Gabelli Gold Fund, Inc. Class AAA (GOLDX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number             811-08518                        

Gabelli Gold Fund, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code:1-800-422-3554

Date of fiscal year end:  December 31

Date of reporting period:  December 31, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

       Gabelli Gold Fund, Inc.        Annual Report — December 31, 2018   Caesar M. P. Bryan Portfolio Manager

To Our Shareholders,

For the year ended December 31, 2018, the net asset value (NAV) per Class AAA Share of the Gabelli Gold Fund, Inc. fell 14.8% compared with a decrease of 16.3% for the Philadelphia Gold & Silver (XAU) Index and the depreciation of 15.7% for the NYSE Arca Gold BUGS Index (HUI), respectively. Other classes of shares are available. See page 3 for additional performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2018.

Performance Discussion (Unaudited)

The Fund’s investment objective is to provide investors with long term capital appreciation. The Fund’s investment strategy is to invest at least 80% of its net assets in equity securities of foreign and domestic issuers principally engaged in gold related activities and gold bullion. In selecting investments for the Fund, Gabelli Funds, LLC (the Adviser) focuses on stocks that are undervalued, but which appear to have favorable prospects for growth. Factors considered in this determination include capitalization per ounce of gold production, capitalization per ounce of recoverable reserves, quality of management, and the issuer’s ability to create shareholder wealth. Because most of the world’s gold production is outside of the United States, the Fund expects that a significant portion of its assets may be invested in securities of foreign issuers, including those located in emerging markets.

The price of gold bullion ended the year at $1,282.45 per ounce for a loss of $21 per ounce in 2018, a decline of 1.6%. The Federal Reserve (Fed) continued to normalize monetary policy even as signs began to appear that the economy might be losing steam. This meant continuing to raise short interest rates and increasing the rate of balance sheet reduction. A tighter Fed, combined with fears of an economic slowdown, led investors to reduce their exposure to equity markets. This downturn in the equity market followed one of the greatest bull markets on record and forced the Fed to review the future path of balance sheet normalization. The continued focus by the Fed on financial markets reflects a rise in the relative importance of asset markets in its analysis.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports in paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.

The largest contributor to performance in 2018 was Wesdome Gold Mines Ltd. (4.3% of net assets as of December 31, 2018), one of the Fund’s smaller capitalization gold producing companies with good exploration potential. OceanaGold Corp. (4.2%), a multinational gold producer engaged in the exploration, development, and operation of gold and mineral activities, raised its full year guidance with exploration success in New Zealand. Saracen Mineral Holdings Ltd. (3.6%), an Australian based gold producer which owns and operates the Carosue Dam mining complex in Western Australia, has benefited from strong cash flow, no debt, and exploration upside.

Detractors from the portfolio were Fresnillo plc (4.9%), a holding company which through its subsidiaries primarily engages in the mining of silver, gold, lead, and zinc, and saw its shares fall with uncertainty surrounding Mexico’s mining laws. Alamos Gold Inc. (3.7%), a Canadian based gold mining and exploration company, reported lower revenues for the year due to fewer ounces sold and a lower realized gold price. Randgold Resources Ltd. (10.6%), faced increased risk in Africa and the Democratic Republic of Congo and suffered from decreased gold production and increased cash costs.

Thank you for your investment in the Gabelli Gold Fund.

We appreciate your confidence and trust.

2

Comparative Results

Average Annual Returns through December 31, 2018 (a) (Unaudited)													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(7/11/94)
Class AAA (GOLDX)		(14.80	)%		2.42	%		(1.07	)%		1.54	%		3.56	%
Philadelphia Gold & Silver Index (XAU)		(16.34	)		(2.63	)		(4.40	)		(1.74	)		(0.67	)(b)
NYSE Arca Gold Miners Index (GDM)		(8.45	)		1.12			(3.43	)		(0.79	)		0.52	(c)
NYSE Arca Gold BUGS Index (HUI)		(15.69	)		(3.19	)		(5.19	)		(1.79	)		0.84	(d)
Lipper Precious Metals Fund Classification		(15.29	)		(0.58	)		(2.52	)		0.06			1.36
Standard & Poor’s (“S&P”) 500 Index (SPX)		(4.38	)		8.49			13.12			7.77			9.39
Class A (GLDAX)		(14.79	)		2.43			(1.04	)		1.57			3.57
With sales charge (e)		(19.69	)		1.23			(1.63	)		1.17			3.32
Class C (GLDCX)		(15.40	)		1.66			(1.80	)		0.79			3.06
With contingent deferred sales charge (f)		(16.24	)		1.66			(1.80	)		0.79			3.06
Class I (GLDIX)		(14.66	)		2.68			(0.83	)		1.73			3.68

