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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	$10.2B	-$626M	39	50.09%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$5.53B	+$283M	37	0.22%	Increased
3	BlackRock New York	$5.41B	+$1.02B	32	0.24%	Increased
4	Fidelity Investments Boston, Massachusetts	$3.69B	+$547M	29	0.44%	Increased
5	First Eagle Investment Management New York	$3.06B	+$27.9M	13	8.27%	Increased
6	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.14B	+$224M	57	1.28%	Increased
7	Franklin Resources San Mateo, California	$1.96B	-$7.6M	24	1.05%	Reduced
8	T. Rowe Price Associates Baltimore, Maryland	$1.77B	-$38.4M	14	0.26%	Reduced
9	Royal Bank of Canada Toronto, Ontario, Canada	$1.74B	+$35.6M	63	0.74%	Increased
10	Capital World Investors Los Angeles, California	$1.73B	+$361M	5	0.42%	Increased
11	Bank of Montreal Toronto, Ontario, Canada	$1.43B	+$95.9M	54	1.22%	Increased
12	Renaissance Technologies New York	$1.42B	+$253M	45	1.29%	Increased
13	Morgan Stanley New York	$1.4B	+$224M	63	0.4%	Increased
14	Fidelity International Hamilton, Bermuda	$1.38B	+$227M	11	2.16%	Increased
15	State Street Boston, Massachusetts	$1.36B	+$56.7M	17	0.11%	Increased
16	Flossbach Von Storch Cologne, Germany	$1.34B	+$5.44M	3	12.35%	Increased
17	UBS Group Zurich, Switzerland	$1.07B	-$244M	64	0.44%	Reduced
18	Ruffer LLP London, United Kingdom	$981M	-$22.4M	17	25.18%	Reduced
19	Dimensional Fund Advisors Austin, Texas	$953M	+$4.27M	27	0.38%	Increased
20	Norges Bank Oslo, Norway	$915M	-$22.5M	21	0.3%	Reduced
21	Goldman Sachs New York	$913M	+$95.4M	41	0.28%	Increased
22	Bank of America Charlotte, North Carolina	$875M	-$423M	52	0.14%	Reduced
23	Canada Pension Plan Investment Board Toronto Ontario, Ontario, Canada	$858M	-$268M	29	1.65%	Reduced
24	TD Asset Management Toronto, Ontario, Canada	$836M	+$94.3M	26	1.28%	Increased
25	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$812M	-$26M	27	5.35%	Reduced