0001193125-20-239840.txt : 20200904 0001193125-20-239840.hdr.sgml : 20200904 20200904121531 ACCESSION NUMBER: 0001193125-20-239840 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200904 DATE AS OF CHANGE: 20200904 EFFECTIVENESS DATE: 20200904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gabelli Gold Fund, Inc. CENTRAL INDEX KEY: 0000923459 IRS NUMBER: 133770370 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08518 FILM NUMBER: 201161299 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580-1434 BUSINESS PHONE: 8004223554 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580-1434 FORMER COMPANY: FORMER CONFORMED NAME: GAMCO GOLD FUND, INC DATE OF NAME CHANGE: 20070411 FORMER COMPANY: FORMER CONFORMED NAME: GABELLI GOLD FUND INC DATE OF NAME CHANGE: 19940519 0000923459 S000001068 GABELLI GOLD FUND INC C000002878 CLASS A GLDAX C000002879 CLASS AAA GOLDX C000002881 CLASS C GLDCX C000034312 CLASS I GLDIX N-CSRS 1 d58338dncsrs.htm GABELLI GOLD FUND, INC. Gabelli Gold Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number          811-08518                         

                                       Gabelli Gold Fund, Inc.                                     

(Exact name of registrant as specified in charter)

One Corporate Center

                                 Rye, New York 10580-1422                                    

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                             Rye, New York 10580-1422                            

(Name and address of agent for service)

Registrant’s telephone number, including area code:  1-800-422-3554

Date of fiscal year end:  December 31

Date of reporting period:  June 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.


    Gabelli Gold Fund, Inc.

    Semiannual Report — June 30, 2020

 

LOGO

Caesar M. P. Bryan

Portfolio Manager

 

    

To Our Shareholders,

For the six months ended June 30, 2020, the net asset value (NAV) per Class AAA Share of the Gabelli Gold Fund, Inc. increased 26.2% compared with an increase of 21.3% for the Philadelphia Gold & Silver (XAU) Index and 22.4% for NYSE Arca Gold BUGS Index (HUI). Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments as of June 30, 2020.

 

 

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.


Comparative Results

 

Average Annual Returns through June 30, 2020 (a) (Unaudited)      Since  
                                     Inception  
      Six Months     1 Year        5 Year        10 Year        15 Year        (7/11/94)   

Class AAA (GOLDX)

     26.17 %           49.22%            16.21%            (0.30)%          6.88%        5.75%    

Philadelphia Gold & Silver Index (XAU)

     21.33       54.25           16.28           (2.00)           3.34           1.65(b)   

NYSE Arca Gold Miners Index (GDM)

     24.81       44.11           17.04           (2.18)           4.09           2.67(c)   

NYSE Arca Gold BUGS Index (HUI)

     22.35       52.45           15.49           (3.61)           3.58           3.45(d)   

Lipper Precious Metals Fund Classification

     22.68       44.15           14.76           (2.04)           5.28           4.02       

Standard & Poor’s (“S&P”) 500 Index (SPX)

     (3.08     7.51           10.73           13.99            8.83           9.85       

Class A (GLDAX)

     26.24       49.30           16.21           (0.27)           6.90           5.77       

With sales charge (e)

     18.98       40.72           14.85           (0.86)           6.48           5.53       

Class C (GLDCX)

     25.68       48.15           15.33           (1.05)           6.08           5.23       

With contingent deferred sales charge (f)

     24.68       47.15           15.33           (1.05)           6.08           5.23       

Class I (GLDIX)

     26.40       49.64           16.51           (0.05)           7.10           5.88       

In the current prospectuses dated April 29, 2020, the expense ratios for Class AAA, A, C, and I Shares are 1.55%, 1.55%, 2.30%, and 1.30%, respectively. See page 9 for the expense ratios for the six months ended June 30, 2020. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

  (a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investing in gold is considered speculative and is affected by a variety of worldwide economic, financial, and political factors. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 23, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to the lower expenses related to this class of shares. The Philadelphia Gold & Silver Index is an unmanaged indicator of stock market performance of large North American gold and silver companies. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The NYSE Arca Gold BUGS Index is a modified equal-dollar weighted index of companies involved in major gold mining. It was designed to give investors significant exposure to near term movements in gold prices by including companies that do not hedge their gold production beyond one-and-a-half years. The Lipper Precious Metals Fund Classification reflects the average performance of mutual funds classified in this particular category. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

 
  (b)

Philadelphia Gold & Silver Index since inception performance results are as of June 30, 1994.

 
  (c)

NYSE Arca Gold Miners Index since inception performance results are as of June 30, 1994.

 
  (d)

There are no data available for the NYSE Arca Gold BUGS Index prior to December 16, 1994.

 
  (e)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

 
  (f)

Assuming payment of the 1% maximum contingent deferred sales change imposed on redemptions made within one year of purchase.