In the current prospectuses dated April 30, 2018, the expense ratios for Class AAA, A, C, and I Shares are 1.52%, 1.52%, 2.27%, and 1.27%, respectively. See page11 for the expense ratios for the year ended December 31, 2018. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investing in gold is considered speculative and is affected by a variety of worldwide economic, financial, and political factors.The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 23, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to the lower expenses related to this class of shares. The XAU Index is an unmanaged indicator of stock market performance of large North American gold and silver companies. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The NYSE Arca Gold BUGS Index is a modified equal-dollar weighted index of companies involved in major gold mining. It was designed to give investors significant exposure to near term movements in gold prices by including companies that do not hedge their gold production beyondone-and-a-half years. The Lipper Precious Metals Fund Classification reflects the average performance of mutual funds classified in this particular category. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(b) XAU Index since inception performance results are as of June 30, 1994.

(c) NYSE Arca Gold Miners Index since inception performance results are as of June 30, 1994.

(d) There are no data available for the NYSE Arca Gold BUGS Index prior to December 16, 1994.

(e) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(f) Assuming payment of the 1% maximum contingent deferred sales change imposed on redemptions made within one year of purchase.

3

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

GABELLI GOLD FUND, INC. (CLASS AAA SHARES), LIPPER PRECIOUS METALS FUND

CLASSIFICATION, XAU INDEX, AND S&P 500 INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

Gabelli Gold Fund, Inc.
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2018 through December 31, 2018	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense

ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended December 31, 2018.

	Beginning	Ending		Annualized		Expenses
	Account Value	Account Value		Expense		Paid During
	07/01/18	12/31/18		Ratio		Period*
Gabelli Gold Fund, Inc.
Actual Fund Return
Class AAA	$1,000.00	$	924.40		1.57%	$	7.62
Class A	$1,000.00	$	924.50		1.57%	$	7.62
Class C	$1,000.00	$	920.50		2.32%	$	11.23
Class I	$1,000.00	$	924.60		1.32%	$	6.40
Hypothetical 5% Return
Class AAA	$1,000.00	$	1,017.29		1.57%	$	7.98
Class A	$1,000.00	$	1,017.29		1.57%	$	7.98
Class C	$1,000.00	$	1,013.51		2.32%	$	11.77
Class I	$1,000.00	$	1,018.55		1.32%	$	6.72

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184 days), then divided by 365.

5

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2018:

Gabelli Gold Fund, Inc.

North America	59.1	%
Asia/Pacific Rim	20.6	%
Europe	12.8	%

Latin America	7.7	%
South Africa	0.7	%
Other Assets and Liabilities (Net)	(0.9	)%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on FormN-Q. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554).The Fund’s FormN-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Proxy Voting

The Fund files FormN-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling800-GABELLI(800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

6

Gabelli Gold Fund, Inc.

