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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	Vanguard Group Malvern, Pennsylvania	$31.1B	+$582M	54	0.47%	Increased
2	VanEck Associates New York	$28.3B	-$495M	58	26.34%	Reduced
3	BlackRock New York	$21.5B	+$1.28B	60	0.38%	Increased
4	Fidelity Investments Boston, Massachusetts	$16.1B	+$2.15B	56	0.84%	Increased
5	Capital World Investors Los Angeles, California	$12.2B	+$327M	8	1.67%	Increased
6	Royal Bank of Canada Toronto, Ontario, Canada	$8.5B	+$303M	83	1.39%	Increased
7	First Eagle Investment Management New York	$7.98B	-$312M	16	14.52%	Reduced
8	Fidelity International Hamilton, Bermuda	$7.77B	+$194M	17	6.11%	Increased
9	Arrowstreet Capital Boston, Massachusetts	$7.42B	+$279M	42	4.68%	Increased
10	Bank of Montreal Toronto, Ontario, Canada	$7.28B	+$1.08B	64	2.79%	Increased
11	Geode Capital Management Boston, Massachusetts	$6.47B	+$452M	52	0.41%	Increased
12	State Street Boston, Massachusetts	$6.44B	+$80.9M	28	0.22%	Increased
13	Massachusetts Financial Services Boston, Massachusetts	$5.61B	+$137M	9	1.74%	Increased
14	Morgan Stanley New York	$5.54B	-$147M	87	0.34%	Reduced
15	Invesco Atlanta, Georgia	$4.87B	-$161M	42	0.77%	Reduced
16	Bank of America Charlotte, North Carolina	$4.65B	-$28.6M	82	0.32%	Reduced
17	Capital International Investors Los Angeles, California	$4.52B	+$703M	4	0.73%	Increased
18	Mackenzie Financial Toronto Ontario, Ontario, Canada	$4.41B	+$338M	44	5.34%	Increased
19	TD Asset Management Toronto, Ontario, Canada	$4.38B	+$120M	38	3.55%	Increased
20	Goldman Sachs New York	$4.31B	+$195M	66	0.53%	Increased
21	Deutsche Bank Frankfurt Am Main Ge, Germany	$4.24B	+$225M	46	1.42%	Increased
22	Dimensional Fund Advisors Austin, Texas	$4.19B	-$340M	43	0.9%	Reduced
23	Elliott Investment Management West Palm Beach, Florida	$4B	$0	2	17.62%	Maintained
24	Mirae Asset Global ETFs Holdings Causeway Bay, Hong Kong	$3.79B	+$640M	46	6.06%	Increased
25	Amundi Paris, France	$3.64B	+$12.2M	45	1.17%	Increased