1
Gabelli
Gold
Fund,
Inc.
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
99
.9
%
Metals
and
Mining
—
99
.9
%
Asia/Pacific
Rim
—
14
.4
%
3,863,637
De
Grey
Mining
Ltd.
†
................................
$
3,353,745
2,950,000
Evolution
Mining
Ltd.
...............................
9,712,934
567,079
Newcrest
Mining
Ltd.
...............................
11,346,991
2,214,126
Northern
Star
Resources
Ltd.
....................
17,794,359
7,500,000
Pantoro
Ltd.
†
...........................................
1,571,430
3,745,000
Perseus
Mining
Ltd.,
Australia
..................
5,492,672
4,450,000
Perseus
Mining
Ltd.,
Toronto
....................
6,353,838
17,736,651
RTG
Mining
Inc.
,
CDI
†
..............................
1,300,689
4,221,042
Westgold
Resources
Ltd.
..........................
6,080,316
63,006,974
Europe
—
7
.4
%
1,803,054
Condor
Gold
plc
†
.....................................
716,496
911,960
Endeavour
Mining
plc
...............................
22,621,189
835,500
Fresnillo
plc
.............................................
8,056,051
8,006,564
Shanta
Gold
Ltd.
......................................
1,004,452
32,398,188
North
America
—
73
.4
%
250,440
Aclara
Resources
Inc.
†
.............................
146,239
285,204
Agnico
Eagle
Mines
Ltd.,
New
York
...........
17,465,893
235,859
Agnico
Eagle
Mines
Ltd.,
Toronto
..............
14,432,839
727,675
Alamos
Gold
Inc.,
New
York
,
Cl.
A,
New
York
.....................................................
6,127,023
775,250
Alamos
Gold
Inc.,
Toronto
,
Cl.
A,
Toronto
..
6,511,319
710,000
Artemis
Gold
Inc.
†
...................................
4,032,316
1,600,000
B2Gold
Corp.,
New
York
...........................
7,344,000
699,650
B2Gold
Corp.,
Toronto
..............................
3,212,407
1,078,275
Barrick
Gold
Corp.
....................................
26,450,086
2,350,000
Belo
Sun
Mining
Corp.
†
............................
1,428,629
1,000,000
Benchmark
Metals
Inc.
†
...........................
871,895
107,700
Contango
ORE
Inc.
†
.................................
2,638,650
600,000
Dundee
Precious
Metals
Inc.
.....................
3,580,370
625,000
Eldorado
Gold
Corp.
†
...............................
7,006,250
50,000
Equinox
Gold
Corp.
,
New York
†
................
413,500
620,000
Equinox
Gold
Corp.,
Toronto
†
...................
5,118,106
189,700
Franco-Nevada
Corp.
(a)
............................
30,187,512
1,000,000
Galway
Metals
Inc.
†
.................................
495,940
1,325,000
K92
Mining
Inc.
†
......................................
9,687,238
950,000
Karora
Resources
Inc.
†
............................
4,833,020
1,300,000
Kinross
Gold
Corp.
...................................
7,644,000
867,000
Lion
One
Metals
Ltd.
†
..............................
825,285
525,000
Lundin
Gold
Inc.
†
.....................................
4,388,473
95,533
MAG
Silver
Corp.
†
....................................
1,544,769
70,000
MAG
Silver
Corp.,
New
York
†
...................
1,131,900
85,000
MAG
Silver
Corp.,
Toronto
†
......................
1,376,155
1,500,000
Marathon
Gold
Corp.
†
..............................
3,251,610
166,666
Moneta
Gold
Inc.
†
....................................
307,962
541,917
Newmont
Corp.
........................................
43,055,306
75,000
Osisko
Development
Corp.
†
......................
238,801
Shares
Market
Value
610,000
Osisko
Development
Corp.,
Toronto
†
........
$
2,044,475
591,860
Osisko
Gold
Royalties
Ltd.
........................
7,806,880
1,290,000
Osisko
Mining
Inc.
†
..................................
4,117,186
45,000
Pan
American
Silver
Corp.
........................
1,228,500
200,000
Prime
Mining
Corp.
†
................................
561,533
200,000
Probe
Metals
Inc.
†
...................................
279,966
600,000
Probe
Metals
Inc.,
Toronto
†
......................
959,885
200,000
Rupert
Resources
Ltd.
†
............................
1,012,678
450,000
SilverCrest
Metals
Inc.
†
............................
4,009,500
340,000
SSR
Mining
Inc.,
New
York
.......................
7,395,000
137,955
SSR
Mining
Inc.,
Toronto
..........................
2,999,334
1,630,000
Troilus
Gold
Corp.
†
..................................
1,173,459
505,833
Victoria
Gold
Corp.
†
.................................
6,433,424
2,111,000
Wesdome
Gold
Mines
Ltd.
†
......................
26,494,093
1,500,000
Western
Copper
&
Gold
Corp.
†
.................
3,539,575
485,000
Wheaton
Precious
Metals
Corp.
................
23,076,300
2,150,000
Yamana
Gold
Inc.,
New
York
.....................
11,997,000
150,000
Yamana
Gold
Inc.,
Toronto
........................
837,499
321,713,780
South
Africa
—
4
.7
%
1,330,000
Gold
Fields
Ltd.
,
ADR
...............................
20,561,800
TOTAL
COMMON
STOCKS
........................
437,680,742
WARRANTS
—
0.0
%
Metals
and
Mining
—
0.0
%
North
America
—
0.0
%
125,000
Hycroft
Mining
Holding
Corp.
,
expire
10/06/25
†
.............................................
86,400
130,000
Osisko
Development
Corp.
,
expire
04/29/22
†
.............................................
0
75,000
Osisko
Development
Corp.
,
expire
03/02/27
†
.............................................
0
100,000
Probe
Metals
Inc.
,
expire
03/08/24
†
..........
8
190,000
Troilus
Gold
Corp.
,
expire
06/30/23
†
.........
26,597
TOTAL
WARRANTS
..................................
113,005
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0
.1
%
$
405,000
U.S.
Treasury
Bills,
0.501%
to
0.522
%
††
,
06/23/22
............
404,567
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
241,478,323
)
.............................
$
438,198,314
(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
yields
at
date
of
purchase.
2
Gabelli
Gold
Fund,
Inc.
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
ADR
American
Depositary
Receipt
CDI
CHESS
(Australia)
Depository
Interest