Schedule of Investments — December 31, 2018

Shares			Cost		Market Value
		COMMON STOCKS — 100.7%
		Metals and Mining — 100.7%
		Asia/Pacific Rim — 20.6%
	1,050,000	Evolution Mining Ltd.	$	2,212,268	$	2,729,002
	7,000,000	Gold Road Resources Ltd.†		2,952,005		3,204,790
	727,079	Newcrest Mining Ltd.		13,823,135		11,306,078
	1,176,227	Northern Star Resources Ltd.		1,814,593		7,655,107
	2,645,850	OceanaGold Corp.		8,054,290		9,651,577
	3,745,000	Perseus Mining Ltd., Australia†		975,234		1,107,871
	4,450,000	Perseus Mining Ltd., Toronto†		3,579,845		1,303,838
	10,989,011	RTG Mining Inc., CDI†		1,202,183		909,462
	4,027,272	Saracen Mineral Holdings Ltd.†		1,096,339		8,311,257
	2,206,756	Westgold Resources Ltd.†		2,696,052		1,367,808
				38,405,944		47,546,790
		Europe — 12.8%
	2,399,000	Centamin plc		2,421,902		3,326,848
	1,803,054	Condor Gold plc†(a)		1,278,086		712,433
	3,000,000	Hummingbird Resources plc†		1,082,952		824,029
	295,900	Randgold Resources Ltd., ADR		2,164,038		24,527,151
				6,946,978		29,390,461
		Latin America — 7.7%
	185,000	Endeavour Mining Corp., Toronto†		3,499,070		3,027,322
	1,025,500	Fresnillo plc		9,686,627		11,241,078
	1,797,709	Hochschild Mining plc		2,543,134		3,575,666
				15,728,831		17,844,066
		North America — 58.9%
	387,432	Agnico Eagle Mines Ltd.		5,882,455		15,652,253
	1,175,000	Alacer Gold Corp.†		2,681,594		2,168,913
	1,387,675	Alamos Gold Inc., New York, Cl. A		8,373,304		4,995,630
	975,250	Alamos Gold Inc., Toronto, Cl. A		4,902,484		3,507,528
	5,500,000	Alexandria Minerals Corp.†(a)		965,100		120,861
	1,100,000	Amarillo Gold Corp.†		318,969		217,551
	2,624,650	B2Gold Corp.†		7,712,586		7,670,930
	4,600,000	Belo Sun Mining Corp.†		2,970,194		1,280,398
	52,700	Contango ORE Inc.†(a)(b)		1,044,960		922,250
	55,000	Contango ORE Inc., New York		1,090,662		962,500
	950,000	Continental Gold Inc.†		2,005,898		1,565,705
	800,000	Detour Gold Corp.†		10,162,527		6,756,519
	540,000	Fortuna Silver Mines Inc.†		2,639,228		1,965,600
	214,700	Franco-Nevada Corp.(a)		5,890,415		15,055,106
	350,000	Gold Standard Ventures Corp.†		580,710		437,500
	728,800	Goldcorp Inc.		6,657,737		7,142,240
	1,900,000	Golden Queen Mining Co. Ltd., New York†		875,768		152,000
	1,500,000	Golden Queen Mining Co. Ltd., New York†(a)		691,406		120,000
	9,560,000	Golden Queen Mining Co. Ltd., Toronto†		2,431,119		735,277

Shares			Cost			Market Value
	300,000	K92 Mining Inc.†	$	203,172		$	184,588
	250,000	Kinross Gold Corp.†		702,400			810,000
	210,000	Kirkland Lake Gold Ltd.		1,382,862			5,476,121
	95,533	MAG Silver Corp.†(a)		1,000,231			697,391
	85,000	MAG Silver Corp., Toronto†		676,220			622,619
	2,950,000	Midas Gold Corp.†		1,240,620			2,074,421
	302,871	Newmont Mining Corp.		12,784,761	��		10,494,480
	200,000	Northern Dynasty Minerals Ltd., New York†		362,780			113,840
	1,672,000	Northern Dynasty Minerals Ltd., Toronto†		820,750			930,794
	306,860	Osisko Gold Royalties Ltd.		4,145,818			2,690,532
	50,000	Pan American Silver Corp.		722,315			730,000
	10,600,000	Redstar Gold Corp.†		463,869			232,933
	134,000	Royal Gold Inc.		8,524,317			11,477,100
	400,000	SEMAFO Inc.†		1,185,653			864,343
	600,000	SEMAFO Inc., Toronto†(a)		1,778,479			1,296,513
	240,000	TMAC Resources Inc.†		2,790,150			1,205,977
	325,000	Torex Gold Resources Inc.†		4,824,083			3,092,404
	50,000	Torex Gold Resources Inc.,
		Toronto†(a)		543,060			475,571
	1,200,000	Victoria Gold Corp., New York†		582,210			330,120
	2,000,000	Victoria Gold Corp., Toronto†		970,350			542,045
	3,041,000	Wesdome Gold Mines Ltd.†		3,665,558			9,867,880
	525,000	Wheaton Precious Metals Corp., New York		10,757,924			10,253,250
				128,004,698			135,891,683
		South Africa — 0.7%
	200,000	Harmony Gold Mining Co. Ltd.†		300,271			350,304
	750,000	Harmony Gold Mining Co. Ltd., ADR†		1,693,295			1,342,500
				1,993,566			1,692,804
		TOTAL COMMON STOCKS		191,080,017			232,365,804
		WARRANTS — 0.2%
		Metals and Mining — 0.2%
		Asia/Pacific Rim — 0.0%
	441,351	Westgold Resources Ltd., expire 06/30/19†		0			4,197
		Europe — 0.0%
	650,364	Condor Gold plc, expire 02/23/19†(a)(b)		0			0
	251,163	Condor Gold plc, expire 03/22/20†(a)(b)		33,892			6,777
				33,892			6,777

See accompanying notes to financial statements.

7

Gabelli Gold Fund, Inc.

