1
Gabelli
Gold
Fund,
Inc.
Schedule
of
Investments
—
September
30,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
100.0%
Metals
and
Mining
—
100.0%
Asia/Pacific
Rim
—
19.8%
4,771,429
Bellevue
Gold
Ltd.†
..................................
$
4,248,890
5,663,637
De
Grey
Mining
Ltd.†
................................
4,060,200
3,600,000
Evolution
Mining
Ltd.
...............................
7,615,100
692,079
Newcrest
Mining
Ltd.
...............................
10,910,718
2,469,126
Northern
Star
Resources
Ltd.
....................
16,605,507
1,345,000
Perseus
Mining
Ltd.,
Australia
..................
1,422,543
4,450,000
Perseus
Mining
Ltd.,
Toronto
....................
4,619,547
5,000,000
Red
5
Ltd.†
..............................................
851,909
17,736,651
RTG
Mining
Inc.,
CDI†
..............................
376,325
5,471,042
Westgold
Resources
Ltd.†
........................
5,962,343
56,673,082
Europe
—
5.6%
666,960
Endeavour
Mining
plc
...............................
13,071,581
435,500
Fresnillo
plc
.............................................
2,928,821
16,000,402
North
America
—
73.6%
270,204
Agnico
Eagle
Mines
Ltd.,
New
York
...........
12,280,772
235,859
Agnico
Eagle
Mines
Ltd.,
Toronto
..............
10,717,627
287,675
Alamos
Gold
Inc.,
New
York,
Cl. A
.............
3,247,851
775,250
Alamos
Gold
Inc.,
Toronto,
Cl. A
...............
8,744,215
960,000
Artemis
Gold
Inc.†
...................................
4,099,393
325,000
Aya
Gold
&
Silver
Inc.†
.............................
1,744,340
1,600,000
B2Gold
Corp.,
New
York
...........................
4,624,000
564,650
B2Gold
Corp.,
Toronto
..............................
1,621,303
978,275
Barrick
Gold
Corp.
....................................
14,233,901
175,000
Collective
Mining
Ltd.†
.............................
618,443
106,479
Contango
ORE
Inc.†
.................................
1,931,529
800,000
Dundee
Precious
Metals
Inc.
.....................
4,947,543
850,000
Eldorado
Gold
Corp.†
...............................
7,573,500
154,700
Franco-Nevada
Corp.
................................
20,652,863
333,333
Galway
Metals
Inc.†
.................................
63,808
1,425,000
K92
Mining
Inc.†
......................................
6,053,562
2,080,000
Karora
Resources
Inc.†
............................
5,865,194
2,125,000
Kinross
Gold
Corp.
...................................
9,690,000
605,000
Lundin
Gold
Inc.
.......................................
6,792,748
95,533
MAG
Silver
Corp.†
....................................
990,677
70,000
MAG
Silver
Corp.,
New
York†
...................
725,900
115,000
MAG
Silver
Corp.,
Toronto†
......................
1,188,736
3,800,000
Marathon
Gold
Corp.†
..............................
1,678,631
415,917
Newmont
Corp.
........................................
15,368,133
1,250,000
OceanaGold
Corp.
....................................
2,448,003
244,999
Osisko
Development
Corp.†
......................
708,887
676,860
Osisko
Gold
Royalties
Ltd.
........................
7,948,402
1,390,000
Osisko
Mining
Inc.†
..................................
2,517,504
1,100,000
Probe
Gold
Inc.†
......................................
1,214,798
60,000
Royal
Gold
Inc.
.........................................
6,379,800
425,000
Rupert
Resources
Ltd.†
............................
966,869
450,000
SSR
Mining
Inc.,
New
York
.......................
5,980,500
Shares
Market
Value
137,955
SSR
Mining
Inc.,
Toronto
..........................
$
1,832,290
0
Thesis
Gold
Inc.†
.....................................
0
1,630,000
Troilus
Gold
Corp.†
..................................
510,031
795,833
Victoria
Gold
Corp.†
.................................
3,421,804
2,006,000
Wesdome
Gold
Mines
Ltd.†
......................
10,471,224
1,800,000
Western
Copper
&
Gold
Corp.†
.................
2,464,936
450,000
Wheaton
Precious
Metals
Corp.
................
18,247,500
210,567,217
South
Africa
—
1.0%
270,000
Gold
Fields
Ltd.,
ADR
...............................
2,932,200
TOTAL
COMMON
STOCKS
..................
286,172,901
WARRANTS
—
0.0%
Metals
and
Mining
—
0.0%
North
America
—
0.0%
15,000
Contango
ORE
Inc.,
expire
05/09/26†
........
110,550
250,000
Marathon
Gold
Corp.,
expire
09/19/24†
.....
1,755
130,000
Osisko
Development
Corp.,
expire
12/01/23†(a)
........................................
0
24,999
Osisko
Development
Corp.,
expire
03/02/27†
.............................................
1,654
100,000
Probe
Metals
Inc.,
expire
03/08/24†
..........
74
TOTAL
WARRANTS
..........................
114,033
TOTAL
INVESTMENTS
—
100.0%
(Cost
$227,973,028)
.............................
$
286,286,934
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
†
Non-income
producing
security.
ADR
American
Depositary
Receipt
CDI
CHESS
(Australia)
Depository
Interest