 

 

 

2


Gabelli Gold Fund, Inc.   
Disclosure of Fund Expenses (Unaudited)   
For the Six Month Period from January 1, 2020 through June 30, 2020    Expense Table

 

 

 

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 

    

Beginning

Account Value

01/01/20

  

Ending

Account Value

06/30/20

  

Annualized

Expense

Ratio

 

Expenses

Paid During

Period*

 
Gabelli Gold Fund, Inc.

 

Actual Fund Return

 

Class AAA

   $1,000.00    $1,261.70    1.50%     $  8.44     

Class A

   $1,000.00    $1,262.40    1.50%     $  8.44     

Class C

   $1,000.00    $1,256.80    2.25%     $12.63     

Class I

   $1,000.00    $1,264.00    1.25%     $  7.04     

Hypothetical 5% Return

       

Class AAA

   $1,000.00    $1,017.40    1.50%     $  7.52     

Class A

   $1,000.00    $1,017.40    1.50%     $  7.52     

Class C

   $1,000.00    $1,013.67    2.25%     $11.27     

Class I

   $1,000.00    $1,018.65    1.25%     $  6.27     

 

  *

Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182 days), then divided by 366.

 

 

 

3


Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

Gabelli Gold Fund, Inc.

 

North America

     74.9

Asia/Pacific Rim

     16.3

Europe

     4.1

South Africa

     2.9

 

Latin America

     1.9

U.S. Government Obligations

     0.7

Other Assets and Liabilities (Net)

     (0.8 )% 
  

 

 

 
       100.0
  

 

 

 
 

 

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

 

 

4


Gabelli Gold Fund, Inc.

Schedule of Investments — June 30, 2020 (Unaudited)

 

 

Shares           Cost    

Market

Value

 
   COMMON STOCKS — 99.6%

 

   Metals and Mining — 99.6%

 

  

Asia/Pacific Rim — 16.3%

 

  551,689     

Castile Resources Ltd.†

   $ 97,266     $ 60,915  
  2,000,000     

Evolution Mining Ltd.

     4,886,197       7,825,709  
  5,500,000     

Gold Road Resources Ltd.†

     2,956,197       6,338,548  
  817,079     

Newcrest Mining Ltd.

     15,533,821       17,778,645  
  1,126,227     

Northern Star Resources Ltd.

     1,758,978       10,383,482  
  7,500,000     

Pantoro Ltd.†

     1,032,450       1,371,569  
  3,745,000     

Perseus Mining Ltd., Australia†

     975,234       3,385,585  
  4,450,000     

Perseus Mining Ltd., Toronto†

     3,579,845       4,064,526  
  13,549,011     

RTG Mining Inc., CDI†

     1,297,937       1,262,269  
  2,891,042     

Saracen Mineral Holdings Ltd.†

     1,491,242       10,813,451  
  2,506,756     

Westgold Resources Ltd.†

     3,109,960       3,615,505  
     

 

 

   

 

 

 
            36,719,127       66,900,204  
     

 

 

   

 

 

 
  

Europe — 4.1%

    
  2,399,000     

Centamin plc

     2,421,902       5,451,732  
  1,803,054     

Condor Gold plc†

     1,278,086       815,467  
  490,500     

Fresnillo plc.

     3,889,166       5,113,832  
  1,797,709     

Hochschild Mining plc

     2,983,115       4,325,871  
  3,000,000     

Hummingbird Resources plc†

     1,082,952       1,115,186  
     

 

 

   

 

 

 
        11,655,221         16,822,088  
     

 

 

   

 

 

 
  

Latin America — 1.9%

 

  325,000     

Endeavour Mining Corp., Toronto†

     6,162,780       7,864,062  
     

 

 

   

 

 

 
   North America — 74.4%

 

 
  347,432     

Agnico Eagle Mines Ltd.

     5,513,031       22,256,494  
  425,000     

Alacer Gold Corp.†

     871,807       2,920,779  
  1,537,675     

Alamos Gold Inc., New York, Cl. A

     8,933,838       14,423,392  
  775,250     

Alamos Gold Inc., Toronto, Cl. A

     3,161,735       7,229,423  
  2,374,650     

B2Gold Corp.

     7,170,270       13,503,461  
  1,313,275     

Barrick Gold Corp.

     1,588,142       35,379,630  
  2,350,000     

Belo Sun Mining Corp.†

     1,407,395       1,436,727  
  200,000     

Centerra Gold Inc.

     1,344,364       2,231,880  
  55,000     

Contango ORE Inc.†

     1,090,615       577,500  
  52,700     

Contango ORE Inc.†(a)(b)

     1,045,007       553,350  
  400,000     

Dundee Precious Metals Inc.

     1,804,492       2,634,060  
  200,000     

Eldorado Gold Corp.†

     1,885,200       1,940,000  
  800,000     

Equinox Gold Corp.†

     5,720,575       8,945,197  
  214,700     

Franco-Nevada Corp.(b)

     5,890,415       29,992,527  
  2,000,000     

Gold Terra Resource Corp.†

     437,728       456,688  
  1,125,000     

K92 Mining Inc.†

     2,019,096       3,339,533  
  450,000     

Kinross Gold Corp.†

     3,045,405       3,249,000  
  452,239     

Kirkland Lake Gold Ltd.