Schedule of Investments (Continued) — December 31, 2018

Shares			Cost		Market Value
		WARRANTS (Continued)
		Metals and Mining (Continued)
		North America — 0.2%
	475,000	Golden Queen Mining Co. Ltd., expire 08/03/19†	$	202,333	$	1
	1,222,000	Northern Dynasty Minerals Ltd., expire 06/15/21†		0		376,578
	2,175,000	Redstar Gold Corp., expire 05/03/19†		51,378		3,779
				253,711		380,358
		TOTAL WARRANTS		287,603		391,332
		TOTAL INVESTMENTS — 100.9%	$	191,367,620		232,757,136
		Other Assets and Liabilities (Net) — (0.9)%				(2,089,241	)
		NET ASSETS — 100.0%.			$	230,667,895

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, the market value of Rule 144A securities amounted to $19,406,902 or 8.41% of net assets.

(b) At December 31, 2018, the Fund held investments in restricted and illiquid securities amounting to $929,027 or 0.40% of net assets, which were valued under methods approved by the Board of Directors as follows:

							12/31/18
							Carrying
							Value
Acquisition			Acquisition		Acquisition		Per
Shares		Issuer	Date		Cost		Share
	52,700	Contango ORE Inc.		10/17/17	$	1,044,960	$17.5000
	650,364	Condor Gold plc warrants, expire 02/23/19		02/27/17	$	0	$0.0000
	251,163	Condor Gold plc warrants, expire 03/22/20		03/26/18	$	33,892	$0.0270

† Non-income producing security.

ADR American Depositary Receipt

CDI CHESS (Australia) Depository Interest

See accompanying notes to financial statements.

8

Gabelli Gold Fund, Inc.

Statement of Assets and Liabilities

December 31, 2018

Assets:
Investments, at value (cost $191,367,620)	$	232,757,136
Cash		354,206
Receivable for investments sold		3,860,139
Receivable for Fund shares sold		2,549,131
Prepaid expenses		25,223
Dividends receivable		14,783
Total Assets		239,560,618
Liabilities:
Payable for Fund shares redeemed		930,758
Payable for investment advisory fees		190,286
Payable for distribution fees		34,852
Payable for accounting fees		7,500
Line of credit payable		7,578,000
Other accrued expenses		151,327
Total Liabilities		8,892,723
Net Assets (applicable to 19,650,415 shares outstanding)	$	230,667,895
Net Assets Consist of:
Paid-in capital	$	289,052,344
Total accumulated loss(a)		(58,384,449	)
Net Assets	$	230,667,895

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($111,950,226 ÷ 9,568,679 shares outstanding; 375,000,000 shares authorized)	$	11.70
Class A:
Net Asset Value and redemption price per share ($17,840,359 ÷ 1,522,267 shares outstanding; 250,000,000 shares authorized)	$	11.72
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	12.44
Class C:
Net Asset Value and offering price per share ($10,338,733 ÷ 960,180 shares outstanding; 125,000,000 shares authorized)	$	10.77	(b)
Class I:
Net Asset Value, offering, and redemption price per share ($90,538,577 ÷ 7,599,289 shares outstanding; 125,000,000 shares authorized)	$	11.91

(a) Effective December 31, 2018, the Fund has adopted disclosure requirements conforming to SEC Rule6-04.17 of RegulationS-X and discloses total distributable earnings/accumulated loss. See Note 2 for further details.

(b) Redemption price varies based on the length of time held.

Statement of Operations

For the Year Ended December 31, 2018

Investment Income:
Dividends (net of foreign withholding taxes of $152,382)	$	2,974,817
Interest		20,630
Total Investment Income		2,995,447
Expenses:
Investment advisory fees		2,676,504
Distribution fees - Class AAA		315,201
Distribution fees - Class A		52,103
Distribution fees - Class C		131,000
Distribution fees - Class T*		2
Shareholder services fees		218,452
Shareholder communications expenses		125,293
Directors’ fees		109,000
Registration expenses		91,296
Custodian fees		70,033
Legal and audit fees		68,593
Accounting fees		45,000
Interest expense		27,699
Miscellaneous expenses		63,963
Total Expenses		3,994,139
Net Expenses		3,994,139
Net Investment Loss		(998,692	)
Net Realized and Unrealized Gain/(Loss)on Investments and Foreign Currency:
Net realized loss on investments		(24,510,298	)
Net realized gain on foreign currency transactions		2,136
Net realized loss on investments and foreign currency transactions		(24,508,162	)
Net change in unrealized appreciation/depreciation:
on investments		(21,896,704	)
on foreign currency translations		(115	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(21,896,819	)
Net Realized and Unrealized Gain/(Loss)on Investments and Foreign Currency		(46,404,981	)
Net Decrease in Net Assets Resulting from Operations	$	(47,403,673	)

* Class T Shares were liquidated on September 21, 2018.

