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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	$16.1B	+$354M	53	38.21%	Increased
2	Vanguard Group Malvern, Pennsylvania	$10.3B	-$684M	45	0.26%	Reduced
3	BlackRock New York	$9.09B	-$615M	44	0.25%	Reduced
4	Fidelity Investments Boston, Massachusetts	$7.79B	+$1.18B	47	0.61%	Increased
5	Royal Bank of Canada Toronto, Ontario, Canada	$4.18B	+$216M	79	1.11%	Increased
6	First Eagle Investment Management New York	$3.92B	-$115M	14	9.79%	Reduced
7	Capital World Investors Los Angeles, California	$3.88B	+$314M	7	0.66%	Increased
8	State Street Boston, Massachusetts	$3.23B	+$233M	19	0.17%	Increased
9	Bank of Montreal Toronto, Ontario, Canada	$2.98B	+$377M	60	1.48%	Increased
10	Massachusetts Financial Services Boston, Massachusetts	$2.45B	+$192M	8	0.71%	Increased
11	Renaissance Technologies New York	$2.42B	-$169M	50	3.02%	Reduced
12	Flossbach Von Storch Cologne, Germany	$2.42B	-$78.4M	4	7.25%	Reduced
13	Fidelity International Hamilton, Bermuda	$2.15B	-$260M	11	2.31%	Reduced
14	Morgan Stanley New York	$2.09B	+$170M	79	0.27%	Increased
15	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.01B	+$113M	53	0.97%	Increased
16	Invesco Atlanta, Georgia	$1.96B	+$241M	46	0.48%	Increased
17	Bank of America Charlotte, North Carolina	$1.91B	+$176M	69	0.2%	Increased
18	T. Rowe Price Associates Baltimore, Maryland	$1.74B	-$188M	18	0.16%	Reduced
19	Mackenzie Financial Toronto Ontario, Ontario, Canada	$1.66B	+$309M	36	2.3%	Increased
20	Susquehanna International Group Bala Cynwyd, Pennsylvania	$1.61B	+$136M	60	0.23%	Increased
21	Franklin Resources San Mateo, California	$1.55B	-$51.8M	32	0.59%	Reduced
22	Norges Bank Oslo, Norway	$1.49B	-$23.9M	21	0.32%	Reduced
23	Bank of Nova Scotia Toronto, Ontario, Canada	$1.46B	+$12.9M	14	2.68%	Increased
24	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$1.41B	+$122M	35	1.14%	Increased
25	TD Asset Management Toronto, Ontario, Canada	$1.39B	+$3.9M	35	1.41%	Increased