     11,389,104       18,621,214  
  95,533     

MAG Silver Corp.†(b)

     1,000,231       1,347,015  
  85,000     

MAG Silver Corp., Toronto†

     676,220       1,199,617  
  3,200,000     

Midas Gold Corp.†

     1,361,751       1,697,113  
  541,917     

Newmont Corp.

     20,948,177       33,457,956  
  200,000     

Northern Dynasty Minerals Ltd.†

     362,780       286,000  
Shares           Cost    

Market

Value

 
  2,172,000     

Northern Dynasty Minerals Ltd., Toronto†

   $ 1,142,034     $ 3,103,771  
  720,850     

OceanaGold Corp.†

     2,146,835       1,677,877  
  291,860     

Osisko Gold Royalties Ltd.

     3,595,347       2,915,160  
  400,000     

Osisko Mining Inc.†

     1,061,475       1,128,462  
  160,000     

Pan American Silver Corp.

     2,965,069       4,862,400  
  415,000     

Pretium Resources Inc.†

     3,565,821       3,486,000  
  47,000     

Royal Gold Inc.

     3,456,520       5,843,040  
  600,000     

SEMAFO Inc.†

     2,215,712       2,046,258  
  450,000     

SilverCrest Metals Inc.†

     2,776,515       4,122,000  
  290,000     

SSR Mining Inc.†

     4,461,758       6,185,700  
  1,262,000     

Teranga Gold Corp.†

     5,233,503       11,433,854  
  135,000     

Torex Gold Resources Inc.†

     2,316,769       2,127,026  
  50,000     

Torex Gold Resources Inc., Toronto†(b)

     543,060       788,708  
  485,833     

Victoria Gold Corp.†

     3,133,775       5,078,057  
  2,341,000     

Wesdome Gold Mines Ltd.†

     2,935,552       20,226,819  
  525,000     

Wheaton Precious Metals Corp.

     10,757,924       23,126,250  
     

 

 

   

 

 

 
          140,975,047       305,829,938  
     

 

 

   

 

 

 
   South Africa — 2.9%     
  320,000     

AngloGold Ashanti Ltd., ADR

     6,550,852       9,436,800  
  200,000     

Harmony Gold Mining Co. Ltd.†

     300,271       828,238  
  450,000     

Harmony Gold Mining Co. Ltd., ADR†

     1,225,785       1,876,500  
     

 

 

   

 

 

 
        8,076,908       12,141,538  
     

 

 

   

 

 

 
   TOTAL COMMON STOCKS      203,589,083         409,557,830  
     

 

 

   

 

 

 
   WARRANTS — 0.5%     
   Metals and Mining — 0.5%

 

 
   North America — 0.5%

 

 
  100,000     

Dundee Precious Metals Inc., expire 05/13/21†

     1       176,852  
  70,000     

Equinox Gold Corp., expire 01/15/21†

     126,541       148,218  
  125,000     

Maverix Metals Inc., expire 12/23/21†

     199,678       409,368  
  1,222,000     

Northern Dynasty Minerals Ltd., expire 06/15/21†

     0       1,225,489  
     

 

 

   

 

 

 
   TOTAL WARRANTS      326,220       1,959,927  
     

 

 

   

 

 

 
 

 

See accompanying notes to financial statements.

 

5


Gabelli Gold Fund, Inc.

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)

 

 

Principal

Amount

        Cost     

Market

Value

 
   U.S. GOVERNMENT OBLIGATIONS — 0.7%

 

$ 2,830,000    U.S. Treasury Bills,      
  

0.105% to 0.150%††,

     
  

07/23/20 to 09/24/20

   $ 2,829,223      $ 2,829,219  
     

 

 

    

 

 

 
  

TOTAL INVESTMENTS — 100.8%

   $ 206,744,526        414,346,976  
     

 

 

    
   Other Assets and Liabilities (Net) — (0.8)%

 

     (3,147,909
        

 

 

 
   NET ASSETS — 100.0%

 

   $ 411,199,067  
        

 

 

 

 

(a)

At June 30, 2020, the Fund held an investment in a restricted and illiquid security amounting to $553,350 or 0.13% of net assets, which were valued under methods approved by the Board of Directors as follows:

 

Acquisition
Shares

     Issuer    Acquisition
Date
   Acquisition
Cost
   06/30/20
Carrying
Value
Per
Share
 
  52,700      Contango ORE Inc.    10/17/17    $  1,045,007    $ 10.5000  
(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.

††

Represents annualized yields at dates of purchase.

ADR

American Depositary Receipt

CDI

CHESS (Australia) Depository Interest

 

 

See accompanying notes to financial statements.

 

6


Gabelli Gold Fund, Inc.

