands	$955M	+$43.5M	7	1.74%	Increased
18	Tocqueville Asset Management New York	$952M	-$32.8M	17	11.42%	Reduced
19	Deutsche Bank Frankfurt Am Main Ge, Germany	$943M	+$186M	47	0.67%	Increased
20	Bank of New York Mellon New York	$906M	-$9.08M	30	0.26%	Reduced
21	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$889M	-$142M	17	5.84%	Reduced
22	TD Asset Management Toronto, Ontario, Canada	$803M	+$20.4M	24	1.27%	Increased
23	Donald Smith & Co New York	$791M	+$33M	9	19.28%	Increased
24	Citigroup New York	$771M	-$165M	44	0.7%	Reduced
25	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$763M	-$101M	40	2.44%	Reduced