See accompanying notes to financial statements.

9

Gabelli Gold Fund, Inc.

Statement of Changes in Net Assets

	Year Ended December 31, 2018				Year Ended December 31, 2017
Operations:
Net investment loss		$	(998,692	)		$	(2,087,482	)
Net realized loss on investments and foreign currency transactions			(24,508,162	)			(5,827,060	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(21,896,819	)			21,523,471
				��
Net Increase/(Decrease) in Net Assets Resulting from Operations			(47,403,673	)			13,608,929
Distributions to Shareholders:
Accumulated earnings
Class AAA			(373,451	)			(793,096	)
Class A			(59,743	)			(148,092	)
Class I			(562,105	)			(851,219	)
Class T*			—				(7	)
Total Distributions to Shareholders(a)			(995,299	)			(1,792,414	)**
Capital Share Transactions:
Class AAA			(19,492,063	)			(14,870,534	)
Class A			(3,916,018	)			9,869,747
Class C			(2,748,483	)			(801,523	)
Class I			(1,498,057	)			22,137,002
Class T*			(800	)			1,007
Net Increase/(Decrease) in Net Assets from Capital Share Transactions			(27,655,421	)			16,335,699
Redemption Fees			6,044				11,167
Net Increase/(Decrease) in Net Assets			(76,048,349	)			28,163,381
Net Assets:
Beginning of year			306,716,244				278,552,863
End of year		$	230,667,895			$	306,716,244

(a) Effective December 31, 2018, the Fund has adopted disclosure requirements conforming to SEC Rule6-04.17 of RegulationS-X. See Note 2 for further details.

* Class T Shares were liquidated on September 21, 2018.

** For the year ended December 31, 2017, the distributions to shareholders were comprised entirely of net investment income.

See accompanying notes to financial statements.

10

Gabelli Gold Fund, Inc.

Financial Highlights

Selected data for a share of capital stock outstanding throughout each year:

				Income (Loss) from Investment Operations												Distributions																	Ratios to Average Net Assets/ Supplemental Data
								Net
								Realized
	Net Asset			Net				and Unrealized																			Net Asset
	Value,			Investment				Loss				Total from				Net											Value,						Net Assets			Net						Portfolio
Year Ended	Beginning			Income				on				Investment				Investment				Total				Redemption			End of			Total			End of Year			Investment			Operating			Turnover
December 31	of Year			(Loss)(a)				Investments				Operations				Income				Distributions				Fees(a)(b)			Year			Return†			(in 000’s)			Income (Loss)			Expenses(c)			Rate
Class AAA
2018		$	13.78		$	(0.05	)		$	(1.99	)		$	(2.04	)		$	(0.04	)		$	(0.04	)		$	0.00		$	11.70		(14.8	)%		$	111,950		(0.44	)%		1.56	%		6	%
2017			13.04			(0.10	)			0.91				0.81				(0.07	)			(0.07	)			0.00			13.78		6.2				154,640		(0.69	)		1.52	(d)		13
2016			8.69			(0.03	)			4.66				4.63				(0.28	)			(0.28	)			0.00			13.04		53.5				160,659		(0.23	)		1.51	(d)		14
2015			10.57			(0.06	)			(1.82	)			(1.88	)			—				—				0.00			8.69		(17.8	)			93,630		(0.62	)		1.62	(e)		18
2014			10.71			(0.10	)			(0.04	)			(0.14	)			—				—				0.00			10.57		(1.3	)			123,456		(0.78	)		1.58			18
Class A
2018		$	13.80		$	(0.05	)		$	(1.99	)		$	(2.04	)		$	(0.04	)		$	(0.04	)		$	0.00		$	11.72		(14.8	)%		$	17,840		(0.44	)%		1.56	%		6	%
2017			13.07			(0.11	)			0.92				0.81				(0.08	)			(0.08	)			0.00			13.80		6.2				25,551		(0.76	)		1.52	(d)		13
2016			8.71			(0.02	)			4.67				4.65				(0.29	)			(0.29	)			0.00			13.07		53.5				16,006		(0.12	)		1.51	(d)		14
2015			10.60			(0.06	)			(1.83	)			(1.89	)			—				—				0.00			8.71		(17.8	)			6,590		(0.61	)		1.62	(e)		18
2014			10.73			(0.10	)			(0.03	)			(0.13	)			—				—				0.00			10.60		(1.2	)			11,334		(0.77	)		1.58			18
Class C
2018		$	12.73		$	(0.13	)		$	(1.83	)		$	(1.96	)			—				—			$	0.00		$	10.77		(15.4	)%		$	10,339		(1.19	)%		2.31	%		6	%
2017			12.08			(0.19	)			0.84				0.65				—				—				0.00			12.73		5.4				15,657		(1.44	)		2.27	(d)		13
2016			8.07			(0.11	)			4.33				4.22			$	(0.21	)		$	(0.21	)			0.00			12.08		52.5				15,748		(0.83	)		2.26	(d)		14
2015			9.90			(0.13	)			(1.70	)			(1.83	)			—				—				0.00			8.07		(18.5	)			5,466		(1.37	)		2.37	(e)		18
2014			10.10			(0.18	)			(0.02	)			(0.20	)			—				—				0.00			9.90		(2.0	)			5,899		(1.52	)		2.33			18
Class I
2018		$	14.04		$	(0.02	)		$	(2.04	)		$	(2.06	)		$	(0.07	)		$	(0.07	)		$	0.00		$	11.91		(14.7	)%		$	90,539		(0.19	)%		1.31	%		6	%
2017			13.29			(0.07	)			0.93				0.86				(0.11	)			(0.11	)			0.00			14.04		6.5				110,867		(0.46	)		1.27	(d)		13
2016			8.85			0.03				4.73				4.76				(0.32	)			(0.32	)			0.00			13.29		54.0				86,140		0.20			1.26	(d)		14
2015			10.74			(0.04	)			(1.85	)			(1.89	)			—				—				0.00			8.85		(17.6	)			36,063		(0.37	)		1.37	(e)		18
2014			10.85			(0.06	)			(0.05	)			(0.11	)			—				—				0.00			10.74		(1.0	)			38,958		(0.51	)		1.33			18