 

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

 

Assets:

   

Investments, at value (cost $206,744,526)

    $414,346,976    

Foreign currency, at value (cost $20)

    20    

Cash

    23,004    

Receivable for Fund shares sold

    3,043,521    

Dividends receivable

    162,646    

Prepaid expenses

    57,019    
 

 

 

 

 

Total Assets

    417,633,186    
 

 

 

 

 

Liabilities:

   

Payable for investments purchased

    2,838,800      

Payable for Fund shares redeemed

    3,000,333    

Payable for investment advisory fees

    307,493    

Payable for distribution fees

    49,430    

Payable for accounting fees

    11,250    

Other accrued expenses

    226,813    
 

 

 

 

 

Total Liabilities

    6,434,119    
 

 

 

 

 

Net Assets

   

(applicable to 19,405,354 shares outstanding)

    $411,199,067    
 

 

 

 

 

Net Assets Consist of:

   

Paid-in capital

    $291,801,375    

Total distributable earnings

    119,397,692    
 

 

 

 

 

Net Assets

    $411,199,067    
 

 

 

 

 

 

Shares of Capital Stock, each at $0.001 par value:

 

Class AAA:

  

Net Asset Value, offering, and redemption price per share ($171,542,242 ÷ 8,140,483 shares outstanding; 375,000,000 shares authorized)

     $21.07  

Class A:

  

Net Asset Value and redemption price per share ($19,509,197 ÷ 923,902 shares outstanding; 250,000,000 shares authorized)

     $21.12  

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)

     $22.41  

Class C:

  

Net Asset Value and offering price per share ($18,698,029 ÷ 969,629 shares outstanding; 125,000,000 shares authorized)

     $19.28 (a) 

Class I:

  

Net Asset Value, offering, and redemption price per share ($201,449,599 ÷ 9,371,340 shares outstanding; 125,000,000 shares authorized)

     $21.50  

 

  (a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

 

Investment Income:

  

Dividends (net of foreign withholding taxes of $132,437)

   $ 1,464,574  

Interest

     7,546  
  

 

 

 

Total Investment Income

     1,472,120  
  

 

 

 

Expenses:

  

Investment advisory fees

     1,616,546  

Distribution fees - Class AAA

     176,490  

Distribution fees - Class A

     19,887  

Distribution fees - Class C

     68,243  

Shareholder services fees

     131,685  

Shareholder communications expenses

     57,643  

Directors’ fees

     52,240  

Custodian fees

     36,225  

Legal and audit fees

     34,709  

Registration expenses

     33,127  

Accounting fees

     22,500  

Interest expense

     4,835  

Miscellaneous expenses

     31,101  
  

 

 

 

Total Expenses

     2,285,231  
  

 

 

 

Net Investment Loss

     (813,111
  

 

 

 

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:

  

Net realized gain on investments

     425,888  

Net realized loss on investments - affiliated

     (3,486,519

Net realized loss on foreign currency transactions

     (16,122
  

 

 

 

Net realized loss on investments and foreign currency transactions

     (3,076,753
  

 

 

 

Net change in unrealized appreciation/depreciation:

  

on investments

     86,311,507  

on foreign currency translations

     2,316  
  

 

 

 

Net change in unrealized appreciation/depreciation on investments and foreign currency translations

     86,313,823  
  

 

 

 

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency

     83,237,070  
  

 

 

 

Net Increase in Net Assets Resulting from Operations

   $ 82,423,959  
  

 

 

 
 

 

See accompanying notes to financial statements.

 

7


Gabelli Gold Fund, Inc.

 

Statement of Changes in Net Assets

 

     Six Months Ended
June 30, 2020
(Unaudited)
  Year Ended
December 31, 2019

Operations:

        

Net investment loss

     $ (813,111 )     $ (827,434 )

Net realized gain/(loss) on investments and foreign currency transactions

       (3,076,753 )       19,005,339

Net change in unrealized appreciation/depreciation on investments and foreign currency translations

       86,313,823       79,901,535
    

 

 

     

 

 

 

Net Increase in Net Assets Resulting from Operations

       82,423,959       98,079,440
    

 

 

     

 

 

 

Distributions to Shareholders:

        

Accumulated earnings

        

Class AAA

             (1,151,887 )

Class A

             (127,858 )

Class C

             (35,447 )

Class I

             (1,406,066 )
    

 

 

     

 

 

 

Total Distributions to Shareholders

             (2,721,258 )
    

 

 

     

 

 

 

Capital Share Transactions:

        

Class AAA

       (3,637,989 )       (17,425,166 )

Class A

       (462,145 )       (8,306,863 )

Class C

       2,085,452       (1,140,153 )

Class I

       23,596,390       7,993,173
    

 

 

     

 

 

 

Net Increase/(Decrease) in Net Assets from Capital Share Transactions

       21,581,708       (18,879,009 )
    

 

 

     

 

 

 

Redemption Fees

       34,384       11,948
    

 

 

     

 

 

 

Net Increase in Net Assets

       104,040,051       76,491,121

Net Assets:

        

Beginning of year

       307,159,016       230,667,895
    

 

 

     

 

 

 

End of period

     $ 411,199,067     $ 307,159,016
    

 

 

     

 

 

 

 

See accompanying notes to financial statements.

 

8


Gabelli Gold Fund, Inc.

