1
Gabelli
Gold
Fund,
Inc.
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
98
.8
%
METALS
AND
MINING
—
98
.8
%
Asia/Pacific
Rim
—
13
.3
%
2,650,000
Evolution
Mining
Ltd.
...............................
$
6,686,203
642,079
Newcrest
Mining
Ltd.
...............................
10,509,284
2,214,126
Northern
Star
Resources
Ltd.
....................
13,605,970
7,500,000
Pantoro
Ltd.
†
...........................................
1,111,536
3,745,000
Perseus
Mining
Ltd.,
Australia
†
................
3,790,427
4,450,000
Perseus
Mining
Ltd.,
Toronto
†
..................
4,602,479
17,736,651
RTG
Mining
Inc.
,
CDI
†
..............................
1,410,498
3,256,756
Westgold
Resources
Ltd.
..........................
3,826,017
45,542,414
Europe
—
10
.1
%
1,803,054
Condor
Gold
plc
†
.....................................
898,891
951,960
Endeavour
Mining
plc
...............................
21,427,743
710,500
Fresnillo
plc
.............................................
7,480,559
1,972,709
Hochschild
Mining
plc
..............................
3,535,177
8,006,564
Shanta
Gold
Ltd.
......................................
1,364,688
34,707,058
North
America
—
71
.7
%
282,432
Agnico
Eagle
Mines
Ltd.
...........................
14,644,099
877,675
Alamos
Gold
Inc.
,
Cl.
A,
New
York
.............
6,319,260
775,250
Alamos
Gold
Inc.
,
Cl.
A,
Toronto
...............
5,575,973
600,000
Artemis
Gold
Inc.
†
...................................
2,543,818
350,000
B2Gold
Corp.,
New
York
...........................
1,197,000
699,650
B2Gold
Corp.,
Toronto
..............................
2,391,824
1,088,275
Barrick
Gold
Corp.
....................................
19,643,364
2,350,000
Belo
Sun
Mining
Corp.
†
............................
797,805
107,700
Contango
ORE
Inc.
†
.................................
2,154,000
600,000
Dundee
Precious
Metals
Inc.
.....................
3,609,664
625,000
Eldorado
Gold
Corp.
†
...............................
4,831,250
50,000
Equinox
Gold
Corp.
,
New York
†
................
330,000
345,000
Equinox
Gold
Corp.,
Toronto
†
...................
2,277,120
189,700
Franco-Nevada
Corp.
(a)
............................
24,644,825
1,325,000
K92
Mining
Inc.
†
......................................
6,370,796
550,000
Karora
Resources
Inc.
†
............................
1,437,312
2,000,000
Kinross
Gold
Corp.
...................................
10,720,000
35,000
Kirkland
Lake
Gold
Ltd.,
New
York
............
1,455,650
312,239
Kirkland
Lake
Gold
Ltd.,
Toronto
...............
13,006,261
867,000
Lion
One
Metals
Ltd.
†
..............................
752,961
525,000
Lundin
Gold
Inc.
†
.....................................
3,925,272
95,533
MAG
Silver
Corp.
†
....................................
1,547,635
85,000
MAG
Silver
Corp.,
Toronto
†
......................
1,376,401
1,500,000
Marathon
Gold
Corp.
†
..............................
3,635,718
166,666
Moneta
Gold
Inc.
†
....................................
225,011
541,917
Newmont
Corp.
........................................
29,426,093
2,270,850
OceanaGold
Corp.
†
...................................
3,711,242
260,000
Osisko
Development
Corp.
†
......................
1,028,422
516,860
Osisko
Gold
Royalties
Ltd.
........................
5,806,820
1,290,000
Osisko
Mining
Inc.
†
..................................
2,393,415
135,000
Pan
American
Silver
Corp.
........................
3,141,450
Shares
Market
Value
320,000
Perpetua
Resources
Corp.
†
......................
$
1,591,663
640,000
Pretium
Resources
Inc.
†
..........................
6,169,600
200,000
Prime
Mining
Corp.
†
................................
626,875
350,000
Probe
Metals
Inc.
†
...................................
508,448
450,000
SilverCrest
Metals
Inc.
†
............................
3,141,000
305,000
SSR
Mining
Inc.,
New
York
.......................
4,437,750
137,955
SSR
Mining
Inc.,
Toronto
..........................
2,006,262
1,630,000
Troilus
Gold
Corp.
†
..................................
926,575
440,833
Victoria
Gold
Corp.
†
.................................
5,245,029
2,316,000
Wesdome
Gold
Mines
Ltd.
†
......................
18,559,450
1,500,000
Western
Copper
&
Gold
Corp.
†
.................
2,238,276
525,000
Wheaton
Precious
Metals
Corp.
................
19,729,500
246,100,889
South
Africa
—
3
.7
%
1,405,000
Gold
Fields
Ltd.
,
ADR
...............................
11,408,600
200,000
Harmony
Gold
Mining
Co.
Ltd.
..................
623,027
250,000
Harmony
Gold
Mining
Co.
Ltd.
,
ADR
.........
787,500
12,819,127
TOTAL
METALS
AND
MINING
...................
339,169,488
TOTAL
COMMON
STOCKS
........................
339,169,488
WARRANTS
—
0
.1
%
METALS
AND
MINING
—
0
.1
%
North
America
—
0
.1
%
125,000
Hycroft
Mining
Holding
Corp.
,
expire
10/06/25
†
.............................................
43,750
125,000
Maverix
Metals
Inc.
,
expire
12/23/21
†
.......
408,982
130,000
Osisko
Development
Corp.
,
expire
04/29/22
†
.............................................
194
190,000
Troilus
Gold
Corp.
,
expire
06/30/23
†
.........
1
452,927
TOTAL
METALS
AND
MINING
...................
452,927
TOTAL
WARRANTS
..................................
452,927
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1
.1
%
$
844,000
U.S.
Cash
Management
Bill,
0.031
%
††
,
11/01/21
.............................
843,960
3,030,000
U.S.
Treasury
Bill,
0.026
%
††
,
12/23/21
.............................
3,029,806
TOTAL
U.S.
GOVERNMENT
OBLIGATIONS
3,873,766
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
241,523,594
)
.............................
$
343,496,181
2
Gabelli
Gold
Fund,
Inc.
Schedule
of
Investments
(Continued)
—
September
30,
2021
(Unaudited)
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
†
Non-income
producing
security.
††
Represents
annualized
yield(s)
at
date(s)
of
purchase.
ADR
American
Depositary
Receipt
CDI
CHESS
(Australia)
Depository
Interest