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

(a) Per share amounts have been calculated using the average shares outstanding method.

(b) Amount represents less than $0.005 per share.

(c) The Fund incurred interest expense during the years ended December 31, 2018, 2016, and 2015. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.55%, 1.50%, and 1.62% (Class AAA and Class A), 2.30%, 2.25%, and 2.36%, (Class C), 1.30%, 1.25%, and 1.36% (Class I). For the years ended December 31, 2017 and 2014, the effect of interest expense was minimal.

(d) During the years ended December 31, 2017 and 2016, the Fund received reimbursements of custody expenses paid in prior years. Had such reimbursements (allocated by relative net asset values of the Fund’s share classes) been included in the 2016 calculation, the annualized expense ratios would have been 1.43% (Class AAA and Class A), 2.18% (Class C), and 1.18% (Class I). The 2017 reimbursement had no effect on the expense ratio.

(e) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2015, there was no impact on the expense ratios.

See accompanying notes to financial statements.

11

Gabelli Gold Fund, Inc.

Notes to Financial Statements

1. Organization.Gabelli Gold Fund, Inc. was incorporated on May 13, 1994 in Maryland and commenced investment operations on July 11, 1994. The Fund is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is long term capital appreciation.

The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies.As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements.The SEC recently adopted changes to RegulationS-X to simplify the reporting of information by registered investment companies in financial statements. The amendments require presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and also require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statement of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statement of Changes in Net Assets. These RegulationS-X amendments are reflected in the Fund’s financial statements for the fiscal year ended December 31, 2018. As a result of adopting these amendments, the distributions to shareholders in the December 31, 2017 Statement of Changes in Net Assets presented herein have been reclassified to conform to the current year presentation.

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

Security Valuation.Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S.over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national

12

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case the securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial andnon-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges andover-the-counter markets) at the time when net asset value of the Fund is determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

· Level 1 — quoted prices in active markets for identical securities;

· Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

· Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

13

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2018 is as follows:

	Valuation Inputs
	Level 1			Level 2 Other Significant			Total Market Value
	Quoted Prices			Observable Inputs			at 12/31/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Metals and Mining
Asia/Pacific Rim		$	35,331,250		$	12,215,540		$	47,546,790
Europe			4,863,310			24,527,151			29,390,461
Latin America			17,844,066			—			17,844,066
North America			135,194,292			697,391			135,891,683
South Africa			1,692,804			—			1,692,804
Total Common Stocks			194,925,722			37,440,082			232,365,804
Warrants:
Metals and Mining
Asia/Pacific Rim			—			4,197			4,197
Europe			—			6,777			6,777
North America			—			380,358			380,358
Total Warrants			—			391,332			391,332
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	194,925,722		$	37,831,414		$	232,757,136

The Fund held no level 3 investments at December 31, 2018 and 2017.

Additional Information to Evaluate Qualitative Information.