Financial Highlights

 

Selected data for a share of capital stock outstanding throughout each period:

 

          Income (Loss)
from Investment Operations
   Distributions                  Ratios to Average Net Assets/
Supplemental Data

  Year Ended

  December 31

  

Net Asset

Value,
Beginning

of Year

  

Net

Investment

Income
(Loss)(a)

  

Net

Realized

and Unrealized

Gain/(Loss)
on

Investments

  

Total from

Investment

Operations

  

Net

Investment

Income

  

Total

Distributions

  

Redemption

Fees(a)(b)

  

Net Asset
Value,

End of

Period

  

Total

Return†

 

Net Assets
End of Period

(in 000’s)

  

Net

Investment

Income (Loss)

 

Operating

Expenses(c)

 

Portfolio

Turnover

Rate

Class AAA

                                                             

2020(d)

     $ 16.70      $ (0.05 )      $ 4.42      $ 4.37                    $ 0.00      $ 21.07        26.2 %     $ 171,542        (0.59 )%(e)       1.50 %(e)       5 %

2019

       11.70        (0.05 )        5.19        5.14      $ (0.14 )      $ (0.14 )        0.00        16.70        43.9       140,325        (0.38 )       1.55       16

2018

       13.78        (0.05 )        (1.99 )        (2.04 )        (0.04 )        (0.04 )        0.00        11.70        (14.8 )       111,950        (0.44 )       1.56       6

2017

       13.04        (0.10 )        0.91        0.81        (0.07 )        (0.07 )        0.00        13.78        6.2       154,640        (0.69 )       1.52 (f)       13

2016

       8.69        (0.03 )        4.66        4.63        (0.28 )        (0.28 )        0.00        13.04        53.5       160,659        (0.23 )       1.51 (f)       14

2015

       10.57        (0.06 )        (1.82 )        (1.88 )                      0.00        8.69        (17.8 )       93,630        (0.62 )       1.62 (g)       18

Class A

                                                             

2020(d)

     $ 16.73      $ (0.05 )      $ 4.44      $ 4.39                    $ 0.00      $ 21.12        26.2 %     $ 19,509        (0.59 )%(e)       1.50 %(e)       5 %

2019

       11.72        (0.04 )        5.18        5.14      $ (0.13 )      $ (0.13 )        0.00        16.73        43.9       16,546        (0.31 )       1.55       16

2018

       13.80        (0.05 )        (1.99 )        (2.04 )        (0.04 )        (0.04 )        0.00        11.72        (14.8 )       17,840        (0.44 )       1.56       6

2017

       13.07        (0.11 )        0.92        0.81        (0.08 )        (0.08 )        0.00        13.80        6.2       25,551        (0.76 )       1.52 (f)       13

2016

       8.71        (0.02 )        4.67        4.65        (0.29 )        (0.29 )        0.00        13.07        53.5       16,006        (0.12 )       1.51 (f)       14

2015

       10.60        (0.06 )        (1.83 )        (1.89 )                      0.00        8.71        (17.8 )       6,590        (0.61 )       1.62 (g)       18

Class C

                                                             

2020(d)

     $ 15.34      $ (0.10 )      $ 4.04      $ 3.94                    $ 0.00      $ 19.28        25.7 %     $ 18,698        (1.34 )%(e)       2.25 %(e)       5 %

2019

       10.77        (0.14 )        4.75        4.61      $ (0.04 )      $ (0.04 )        0.00        15.34        42.8       13,110        (1.11 )       2.30       16

2018

       12.73        (0.13 )        (1.83 )        (1.96 )                      0.00        10.77        (15.4 )       10,339        (1.19 )       2.31       6

2017

       12.08        (0.19 )        0.84        0.65                      0.00        12.73        5.4       15,657        (1.44 )       2.27 (f)       13

2016

       8.07        (0.11 )        4.33        4.22        (0.21 )        (0.21 )        0.00        12.08        52.5       15,748        (0.83 )       2.26 (f)       14

2015

       9.90        (0.13 )        (1.70 )        (1.83 )                      0.00        8.07        (18.5 )       5,466        (1.37 )       2.37 (g)       18

Class I

                                                             

2020(d)

     $ 17.01      $ (0.03 )      $ 4.52      $ 4.49                    $ 0.00      $ 21.50        26.4 %     $ 201,450        (0.34 )%(e)       1.25 %(e)       5 %

2019

       11.91        (0.02 )        5.30        5.28      $ (0.18 )      $ (0.18 )        0.00        17.01        44.3       137,178        (0.16 )       1.30       16

2018

       14.04        (0.02 )        (2.04 )        (2.06 )        (0.07 )        (0.07 )        0.00        11.91        (14.7 )       90,539        (0.19 )       1.31       6

2017

       13.29        (0.07 )        0.93        0.86        (0.11 )        (0.11 )        0.00        14.04        6.5       110,867        (0.46 )       1.27 (f)       13

2016

       8.85        0.03        4.73        4.76        (0.32 )        (0.32 )        0.00        13.29        54.0       86,140        0.20       1.26 (f)       14

2015

       10.74        (0.04 )        (1.85 )        (1.89 )                      0.00        8.85        (17.6 )       36,063        (0.37 )       1.37 (g)       18

 

 

Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a)  

Per share amounts have been calculated using the average shares outstanding method.

