Gabelli Gold Fund, Inc. Class AAA (GOLDX) NPORT-P Gabelli Gold Fund Inc (Sep 2019 report)

Gabelli Gold Fund, Inc.

Schedule of Investments — September 30, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.5%
		Metals and Mining — 99.5%
		Asia/Pacific Rim — 17.6%
	800,000	Dacian Gold Ltd.†	$	745,145
	1,150,000	Evolution Mining Ltd.		3,516,155
	4,350,000	Gold Road Resources Ltd.†		3,655,363
	727,079	Newcrest Mining Ltd.		16,664,651
	1,126,227	Northern Star Resources Ltd.		8,392,029
	7,500,000	Pantoro Ltd.†		1,037,736
	3,745,000	Perseus Mining Ltd., Australia†		1,769,383
	4,450,000	Perseus Mining Ltd., Toronto†		2,015,322
	10,989,011	RTG Mining Inc., CDI†		611,906
	2,427,272	Saracen Mineral Holdings Ltd.†		5,652,096
	2,206,756	Westgold Resources Ltd.†		3,723,628
				47,783,414
		Europe — 5.4%
	2,399,000	Centamin plc		3,707,741
	1,803,054	Condor Gold plc†(a)		543,149
	560,500	Fresnillo plc		4,711,092
	1,897,709	Hochschild Mining plc		4,783,297
	3,000,000	Hummingbird Resources plc†		866,828
				14,612,107
		Latin America — 1.4%
	200,000	Endeavour Mining Corp., Toronto†		3,822,319
		North America — 72.4%
	347,432	Agnico Eagle Mines Ltd.		18,625,829
	1,025,000	Alacer Gold Corp.†		4,139,148
	1,287,675	Alamos Gold Inc., New York, Cl. A		7,468,515
	975,250	Alamos Gold Inc., Toronto, Cl. A		5,668,132
	1,100,000	Amarillo Gold Corp.†		186,814
	2,374,650	B2Gold Corp.†		7,725,208
	1,313,275	Barrick Gold Corp.		22,759,056
	2,100,000	Belo Sun Mining Corp.†		784,617
	52,700	Contango ORE Inc.†(a)(b)		737,800
	55,000	Contango ORE Inc., New York†		770,000
	1,100,000	Continental Gold Inc.†		3,055,440
	700,000	Detour Gold Corp.†		10,276,635
	400,000	Fortuna Silver Mines Inc.†		1,236,000
	214,700	Franco-Nevada Corp.(a)		19,563,410
	949,500	Golden Queen Mining Consolidated Ltd., Cl. H†		200,672
	283,000	Golden Queen Mining Consolidated Ltd., New York, Cl. H†		56,940
	475,000	K92 Mining Inc.†		763,671
	210,000	Kirkland Lake Gold Ltd.		9,407,480
	95,533	MAG Silver Corp.†(a)(b)		1,013,605
	85,000	MAG Silver Corp., Toronto†		903,348
	500,000	Maverix Metals Inc.†		2,019,097
	2,950,000	Midas Gold Corp.†		1,336,000
	541,917	Newmont Goldcorp Corp.		20,549,493
	200,000	Northern Dynasty Minerals Ltd., New York†		117,500

Shares			Market Value
	1,672,000	Northern Dynasty Minerals Ltd., Toronto†	$	971,763
	99,226	O3 Mining Inc.†		202,219
	1,020,850	OceanaGold Corp.		2,666,069
	291,860	Osisko Gold Royalties Ltd.		2,711,852
	75,000	Pan American Silver Corp.		1,176,000
	520,000	Pretium Resources Inc.†		5,985,200
	3,650,000	Redstar Gold Corp.†		68,876
	47,000	Royal Gold Inc.		5,790,870
	350,000	SEMAFO Inc.†		1,122,769
	600,000	SEMAFO Inc., Toronto†(a)		1,924,746
	200,000	SSR Mining Inc.†		2,904,000
	650,000	Teranga Gold Corp.†		2,394,233
	215,000	Torex Gold Resources Inc.†		2,664,679
	50,000	Torex Gold Resources Inc., Toronto†(a)		619,693
	1,200,000	Victoria Gold Corp., New York†		466,080
	2,000,000	Victoria Gold Corp., Toronto†		754,802
	2,491,000	Wesdome Gold Mines Ltd.†		11,224,871
	525,000	Wheaton Precious Metals Corp., New York		13,776,000
				196,789,132
		South Africa — 2.7%
	230,000	AngloGold Ashanti Ltd., ADR		4,202,100
	200,000	Harmony Gold Mining Co. Ltd.†		571,806
	900,000	Harmony Gold Mining Co. Ltd., ADR†		2,556,000
				7,329,906
		TOTAL COMMON STOCKS		270,336,878
		WARRANTS — 0.3%
		Metals and Mining — 0.3%
		Europe — 0.0%
	251,163	Condor Gold plc, expire 03/22/20†(a)(b)		21
		North America — 0.3%
	125,000	Maverix Metals Inc., expire 12/23/21†		360,166
	1,222,000	Northern Dynasty Minerals Ltd., expire 06/15/21†		463,493
				823,659
		TOTAL WARRANTS		823,680

1

Gabelli Gold Fund, Inc.

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
	$    442,000	U.S. Treasury Bill, 1.762%††, 12/26/19	$	440,120
		TOTAL INVESTMENTS — 100.0%
		(Cost $181,656,290)	$	271,600,678

(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.

(b) At September 30, 2019, the Fund held investments in restricted and illiquid securities amounting to $1,751,426 or 0.64% of total investments, which were valued under methods approved by the Board of Directors as follows:

Acquisition Shares		Issuer	Acquisition Date	Acquisition Cost		09/30/19 Carrying Value Per Share
	52,700	Contango ORE Inc.	10/17/17	$	1,045,007	$	14.0000
	95,533	MAG Silver Corp.	11/17/17	$	1,000,231	$	10.6100
	251,163	Condor Gold plc warrants, expire 03/22/20	03/26/18	$	33,892	$	0.0001

†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt
CDI	CHESS (Australia) Depository Interest

2