General.The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation.Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

14

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities.The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes.The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities.The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in theover-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held at December 31, 2018, refer to the Schedule of Investments.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-dividend date as the Fund becomes aware of such dividends.

15

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

Determination of Net Asset Value and Calculation of Expenses.Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders.Distributions to shareholders are recorded on theex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on passive foreign investment companies and other investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the current year write off of net operating losses and the tax treatment of passive foreign investment companies. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended December 31, 2018, reclassifications were made to decreasepaid-in capital by $5,851,807, with an offsetting adjustment to total accumulated loss.

As of December 31, 2018, the tax character of distributions paid was ordinary income.

	Year Ended		Year Ended
	December 31, 2018		December 31, 2017
Distributions paid from:
Ordinary income		$995,299		$1,792,414

Provision for Income Taxes.The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of December 31, 2018, the components of accumulated earnings/losses on a tax basis were as follows:

Accumulated capital loss carryforwards	$	(92,411,929	)
Net unrealized appreciation on investments and foreign currency translations		34,027,480
Total	$	(58,384,449	)

At December 31, 2018, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

16

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

Short term capital loss carryforward with no expiration.	$	7,763,301
Long term capital loss carryforward with no expiration		84,648,628
Total capital loss carryforwards	$	92,411,929

At December 31, 2018, the temporary differences between book basis and tax basis unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes andmark-to-market adjustments on investments in passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2018:

				Gross			Gross
				Unrealized			Unrealized				Net Unrealized
	Cost			Appreciation			Depreciation				Appreciation
Investments		$	198,729,615		$	80,279,669		$	(46,252,148	)	$34,027,521

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are“more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet themore-likely-than-not threshold. For the year ended December 31, 2018, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2018, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions.The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Fund pays each Director who is not considered to be an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receives a $2,000 annual fee. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Distribution Plan.The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

17

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

5. Portfolio Securities.Purchases and sales of securities during the year ended December 31, 2018, other than short term securities and U.S. Government obligations, aggregated $16,051,787 and $43,089,295, respectively.

6. Transactions with Affiliates and Other Arrangements.During the year ended December 31, 2018, the Fund paid $180 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. During the year ended December 31, 2018, the Distributor retained a total of $11,033 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended December 31, 2018, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

7. Line of Credit.The Fund participates in an unsecured line of credit, which expires on March 6, 2019 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At December 31, 2018, there was $7,578,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2018 was $902,622 with a weighted average interest rate of 3.61%. The maximum amount borrowed at any time during the year ended December 31, 2018 was $8,961,000.

8. Capital Stock.The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximumfront-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase inpaid-in capital. The redemption fees retained by the Fund during the year ended December 31, 2018 and 2017, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

18

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	December 31, 2018						December 31, 2017
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		2,425,047		$	29,281,262			3,708,630		$	53,515,039
Shares issued upon reinvestment of distributions		31,244			363,681			56,575			774,517
Shares redeemed		(4,109,244	)		(49,137,006	)		(4,867,640	)		(69,160,090	)
Net decrease		(1,652,953	)	$	(19,492,063	)		(1,102,435	)	$	(14,870,534	)
Class A
Shares sold		195,766		$	2,361,864			1,358,962		$	20,135,569
Shares issued upon reinvestment of distributions		4,858			56,641			6,047			82,957
Shares redeemed		(529,475	)		(6,334,523	)		(738,503	)		(10,348,779	)
Net increase/(decrease)		(328,851	)	$	(3,916,018)			626,506		$	9,869,747
Class C
Shares sold		150,852		$	1,725,469			311,423		$	4,089,391
Shares redeemed		(420,204	)		(4,473,952	)		(385,585	)		(4,890,914	)
Net decrease		(269,352	)	$	(2,748,483	)		(74,162	)	$	(801,523	)
Class I
Shares sold		4,761,327		$	58,475,598			3,993,311		$	58,646,352
Shares issued upon reinvestment of distributions		44,587			528,799			52,311			729,735
Shares redeemed		(5,105,116	)		(60,502,454	)		(2,630,934	)		(37,239,085	)
Net increase/(decrease)		(299,202	)	$	(1,498,057	)		1,414,688		$	22,137,002
Class T*
Shares sold		—			—			73		$	1,007
Shares redeemed		(73	)	$	(800	)		—			—
Net increase/(decrease)		(73	)	$	(800	)		73		$	1,007

*  Class T Shares were liquidated on September 21, 2018.

9. Indemnifications.The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Subsequent Events.Management has evaluated the impact on the Fund of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

19

Gabelli Gold Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Gabelli Gold Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Gabelli Gold Fund, Inc. (the “Fund”), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Gabelli/GAMCO Funds investment companies since 1992.