(b)  

Amount represents less than $0.005 per share.

(c)  

The Fund incurred interest expense during all years presented. For the years ended December 31, 2019, 2018, 2016, and 2015, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.53%, 1.55%, 1.50%, and 1.62% (Class AAA and Class A), 2.28%, 2.30%, 2.25%, and 2.36%, (Class C), 1.28%, 1.30%, 1.25%, and 1.36% (Class I), respectively. For the six months ended June 30, 2020 and the year ended December 31, 2017, the effect of interest expense was minimal.

(d)  

For the six months ended June 30, 2020, unaudited.

(e)  

Annualized.

(f)  

During the years ended December 31, 2017 and 2016, the Fund received reimbursements of custody expenses paid in prior years. Had such reimbursements (allocated by relative net asset values of the Fund’s share classes) been included in the 2016 calculation, the annualized expense ratios would have been 1.43% (Class AAA and Class A), 2.18% (Class C), and 1.18% (Class I). The 2017 reimbursement had no effect on the expense ratio.

(g)  

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the year ended December 31, 2015, there was no impact on the expense ratios.

 

See accompanying notes to financial statements.

 

9


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited)

 

 

1. Organization. Gabelli Gold Fund, Inc. was incorporated on May 13, 1994 in Maryland and commenced investment operations on July 11, 1994. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is long term capital appreciation.

The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case the securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S.

 

    

 

10


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset value of the Fund is determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

   

Level 1 — quoted prices in active markets for identical securities;

 

   

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

   

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

 

    

 

11


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2020 is as follows:

 

     Valuation Inputs     
     Level 1
Quoted Prices
   Level 2 Other Significant
Observable Inputs
   Total Market Value
at 6/30/20

INVESTMENTS IN SECURITIES:

              

ASSETS (Market Value):

              

Common Stocks:

              

Metals and Mining

              

Asia/Pacific Rim

     $ 66,900,204             $ 66,900,204

Europe

       16,822,088               16,822,088

Latin America

       7,864,062               7,864,062

North America

       305,041,230      $ 788,708        305,829,938

South Africa

       12,141,538               12,141,538

Total Common Stocks

       408,769,122        788,708        409,557,830

Warrants:

              

Metals and Mining

              

North America

              1,959,927        1,959,927

U.S. Government Obligations

              2,829,219        2,829,219

TOTAL INVESTMENTS IN SECURITIES – ASSETS

     $ 408,769,122      $ 5,577,854      $ 414,346,976   

During the six months ended June 30, 2020, the Fund did not have transfers into or out of Level 3.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

 

    

 

12


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held at June 30, 2020, refer to the Schedule of Investments.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

 

    

 

13


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on passive foreign investment companies and other investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

As of December 31, 2019, the tax character of distributions paid was ordinary income.

 

Distributions paid from:

  

Ordinary income

   $ 2,721,258  

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At December 31, 2019, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

 

Short term capital loss carryforward with no expiration

   $ 8,155,027  

Long term capital loss carryforward with no expiration

     68,499,247  
  

 

 

 

Total capital loss carryforwards

   $ 76,654,274  
  

 

 

 

 

    

 

14


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2020:

 

       Cost        Gross
Unrealized
Appreciation
     Gross
Unrealized
Depreciation
       Net Unrealized
Appreciation

Investments

       $207,249,398        $210,806,807        $(3,709,229)        $207,097,578 

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2020, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Fund pays each Director who is not considered to be an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receives a $2,000 annual fee. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2020, other than short term securities and U.S. Government obligations, aggregated $37,980,731 and $16,487,119, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Fund paid $11,650 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. During the six months ended June 30, 2020, the Distributor retained a total of $17,928 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

 

    

 

15


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2020, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2020, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2020 was $531,467 with a weighted average interest rate of 1.87%. The maximum amount borrowed at any time during the six months ended June 30, 2020 was $4,085,000.

8. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2020 and the year ended December 31, 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

 

    

 

16


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

Transactions in shares of capital stock were as follows:

 

     Six Months Ended
June 30, 2020
(Unaudited)
           Year Ended
December 31, 2019
 
     Shares            Amount            Shares            Amount  

Class AAA

                 

Shares sold

     1,957,650        $ 32,967,231          2,939,680        $ 40,736,178  

Shares issued upon reinvestment of distributions

     10          117                   68,945          1,123,112  

Shares redeemed

     (2,221,532        (36,605,337        (4,172,949        (59,284,456
  

 

 

      

 

 

      

 

 

      

 

 

 

Net decrease

     (263,872      $ (3,637,989        (1,164,324      $ (17,425,166
  

 

 

      

 

 

      

 

 

      

 

 

 

Class A

                 

Shares sold

     300,670        $ 5,466,418          410,834        $ 5,921,849  

Shares issued upon reinvestment of distributions

                       7,006          114,401  

Shares redeemed

     (365,752        (5,928,563        (951,123        (14,343,113
  

 

