Gabelli Gold Fund, Inc.
Schedule of Investments — September 30, 2020 (Unaudited)
Shares | Market | |||||||
| COMMON STOCKS — 98.9% | ||||||||
| Metals and Mining — 98.9% | ||||||||
| Asia/Pacific Rim — 15.2% | ||||||||
| 551,689 | Castile Resources Ltd.† | $ | 118,544 | |||||
| 2,450,000 | Evolution Mining Ltd. | 10,090,176 | ||||||
| 5,500,000 | Gold Road Resources Ltd.† | 5,731,793 | ||||||
| 817,079 | Newcrest Mining Ltd. | 18,282,681 | ||||||
| 1,126,227 | Northern Star Resources Ltd. | 11,002,848 | ||||||
| 7,500,000 | Pantoro Ltd.† | 1,369,829 | ||||||
| 3,745,000 | Perseus Mining Ltd., Australia† | 3,661,418 | ||||||
| 4,450,000 | Perseus Mining Ltd., Toronto† | 4,377,980 | ||||||
| 17,736,651 | RTG Mining Inc., CDI† | 1,524,466 | ||||||
| 2,891,042 | Saracen Mineral Holdings Ltd.† | 10,705,569 | ||||||
| 2,806,756 | Westgold Resources Ltd.† | 4,744,402 | ||||||
|
| |||||||
| 71,609,706 | ||||||||
|
| |||||||
| Europe — 4.9% | ||||||||
| 2,799,000 | Centamin plc | 7,313,705 | ||||||
| 1,803,054 | Condor Gold plc† | 1,070,227 | ||||||
| 490,500 | Fresnillo plc | 7,576,047 | ||||||
| 1,947,709 | Hochschild Mining plc† | 5,498,964 | ||||||
| 3,000,000 | Hummingbird Resources plc† | 1,354,874 | ||||||
|
| |||||||
| 22,813,817 | ||||||||
|
| |||||||
| Latin America — 2.4% | ||||||||
| 460,320 | Endeavour Mining Corp., Toronto† | 11,460,034 | ||||||
|
| |||||||
| North America — 73.7% | ||||||||
| 347,432 | Agnico Eagle Mines Ltd. | 27,659,061 | ||||||
| 1,537,675 | Alamos Gold Inc., New York, Cl. A | 13,546,917 | ||||||
| 775,250 | Alamos Gold Inc., Toronto, Cl. A | 6,829,396 | ||||||
| 50,000 | Artemis Gold Inc.† | 232,811 | ||||||
| 2,374,650 | B2Gold Corp. | 15,461,842 | ||||||
| 1,313,275 | Barrick Gold Corp. | 36,916,160 | ||||||
| 2,350,000 | Belo Sun Mining Corp.† | 1,800,158 | ||||||
| 300,000 | Centerra Gold Inc. | 3,489,918 | ||||||
| 55,000 | Contango ORE Inc.† | 880,000 | ||||||
| 52,700 | Contango ORE Inc.†(a)(b) | 843,200 | ||||||
| 450,000 | Dundee Precious Metals Inc. | 3,224,062 | ||||||
| 450,000 | Eldorado Gold Corp.† | 4,747,500 | ||||||
| 900,000 | Equinox Gold Corp.†. | 10,510,307 | ||||||
| 50,000 | Equinox Gold Corp.†. | 585,500 | ||||||
| 214,700 | Franco-Nevada Corp.(b) | 30,002,049 | ||||||
| 2,000,000 | Gold Terra Resource Corp.†. | 600,804 | ||||||
| 1,225,000 | K92 Mining Inc.† | 6,384,664 | ||||||
| 725,000 | Kinross Gold Corp.† | 6,394,500 | ||||||
| 452,239 | Kirkland Lake Gold Ltd. | 22,076,178 | ||||||
| 867,000 | Lion One Metals Ltd.† | 1,061,327 | ||||||
| 100,000 | Lundin Gold Inc.† | 908,715 | ||||||
| 95,533 | MAG Silver Corp.†(b) | 1,553,367 | ||||||
| 85,000 | MAG Silver Corp., Toronto† | 1,382,036 | ||||||
| 1,000,000 | Marathon Gold Corp.† | 1,697,270 | ||||||
| 3,200,000 | Midas Gold Corp.† | 3,316,436 | ||||||
Shares | Market | |||||||
| 541,917 | Newmont Corp. | $ | 34,384,634 | |||||
