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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	$15.2B	-$697M	50	41.43%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$10.3B	+$414M	43	0.28%	Increased
3	BlackRock New York	$9.27B	+$446M	42	0.27%	Increased
4	Fidelity Investments Boston, Massachusetts	$6.15B	-$1.07B	40	0.53%	Reduced
5	First Eagle Investment Management New York	$3.75B	+$145M	14	9.97%	Increased
6	Royal Bank of Canada Toronto, Ontario, Canada	$3.7B	+$3M	75	1.07%	Increased
7	Capital World Investors Los Angeles, California	$3.27B	+$189M	5	0.6%	Increased
8	State Street Boston, Massachusetts	$2.85B	+$113M	18	0.16%	Increased
9	Bank of Montreal Toronto, Ontario, Canada	$2.56B	-$75.8M	66	1.67%	Reduced
10	Renaissance Technologies New York	$2.44B	-$422M	42	3.04%	Reduced
11	Flossbach Von Storch Cologne, Germany	$2.37B	+$218M	4	8.34%	Increased
12	Fidelity International Hamilton, Bermuda	$2.15B	-$257M	9	2.45%	Reduced
13	Massachusetts Financial Services Boston, Massachusetts	$2.04B	+$314M	8	0.63%	Increased
14	Morgan Stanley New York	$1.85B	+$125M	77	0.27%	Increased
15	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.8B	-$51.3M	50	0.97%	Reduced
16	T. Rowe Price Associates Baltimore, Maryland	$1.77B	+$94.1M	19	0.18%	Increased
17	Invesco Atlanta, Georgia	$1.69B	+$64.3M	41	0.45%	Increased
18	Bank of America Charlotte, North Carolina	$1.65B	+$312M	66	0.18%	Increased
19	Franklin Resources San Mateo, California	$1.47B	-$147M	35	0.6%	Reduced
20	Norges Bank Oslo, Norway	$1.44B	-$32.4M	21	0.33%	Reduced
21	Susquehanna International Group Bala Cynwyd, Pennsylvania	$1.42B	-$400M	61	0.22%	Reduced
22	Bank of Nova Scotia Toronto, Ontario, Canada	$1.36B	+$84.9M	15	2.67%	Increased
23	Mackenzie Financial Toronto Ontario, Ontario, Canada	$1.3B	+$358M	39	1.97%	Increased
24	Geode Capital Management Boston, Massachusetts	$1.27B	+$25.2M	44	0.19%	Increased
25	TD Asset Management Toronto, Ontario, Canada	$1.24B	-$83.1M	35	1.38%	Reduced