Gabelli Gold Fund, Inc.
Schedule of Investments — March 31, 2021 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS — 99.8% | ||||||||
| Metals and Mining — 99.8% | ||||||||
| Asia/Pacific Rim — 14.8% | ||||||||
| 2,650,000 | Evolution Mining Ltd. | $ | 8,212,255 | |||||
| 4,500,000 | Gold Road Resources Ltd. | 3,759,773 | ||||||
| 667,079 | Newcrest Mining Ltd. | 12,373,122 | ||||||
| 2,214,126 | Northern Star Resources Ltd. | 15,942,889 | ||||||
| 7,500,000 | Pantoro Ltd.† | 1,082,359 | ||||||
| 3,745,000 | Perseus Mining Ltd., Australia† | 3,043,631 | ||||||
| 4,450,000 | Perseus Mining Ltd., Toronto† | 3,718,071 | ||||||
| 17,736,651 | RTG Mining Inc., CDI† | 2,222,859 | ||||||
| 2,806,756 | Westgold Resources Ltd.† | 4,253,084 | ||||||
|
| |||||||
| 54,608,043 | ||||||||
|
| |||||||
| Europe — 4.4% | ||||||||
| 1,049,000 | Centamin plc | 1,503,997 | ||||||
| 1,803,054 | Condor Gold plc† | 1,168,274 | ||||||
| 470,500 | Fresnillo plc | 5,605,472 | ||||||
| 2,172,709 | Hochschild Mining plc | 5,861,795 | ||||||
| 2,500,000 | Hummingbird Resources plc† | 680,684 | ||||||
| 8,006,564 | Shanta Gold Ltd.† | 1,310,745 | ||||||
|
| |||||||
| 16,130,967 | ||||||||
|
| |||||||
| Latin America — 5.5% | ||||||||
| 1,001,960 | Endeavour Mining Corp., Toronto | 20,195,470 | ||||||
|
| |||||||
| North America — 71.4% | ||||||||
| 327,432 | Agnico Eagle Mines Ltd. | 18,928,844 | ||||||
| 1,102,675 | Alamos Gold Inc., New York, Cl. A | 8,611,892 | ||||||
| 775,250 | Alamos Gold Inc., Toronto, Cl. A | 6,057,894 | ||||||
| 450,000 | Artemis Gold Inc.† | 1,844,115 | ||||||
| 849,650 | B2Gold Corp. | 3,657,680 | ||||||
| 1,313,275 | Barrick Gold Corp. | 26,002,845 | ||||||
| 2,350,000 | Belo Sun Mining Corp.† | 1,495,981 | ||||||
| 360,000 | Centerra Gold Inc. | 3,185,486 | ||||||
| 55,000 | Contango ORE Inc.† | 1,100,000 | ||||||
| 52,700 | Contango ORE Inc.†(a)(b) | 1,054,000 | ||||||
| 500,000 | Dundee Precious Metals Inc. | 3,051,643 | ||||||
| 500,000 | Eldorado Gold Corp.† | 5,395,000 | ||||||
| 50,000 | Equinox Gold Corp., New York† | 399,500 | ||||||
| 420,000 | Equinox Gold Corp., Toronto† | 3,348,770 | ||||||
| 202,700 | Franco-Nevada Corp.(b) | 25,402,421 | ||||||
| 2,000,000 | Gold Terra Resource Corp.† | 413,782 | ||||||
| 1,000,000 | IAMGOLD Corp.† | 2,980,000 | ||||||
| 1,325,000 | K92 Mining Inc.† | 6,695,114 | ||||||
| 1,450,000 | Kinross Gold Corp. | 9,671,500 | ||||||
| 377,239 | Kirkland Lake Gold Ltd. | 12,739,733 | ||||||
| 867,000 | Lion One Metals Ltd.† | 896,873 | ||||||
| 550,000 | Lundin Gold Inc.† | 4,306,517 | ||||||
| 95,533 | MAG Silver Corp.†(b) | 1,433,950 | ||||||
| 85,000 | MAG Silver Corp., Toronto† | 1,279,701 | ||||||
| 1,500,000 | Marathon Gold Corp.† | 2,661,733 | ||||||
