1
Gabelli
Gold
Fund,
Inc.
Schedule
of
Investments
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
99.2%
Metals
and
Mining
—
99.2%
Asia/Pacific
Rim
—
18.5%
3,571,429
Bellevue
Gold
Ltd.†
..................................
$
3,055,772
5,663,637
De
Grey
Mining
Ltd.†
................................
5,868,080
3,600,000
Evolution
Mining
Ltd.
...............................
7,508,030
692,079
Newcrest
Mining
Ltd.
...............................
12,421,353
2,579,126
Northern
Star
Resources
Ltd.
....................
21,222,647
1,995,000
Perseus
Mining
Ltd.,
Australia
..................
3,173,867
4,450,000
Perseus
Mining
Ltd.,
Toronto
....................
7,046,245
17,736,651
RTG
Mining
Inc.,
CDI†
..............................
616,515
5,471,042
Westgold
Resources
Ltd.†
........................
4,790,825
65,703,334
Europe
—
7.3%
761,960
Endeavour
Mining
plc
...............................
18,362,588
835,500
Fresnillo
plc
.............................................
7,688,819
26,051,407
North
America
—
72.4%
270,204
Agnico
Eagle
Mines
Ltd.,
New
York
...........
13,772,298
235,859
Agnico
Eagle
Mines
Ltd.,
Toronto
..............
12,024,184
417,675
Alamos
Gold
Inc.,
New
York,
Cl. A
.............
5,108,165
775,250
Alamos
Gold
Inc.,
Toronto,
Cl. A
...............
9,464,761
860,000
Artemis
Gold
Inc.†
...................................
2,850,758
325,000
Aya
Gold
&
Silver
Inc.†
.............................
2,616,352
1,600,000
B2Gold
Corp.,
New
York
...........................
6,304,000
664,650
B2Gold
Corp.,
Toronto
..............................
2,626,142
978,275
Barrick
Gold
Corp.
....................................
18,166,567
1,000,000
Benchmark
Metals
Inc.†
...........................
347,762
175,000
Collective
Mining
Ltd.†
.............................
537,366
117,557
Contango
ORE
Inc.†
.................................
3,350,374
800,000
Dundee
Precious
Metals
Inc.
.....................
5,836,478
800,000
Eldorado
Gold
Corp.†
...............................
8,288,000
169,700
Franco-Nevada
Corp.(a)
............................
24,752,468
333,333
Galway
Metals
Inc.†
.................................
123,320
1,325,000
K92
Mining
Inc.†
......................................
7,529,412
1,700,000
Karora
Resources
Inc.†
............................
5,710,692
2,250,000
Kinross
Gold
Corp.
...................................
10,597,500
630,000
Lion
One
Metals
Ltd.†
..............................
386,903
625,000
Lundin
Gold
Inc.
.......................................
7,297,447
95,533
MAG
Silver
Corp.†
....................................
1,210,403
70,000
MAG
Silver
Corp.,
New
York†
...................
886,900
115,000
MAG
Silver
Corp.,
Toronto†
......................
1,453,348
2,750,000
Marathon
Gold
Corp.†
..............................
1,627,821
357,666
Moneta
Gold
Inc.†
....................................
344,037
451,917
Newmont
Corp.
........................................
22,152,971
244,999
Osisko
Development
Corp.,
Toronto†
........
1,194,631
676,860
Osisko
Gold
Royalties
Ltd.
........................
10,697,543
1,390,000
Osisko
Mining
Inc.†
..................................
4,422,494
200,000
Prime
Mining
Corp.†
................................
372,919
1,100,000
Probe
Gold
Inc.†
......................................
1,196,448
40,000
Royal
Gold
Inc.
.........................................
5,188,400
Shares
Market
Value
400,000
Rupert
Resources
Ltd.†
............................
$
1,290,418
700,000
SSR
Mining
Inc.,
New
York
.......................
10,584,000
137,955
SSR
Mining
Inc.,
Toronto
..........................
2,086,423
1,630,000
Troilus
Gold
Corp.†
..................................
820,126
820,833
Victoria
Gold
Corp.†
.................................
5,441,853
2,006,000
Wesdome
Gold
Mines
Ltd.†
......................
11,488,302
1,800,000
Western
Copper
&
Gold
Corp.†
.................
3,276,360
485,000
Wheaton
Precious
Metals
Corp.
................
23,357,600
256,783,946
South
Africa
—
1.0%
270,000
Gold
Fields
Ltd.,
ADR
...............................
3,596,400
TOTAL
COMMON
STOCKS
..................
352,135,087
WARRANTS
—
0.0%
Metals
and
Mining
—
0.0%
North
America
—
0.0%
15,000
Contango
ORE
Inc.,
expire
12/20/24†
........
0
250,000
Marathon
Gold
Corp.,
expire
09/19/24†
.....
20,464
130,000
Osisko
Development
Corp.,
expire
04/29/23†(b)
........................................
0
24,999
Osisko
Development
Corp.,
expire
03/02/27†
.............................................
2,377
100,000
Probe
Metals
Inc.,
expire
03/08/24†
..........
8,225
190,000
Troilus
Gold
Corp.,
expire
06/30/23†
.........
703
TOTAL
WARRANTS
..........................
31,769
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0.8%
$
2,755,000
U.S.
Treasury
Bills,
4.594%††,
06/22/23
.............................
2,726,781
TOTAL
INVESTMENTS
—
100.0%
(Cost
$237,255,393)
.............................
$
354,893,637
(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.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
†
Non-income
producing
security.
††
Represents
annualized
yield
at
date
of
purchase.
ADR
American
Depositary
Receipt
CDI
CHESS
(Australia)
Depository
Interest