| 200,000 | Northern Dynasty Minerals Ltd.† | 196,080 | ||||||
| 1,672,000 | Northern Dynasty Minerals Ltd., Toronto† | 1,632,383 | ||||||
| 1,020,850 | OceanaGold Corp.† | 1,571,659 | ||||||
| 366,860 | Osisko Gold Royalties Ltd. | 4,339,338 | ||||||
| 850,000 | Osisko Mining Inc.† | 2,215,088 | ||||||
| 160,000 | Pan American Silver Corp. | 5,144,000 | ||||||
| 540,000 | Pretium Resources Inc.† | 6,933,600 | ||||||
| 47,000 | Royal Gold Inc. | 5,647,990 | ||||||
| 450,000 | SilverCrest Metals Inc.† | 3,820,500 | ||||||
| 290,000 | SSR Mining Inc.† | 5,414,300 | ||||||
| 137,955 | SSR Mining Inc.† | 2,574,580 | ||||||
| 1,312,000 | Teranga Gold Corp.† | 13,833,863 | ||||||
| 135,000 | Torex Gold Resources Inc.† | 1,909,091 | ||||||
| 50,000 | Torex Gold Resources Inc., Toronto†(b) | 707,071 | ||||||
| 525,833 | Victoria Gold Corp.† | 5,919,595 | ||||||
| 2,341,000 | Wesdome Gold Mines Ltd.† | 22,099,335 | ||||||
| 525,000 | Wheaton Precious Metals Corp. | 25,761,750 | ||||||
|
| |||||||
| 346,209,035 | ||||||||
|
| |||||||
| South Africa — 2.7% | ||||||||
| 235,000 | AngloGold Ashanti Ltd., ADR | 6,199,300 | ||||||
| 150,000 | Gold Fields Ltd., ADR | 1,843,500 | ||||||
| 200,000 | Harmony Gold Mining Co. Ltd.† | 1,064,358 | ||||||
| 650,000 | Harmony Gold Mining Co. Ltd., ADR† | 3,425,500 | ||||||
|
| |||||||
| 12,532,658 | ||||||||
|
| |||||||
| TOTAL COMMON STOCKS | 464,625,250 | |||||||
|
| |||||||
| WARRANTS — 0.4% | ||||||||
| Metals and Mining — 0.4% | ||||||||
| North America — 0.4% | ||||||||
| 100,000 | Dundee Precious Metals Inc., | 156,733 | ||||||
| 70,000 | Equinox Gold Corp., | 144,876 | ||||||
| 321,000 | Lion One Metals Ltd., | 4,813 | ||||||
| 112,500 | Lion One Metals Ltd., | 2,247 | ||||||
| 125,000 | Maverix Metals Inc., | 490,331 | ||||||
| 1,222,000 | Northern Dynasty Minerals Ltd., | 956,039 | ||||||
|
| |||||||
| 1,755,039 | ||||||||
|
| |||||||
| TOTAL WARRANTS | 1,755,039 | |||||||
|
| |||||||
1
Gabelli Gold Fund, Inc.
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Principal | Market Value | |||||||
| U.S. GOVERNMENT OBLIGATIONS — 0.7% |
| |||||||
| $3,400,000 | U.S. Treasury Bills, | $ | 3,399,298 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 469,779,587 | ||||||
|
| |||||||
| (a) | At September 30, 2020, the Fund held an investment in a restricted and illiquid security amounting to $843,200 or 0.18% of total investments, which were valued under methods approved by the Board of Directors as follows: |
Acquisition | Issuer | Acquisition Date | Acquisition Cost | 09/30/20 Carrying Value Per Share | ||||||||||
| 52,700 | Contango ORE Inc. | 10/17/17 | $ | 1,045,007 | $ | 16.0000 | ||||||||
| (b) | 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. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CDI | CHESS (Australia) Depository Interest |
2