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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	$35.2B	+$50.6M	63	26.41%	Increased
2	BlackRock New York	$29.8B	+$830M	65	0.52%	Increased
3	Vanguard Capital Management Malvern, Pennsylvania	$24.1B	+$25.7B	46	0.6%	New
4	Fidelity Investments Boston, Massachusetts	$20.3B	-$57.4M	56	1.07%	Reduced
5	Capital World Investors Los Angeles, California	$16.1B	+$1.88B	12	2.2%	Increased
6	Bank of Montreal Toronto, Ontario, Canada	$10.6B	+$1.23B	68	3.93%	Increased
7	Royal Bank of Canada Toronto, Ontario, Canada	$9.81B	+$663M	87	1.72%	Increased
8	Geode Capital Management Boston, Massachusetts	$9.35B	+$648M	58	0.58%	Increased
9	Fidelity International Hamilton, Bermuda	$9.13B	-$174M	34	7.09%	Reduced
10	State Street Boston, Massachusetts	$8.96B	+$577M	31	0.31%	Increased
11	Arrowstreet Capital Boston, Massachusetts	$8.8B	-$2.04B	38	4.76%	Reduced
12	First Eagle Investment Management New York	$7.74B	-$1.03B	16	13.12%	Reduced
13	Morgan Stanley New York	$7.43B	+$80.5M	90	0.45%	Increased
14	Massachusetts Financial Services Boston, Massachusetts	$6.93B	+$36.2M	18	2.33%	Increased
15	Vanguard Portfolio Management Malvern, Pennsylvania	$6.48B	+$7.01B	17	0.34%	New
16	Goldman Sachs New York	$6.11B	+$697M	71	0.7%	Increased
17	Invesco Atlanta, Georgia	$6.04B	+$610M	37	0.59%	Increased
18	Deutsche Bank Frankfurt Am Main Ge, Germany	$5.61B	+$158M	53	1.85%	Increased
19	Mackenzie Financial Toronto Ontario, Ontario, Canada	$5.6B	-$159M	47	6.71%	Reduced
20	TD Asset Management Toronto, Ontario, Canada	$5.56B	+$142M	42	4.51%	Increased
21	Mirae Asset Global ETFs Holdings Causeway Bay, Hong Kong	$5.54B	-$108M	63	7.52%	Reduced
22	Vanguard Fiduciary Trust Malvern, Pennsylvania	$5.44B	+$5.76B	47	1.37%	New
23	Bank of America Charlotte, North Carolina	$5.28B	-$146M	81	0.39%	Reduced
24	Elliott Investment Management West Palm Beach, Florida	$4.74B	-$20.5M	2	23.58%	Reduced
25	Amundi Paris, France	$4.61B	+$19.1M	48	1.26%	Increased