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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	$13.4B	-$443M	54	33.7%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$8.9B	+$105M	45	0.22%	Increased
3	BlackRock New York	$7.69B	-$23.9M	42	0.22%	Reduced
4	Fidelity Investments Boston, Massachusetts	$6B	-$865M	40	0.48%	Reduced
5	Royal Bank of Canada Toronto, Ontario, Canada	$3.59B	-$106M	80	0.95%	Reduced
6	First Eagle Investment Management New York	$3.39B	+$6.76M	14	8.7%	Increased
7	Capital World Investors Los Angeles, California	$3.38B	+$26.8M	7	0.58%	Increased
8	State Street Boston, Massachusetts	$2.74B	+$29.3M	19	0.15%	Increased
9	Bank of Montreal Toronto, Ontario, Canada	$2.71B	+$54.6M	62	1.24%	Increased
10	Flossbach Von Storch Cologne, Germany	$2.32B	+$194M	4	6.75%	Increased
11	Massachusetts Financial Services Boston, Massachusetts	$2.11B	-$50M	8	0.62%	Reduced
12	Renaissance Technologies New York	$2.09B	-$16.1M	58	2.69%	Reduced
13	Invesco Atlanta, Georgia	$1.88B	+$207M	45	0.48%	Increased
14	Morgan Stanley New York	$1.73B	-$60.5M	81	0.23%	Reduced
15	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.73B	-$7.22M	39	0.82%	Reduced
16	Bank of America Charlotte, North Carolina	$1.71B	+$61M	75	0.18%	Increased
17	T. Rowe Price Associates Baltimore, Maryland	$1.64B	+$39M	18	0.15%	Increased
18	Fidelity International Hamilton, Bermuda	$1.56B	-$388M	9	1.73%	Reduced
19	Susquehanna International Group Bala Cynwyd, Pennsylvania	$1.53B	+$191M	67	0.21%	Increased
20	Mackenzie Financial Toronto Ontario, Ontario, Canada	$1.5B	+$20.6M	36	2.12%	Increased
21	Norges Bank Oslo, Norway	$1.32B	+$15M	21	0.29%	Increased
22	Franklin Resources San Mateo, California	$1.31B	-$38M	36	0.49%	Reduced
23	Geode Capital Management Boston, Massachusetts	$1.2B	+$46M	44	0.16%	Increased
24	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$1.16B	-$95.8M	35	0.95%	Reduced
25	Bank of Nova Scotia Toronto, Ontario, Canada	$1.16B	-$116M	14	2.04%	Reduced