Gabelli Gold Fund, Inc.
Schedule of Investments — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 99.5% |
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Metals and Mining — 99.5% |
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Asia/Pacific Rim — 17.6% |
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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 | ||||||
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47,783,414 | ||||||||
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Europe — 5.4% |
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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 | ||||||
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14,612,107 | ||||||||
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Latin America — 1.4% |
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200,000 | Endeavour Mining Corp., Toronto† | 3,822,319 | ||||||
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North America — 72.4% |
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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 | ||||||
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196,789,132 | ||||||||
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South Africa — 2.7% |
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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 | ||||||
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7,329,906 | ||||||||
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TOTAL COMMON STOCKS | 270,336,878 | |||||||
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WARRANTS — 0.3% |
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Metals and Mining — 0.3% |
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Europe — 0.0% |
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251,163 | Condor Gold plc, | 21 | ||||||
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North America — 0.3% |
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125,000 | Maverix Metals Inc., expire 12/23/21† | 360,166 | ||||||
1,222,000 | Northern Dynasty Minerals Ltd., | 463,493 | ||||||
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823,659 | ||||||||
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TOTAL WARRANTS | 823,680 | |||||||
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Gabelli Gold Fund, Inc.
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Principal Amount | Market Value | |||||||
U.S. GOVERNMENT OBLIGATIONS — 0.2% |
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$ 442,000 | U.S. Treasury Bill, | $ | 440,120 | |||||
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TOTAL INVESTMENTS — 100.0% |
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(Cost $181,656,290) | $ | 271,600,678 | ||||||
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(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 | 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 |
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