 

      

 

 

      

 

 

      

 

 

 

Net decrease

     (65,082      $ (462,145        (533,283      $ (8,306,863
  

 

 

      

 

 

      

 

 

      

 

 

 

Class C

                 

Shares sold

     199,283        $ 3,321,261          283,777        $ 3,848,733  

Shares issued upon reinvestment of distributions

                       2,088          31,253  

Shares redeemed

     (84,565        (1,235,809        (391,134        (5,020,139
  

 

 

      

 

 

      

 

 

      

 

 

 

Net increase/(decrease)

     114,718        $ 2,085,452          (105,269      $ (1,140,153
  

 

 

      

 

 

      

 

 

      

 

 

 

Class I

                 

Shares sold

     3,628,795        $ 62,557,551          3,675,032        $ 52,968,632  

Shares issued upon reinvestment of distributions

                       79,190          1,314,550  

Shares redeemed

     (2,322,352        (38,961,161        (3,288,614        (46,290,009
  

 

 

      

 

 

      

 

 

      

 

 

 

Net increase

     1,306,443        $ 23,596,390          465,608        $ 7,993,173  
  

 

 

      

 

 

      

 

 

      

 

 

 

9. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which the Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund’s transactions in the securities of these issuers during the six months ended June 30, 2020 is set forth below:

 

    

Beginning

Shares

  

Shares

Exchanged

  

Shares

Sold

   

Ending

Shares

  

Realized

Loss

   

Value at

June 30,

2020

  

Change in

Unrealized

Depreciation

    

Percent

Owned of

Shares

Outstanding

Common Stocks

                     

Golden Queen Mining Consolidated Ltd., Cl. H*

   949,500         (949,500        $(2,204,927        $2,259,957     

Golden Queen Mining Consolidated Ltd., New York, Cl. H*

   283,000         (283,000          (1,281,592          1,298,260     

Total

                $(3,486,519        $3,558,217     

 

*

Security is no longer held at June 30, 2020.

 

    

 

17


Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

 

 

11. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

    

 

18


Gabelli Gold Fund, Inc.

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

 

Section 15(c) of the Investment Company Act of 1940, as amended (the 1940 Act), contemplates that the Board of Directors (the Board) of Gabelli Gold Fund, Inc. (the Fund), including a majority of the Directors who have no direct or indirect interest in the investment advisory agreement and are not interested persons of the Fund, as defined in the 1940 Act (the Independent Board Members), are required annually to review and re-approve the terms of the Fund’s existing investment advisory agreement and approve any newly proposed terms therein. In this regard, the Board reviewed and re-approved, during the most recent six month period covered by this report, the Investment Advisory Agreement (the Advisory Agreement) with Gabelli Funds, LLC (the Adviser) for the Fund.

More specifically, at a meeting held on February 10, 2020, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Adviser and the re-approval of the Advisory Agreement.

 

1)

The nature, extent, and quality of services provided by the Adviser.

The Board Members reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Fund, including the purchase and sale of portfolio securities, and overseeing all of the Fund’s third party service providers as well as providing general corporate services. The Board Members considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulation. The Board Members noted that, in addition to managing the investment program for the Fund, the Adviser provided certain non-advisory and compliance services, including services for the Fund’s Rule 38a-1 compliance program.

The Board Members also considered that the Adviser paid for all compensation of officers and Board Members of the Fund that are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Fund who had invested through various programs offered by third party financial intermediaries (Participating Organizations). The Board Members evaluated these factors based on their direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY to assist it in performing certain of its administrative functions. The Board Members concluded that the nature and extent of the services provided were reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

The Board Members reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board Members also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board Members also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund.

 

    

 

19


Gabelli Gold Fund, Inc.

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

 

2)

The performance of the Fund and the Adviser.

The Board Members reviewed the investment performance of the Fund, on an absolute basis, as compared to its Broadridge peer group of other SEC registered funds, and against the Fund’s broad based securities market benchmark as reflected in the Fund’s prospectus and annual report. The Board Members considered the Fund’s one, three, five and ten year average annual total return for the periods ended December 31, 2019, but placed greater emphasis on the Fund’s longer term performance. The peer group considered by the Board Members was developed by Broadridge and was comprised of the Fund and all retail and institutional precious metals equity funds (the Performance Peer Group). The Board considered these comparisons helpful in its assessment as to whether the Adviser was obtaining for the Fund’s shareholders the total return performance that was available in the marketplace, given the Fund’s objectives, strategies, limitations and restrictions. In reviewing the performance of the Fund, the Board Members noted that the Fund’s performance was above the median for one-year, five-year and ten-year periods and equal to the median for the three-year period. The Board Members concluded that the Fund’s performance was reasonable in comparison to that of the Performance Peer Group.

In connection with its assessment of the performance of the Adviser, the Board Members considered the Adviser’s financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreement. The Board Members concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

 

3)

The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund.

