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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	+$619M	39	50.86%	Increased
2	Vanguard Group Malvern, Pennsylvania	$4.97B	+$161M	37	0.22%	Increased
3	BlackRock New York	$4.17B	+$174M	35	0.21%	Increased
4	Fidelity Investments Boston, Massachusetts	$2.95B	+$274M	32	0.4%	Increased
5	First Eagle Investment Management New York	$2.79B	-$34.7M	14	8.05%	Reduced
6	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.79B	-$284M	59	1.27%	Reduced
7	T. Rowe Price Associates Baltimore, Maryland	$1.72B	+$36.2M	14	0.29%	Increased
8	Franklin Resources San Mateo, California	$1.7B	-$286M	15	1.03%	Reduced
9	Royal Bank of Canada Toronto, Ontario, Canada	$1.57B	+$2.49M	63	0.76%	Increased
10	Credit Suisse Zurich, Switzerland	$1.33B	+$502M	35	1.39%	Increased
11	Flossbach Von Storch Cologne, Germany	$1.3B	+$25.3M	3	12.42%	Increased
12	Capital World Investors Los Angeles, California	$1.27B	-$1.28M	5	0.34%	Reduced
13	State Street Boston, Massachusetts	$1.26B	-$76.9M	15	0.11%	Reduced
14	UBS Group Zurich, Switzerland	$1.25B	+$603M	63	0.57%	Increased
15	Bank of America Charlotte, North Carolina	$1.23B	+$666M	55	0.22%	Increased
16	Bank of Montreal Toronto, Ontario, Canada	$1.23B	-$383M	55	1.16%	Reduced
17	Renaissance Technologies New York	$1.11B	+$81.4M	35	1.21%	Increased
18	Morgan Stanley New York	$1.1B	-$494M	63	0.33%	Reduced
19	Canada Pension Plan Investment Board Toronto Ontario, Ontario, Canada	$1.07B	+$60.7M	21	2.38%	Increased
20	Fidelity International Hamilton, Bermuda	$1.06B	+$189M	10	1.88%	Increased
21	Dimensional Fund Advisors Austin, Texas	$924M	-$4.25M	26	0.42%	Reduced
22	Ruffer LLP London, United Kingdom	$908M	+$210M	18	28.44%	Increased
23	Norges Bank Oslo, Norway	$868M	-$32.3M	21	0.32%	Reduced
24	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$800M	+$119M	25	5.45%	Increased
25	H Hexavest Montreal, Quebec, Canada	$770M	+$102M	21	11.2%	Increased