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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	$17.8B	+$694M	47	51.75%	Increased
2	Vanguard Group Malvern, Pennsylvania	$10.5B	-$28.7M	43	0.3%	Reduced
3	BlackRock New York	$9.13B	-$279M	37	0.29%	Reduced
4	Fidelity Investments Boston, Massachusetts	$7.85B	-$593M	39	0.7%	Reduced
5	Royal Bank of Canada Toronto, Ontario, Canada	$4.2B	+$48.2M	74	1.22%	Increased
6	First Eagle Investment Management New York	$3.9B	-$212M	14	10.99%	Reduced
7	Capital World Investors Los Angeles, California	$3.27B	+$39.3M	4	0.63%	Increased
8	Renaissance Technologies New York	$3.17B	-$811M	50	3.44%	Reduced
9	State Street Boston, Massachusetts	$2.78B	+$73.3M	17	0.17%	Increased
10	Bank of Montreal Toronto, Ontario, Canada	$2.72B	+$12.7M	63	1.8%	Increased
11	Fidelity International Hamilton, Bermuda	$2.64B	-$1.16B	9	3.25%	Reduced
12	Flossbach Von Storch Cologne, Germany	$2.36B	+$320M	4	9.68%	Increased
13	Susquehanna International Group Bala Cynwyd, Pennsylvania	$2.01B	+$540M	53	0.33%	Increased
14	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.93B	+$60M	52	1.18%	Increased
15	Morgan Stanley New York	$1.89B	+$190M	72	0.29%	Increased
16	Massachusetts Financial Services Boston, Massachusetts	$1.88B	+$324M	10	0.6%	Increased
17	T. Rowe Price Associates Baltimore, Maryland	$1.83B	+$102M	19	0.19%	Increased
18	Invesco Atlanta, Georgia	$1.8B	+$27.4M	37	0.52%	Increased
19	Franklin Resources San Mateo, California	$1.8B	-$86.6M	34	0.76%	Reduced
20	JP Morgan Chase New York	$1.72B	+$375M	47	0.25%	Increased
21	Norges Bank Oslo, Norway	$1.62B	-$42.5M	22	0.38%	Reduced
22	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$1.53B	-$57.9M	34	1.41%	Reduced
23	TD Asset Management Toronto, Ontario, Canada	$1.48B	+$21.6M	37	1.8%	Increased
24	Bank of America Charlotte, North Carolina	$1.47B	-$696M	66	0.19%	Reduced
25	Bank of Nova Scotia Toronto, Ontario, Canada	$1.45B	+$115M	15	3.08%	Increased