In connection with the Board Members’ consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund, the Board Members considered a number of factors. First, the Board Members compared the level of the advisory fee for the Fund against the comparative Broadridge expense peer group (Expense Peer Group). The Board Members also considered comparative non-management fee expenses and comparative total fund expenses of the Fund and the Expense Peer Group. The Board Members considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board Members considered both the comparative contract rates as well as the level of the total expense ratio, with respect to the Expense Peer Group. The Board Members noted that the Fund’s advisory fee and expense ratio were above the median when compared to those of the Expense Peer Group.

The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other RICs or accounts with similar investment objectives, noting that the fees charged by the Adviser were the same or lower, than the fees charged to the Fund.

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2019. The Board Members considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to the Fund. With respect to the

 

    

 

20


Gabelli Gold Fund, Inc.

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

 

Fund analysis, the Board Members received an analysis based on the Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser under either analysis was not excessive.

4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

With respect to the Board Members’ consideration of economies of scale, the Board Members discussed whether economies of scale would be realized by the Fund at higher asset levels. The Board Members also reviewed data from the Expense Peer Group to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board Members also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board Members noted the Fund’s current size and concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Fund were to experience significant asset growth. In the event there were to be significant asset growth in the Fund, the Board Members determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5) Other Factors.

In addition to the above factors, the Board Members also discussed other benefits received by the Adviser from their management of the Fund. The Board Members considered that the Adviser does use soft dollars in connection with its management of the Fund.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

 

    

 

21


Gabelli/GAMCO Funds and Your Personal Privacy

 

 

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

 

   

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

 

 

   

Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

 

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.


GABELLI GOLD FUND, INC.

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Caesar M. P. Bryan joined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.

 

 

 

 

 

 

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.


GABELLI GOLD FUND, INC.

One Corporate Center

Rye, New York 10580-1422

t  800-GABELLI (800-422-3554)

f  914-921-5118

e  info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

 

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group Inc.

 

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

 

Werner J. Roeder

Former Medical Director,

Lawrence Hospital

 

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

 

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

 

Daniel E. Zucchi

President,

Daniel E. Zucchi Associates

 

OFFICERS

Caesar M.P Bryan

Chief Investment Officer

Bruce N. Alpert

President

 

John C. Ball

Treasurer

 

Andrea R. Mango

Secretary

 

Richard J. Walz

Chief Compliance

Officer

 

DISTRIBUTOR

 

G. distributors, LLC

 

CUSTODIAN

 

State Street Bank and Trust

Company

 

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT

 

DST Asset Manager

Solutions, Inc.

 

LEGAL COUNSEL

 

Paul Hastings LLP

 

 

This report is submitted for the general information of the shareholders of the Gabelli Gold Fund, Inc. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

 

 

 

 

 

GAB008Q220SR

     LOGO

 


Item 2.

Code of Ethics.

Not applicable.

 

Item 3.

Audit Committee Financial Expert.

Not applicable.

 

Item 4.

Principal Accountant Fees and Services.

Not applicable.

 

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

 

Item 6.

Investments.

 

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

 

(b)

Not applicable.

 

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

Item 11.

Controls and Procedures.

 

  (a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these


 

controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

 

Item 13.

Exhibits.

 

  (a)(1)

Not applicable.

 

  (a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

  (a)(3)

Not applicable.

 

  (a)(4)

Not applicable.

 

  (b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)                                 Gabelli Gold Fund, Inc.                                                         

By (Signature and Title)*            /s/ Bruce N. Alpert                                                               

                                                     Bruce N. Alpert, Principal Executive Officer                      

Date    September 4, 2020                                                                                                         

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*            /s/ Bruce N. Alpert                                                               

                                                     Bruce N. Alpert, Principal Executive Officer                      

Date    September 4, 2020                                                                                                          

By (Signature and Title)*            /s/ John C. Ball                                                                     

                                                     John C. Ball, Principal Financial Officer and Treasurer

Date    September 4, 2020                                                                                                            

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT 2 d58338dex99cert.htm 302 CERTIFICATIONS 302 Certifications

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, certify that:

 

1.

I have reviewed this report on Form N-CSR of Gabelli Gold Fund, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and


  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  September 4, 2020            /s/ Bruce N. Alpert                                              
   Bruce N. Alpert, Principal Executive Officer   


Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, John C. Ball, certify that:

 

1.

I have reviewed this report on Form N-CSR of Gabelli Gold Fund, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and


  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  September 4, 2020            /s/ John C. Ball                                                    
  

John C. Ball, Principal Financial Officer and

Treasurer

  
EX-99.906CERT 3 d58338dex99906cert.htm 906 CERTIFICATION 906 Certification

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, Principal Executive Officer of Gabelli Gold Fund, Inc. (the “Registrant”), certify that:

 

  1.

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date:  September 4, 2020            /s/ Bruce N. Alpert                                           
   Bruce N. Alpert, Principal Executive Officer

I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli Gold Fund, Inc.(the “Registrant”), certify that:

 

  1.

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date:  September 4, 2020            /s/ John C. Ball                                                 
  

John C. Ball, Principal Financial Officer

and Treasurer

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