Philadelphia, Pennsylvania

February 28, 2019

20

Gabelli Gold Fund, Inc.

Additional Fund Information (Unaudited)

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling800-GABELLI(800-422-3554) or by writing to the Gabelli Gold Fund, Inc. at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director3
INTERESTED DIRECTORS4:
Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 76	Since 1994	35	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
INDEPENDENT DIRECTORS5:
E. Val Cerutti Director Age: 79	Since 1994	7	Chief Executive Officer of Cerutti Consultants, Inc.	Director of The LGL Group, Inc. (diversified manufacturing) (1990-2009)
Anthony J. Colavita Director Age: 83	Since 1994	20	President of the law firm of Anthony J. Colavita, P.C.	—
Werner J. Roeder Director Age: 78	Since 1994	23	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris6 Director Age: 84	Since 1994	23	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—
Salvatore J. Zizza Director Age: 73	Since 2004	32	President of Zizza & Associates Corp. (private holding company); Chairman of BAM (semiconductor and aerospace manufacturing); President of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Chairman of Trans- Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)
Daniel E. Zucchi Director Age: 78	Since 1994	2	President of Zucchi Inc. (general business consulting); Senior Vice President of Hearst Corp. (1984-1995)	Cypress Care LLC (health care) (2001-2009)

21

Gabelli Gold Fund, Inc.

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address1 and Age	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 67	Since 1994	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008
John C. Ball Treasurer Age: 42	Since 2017	Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
Agnes Mullady Vice President Age: 60	Since 2006	Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
Andrea R. Mango Secretary Age: 46	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President ofclosed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013
Richard J. Walz Chief Compliance Officer Age: 59	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013

¹  Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²  Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election orre-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’sBy-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified. For Officers, includes time served in other officer positions with the Fund.

³  This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴  “Interested person” of the Fund as defined in the 1940 Act. Mr. Gabelli is considered an “interested person” because of his affiliation with Gabelli Funds, LLC, which acts as the Fund’s investment adviser.

⁵  Directors who are not interested persons are considered “Independent” Directors.

⁶  Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.

22

GABELLI GOLD FUND, INC.

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Caesar M. P. Bryanjoined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Gabelli/GAMCO Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.

2018 TAX NOTICE TO SHAREHOLDERS(Unaudited)

For the year ended December 31, 2018, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.0397, $0.0391, and $0.0732 per share for Class AAA, Class A, and Class I Shares, respectively. For the year ended December 31, 2018, 24.30% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100.00% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.19% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income

The percentage of the ordinary income distribution paid by the Fund during 2018 which was derived from U.S. Treasury securities was 0.00%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

GABELLI GOLD FUND, INC.

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI(800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS	OFFICERS
Mario J. Gabelli, CFA	Bruce N. Alpert
Chairman and	President
Chief Executive Officer,
GAMCO Investors, Inc.	John C. Ball
Executive Chairman,	Treasurer
Associated Capital Group Inc.
	Agnes Mullady
E. Val Cerutti	Vice President
Chief Executive Officer,
Cerutti Consultants, Inc.	Andrea R. Mango
	Secretary
Anthony J. Colavita
President,	Richard J. Walz
Anthony J. Colavita, P.C.	Chief Compliance
	Officer
Werner J. Roeder
Former Medical Director,	DISTRIBUTOR
Lawrence Hospital
	G.distributors, LLC
Anthonie C. van Ekris
Chairman,	CUSTODIAN
BALMAC International, Inc.
	State Street Bank and Trust
Salvatore J. Zizza	Company
Chairman,
Zizza & Associates Corp.	TRANSFER AGENT AND
	DIVIDEND DISBURSING AGENT
Daniel E. Zucchi
President,	DST Asset Manager
Daniel E. Zucchi Associates	Solutions Inc.
	LEGAL COUNSEL
	Paul Hasting LLP

This report is submitted for the general information of the shareholders of the Gabelli Gold Fund, Inc. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB008Q418AR

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Directors has determined that Salvatore J. Zizza is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $31,300 for 2017 and $32,200 for 2018.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2017 and $0 for 2018.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,700 for 2017 and $3,800 for 2018. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $6,508 for 2017 and $6,527 for 2018. The fees relate to Passive Foreign Investment Company identification database subscription fees billed on an annual basis.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 0%

(d) 0%

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser

whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $36,986 for 2017 and $43,421 for 2018.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-

K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Gabelli Gold Fund, Inc.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date     3/7/19

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date     3/7/19

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date     3/7/19

^* Print the name and title of each signing officer under his or her signature.