| 1,000,000 | Moneta Porcupine Mines Inc.† | 282,486 | ||||||
Shares | Market Value | |||||||
| 541,917 | Newmont Corp. | $ | 32,661,338 | |||||
| 2,270,850 | OceanaGold Corp.† | 3,379,080 | ||||||
| 260,000 | Osisko Development Corp.† | 1,510,305 | ||||||
| 516,860 | Osisko Gold Royalties Ltd. | 5,692,164 | ||||||
| 1,090,000 | Osisko Mining Inc.† | 2,550,012 | ||||||
| 135,000 | Pan American Silver Corp. | 4,054,050 | ||||||
| 320,000 | Perpetua Resources Corp.† | 1,945,413 | ||||||
| 540,000 | Pretium Resources Inc.† | 5,599,800 | ||||||
| 350,000 | Probe Metals Inc.† | 375,985 | ||||||
| 450,000 | SilverCrest Metals Inc.† | 3,636,000 | ||||||
| 255,000 | SSR Mining Inc., New York | 3,641,400 | ||||||
| 137,955 | SSR Mining Inc., Toronto | 1,972,667 | ||||||
| 1,250,000 | Troilus Gold Corp.† | 1,054,349 | ||||||
| 475,833 | Victoria Gold Corp.† | 4,941,212 | ||||||
| 2,341,000 | Wesdome Gold Mines Ltd.† | 15,535,880 | ||||||
| 1,250,000 | Western Copper & Gold Corp.† | 1,561,630 | ||||||
| 525,000 | Wheaton Precious Metals Corp. | 20,060,250 | ||||||
|
| |||||||
| 263,068,995 | ||||||||
|
| |||||||
| South Africa — 3.7% | ||||||||
| 950,000 | Gold Fields Ltd., ADR | 9,015,500 | ||||||
| 200,000 | Harmony Gold Mining Co. Ltd.† | 848,238 | ||||||
| 850,000 | Harmony Gold Mining Co. Ltd., ADR† | 3,706,000 | ||||||
|
| |||||||
| 13,569,738 | ||||||||
|
| |||||||
| TOTAL COMMON STOCKS | 367,573,213 | |||||||
|
| |||||||
| WARRANTS — 0.2% | ||||||||
| Metals and Mining — 0.2% | ||||||||
| North America — 0.2% | ||||||||
| 100,000 | Dundee Precious Metals Inc., | 27,192 | ||||||
| 125,000 | Hycroft Mining Holding Corp., | 80,000 | ||||||
| 321,000 | Lion One Metals Ltd., | 12,771 | ||||||
| 112,500 | Lion One Metals Ltd., | 2,230 | ||||||
| 125,000 | Maverix Metals Inc., | 506,333 | ||||||
| 130,000 | Osisko Development Corp., | 4,738 | ||||||
|
| |||||||
| 633,264 | ||||||||
|
| |||||||
| TOTAL WARRANTS. | 633,264 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 368,206,477 | ||||||
|
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Gabelli Gold Fund, Inc.
Schedule of Investments (Continued) — March 31, 2021 (Unaudited)
| (a) | At March 31, 2021, the Fund held an investment in a restricted and illiquid security amounting to $1,054,000 or 0.29% of total investments, which were valued under methods approved by the Board of Directors as follows: |
| Acquisition Shares | Issuer | Acquisition Date | Acquisition Cost | 03/31/21 Carrying Value Per Share | ||||||||||||
| 52,700 | Contango ORE Inc. | 10/17/17 | $ | 1,045,007 | $ | 20.0000 | ||||||||||
| (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. |
| ADR | American Depositary Receipt |
| CDI | CHESS (Australia) Depository Interest |
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