Gabelli Gold Fund, Inc.

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.8%
		Metals and Mining — 99.8%
		Asia/Pacific Rim — 16.5%
	551,689	Castile Resources Ltd.†	$	25,451
	1,500,000	Evolution Mining Ltd.		3,524,527
	5,500,000	Gold Road Resources Ltd.†		4,651,699
	727,079	Newcrest Mining Ltd.		10,308,578
	1,126,227	Northern Star Resources Ltd.		7,294,584
	7,500,000	Pantoro Ltd.†		396,740
	3,745,000	Perseus Mining Ltd., Australia†		2,130,786
	4,450,000	Perseus Mining Ltd., Toronto†		2,466,425
	10,989,011	RTG Mining Inc., CDI†		365,005
	2,891,042	Saracen Mineral Holdings Ltd.†		6,526,295
	2,506,756	Westgold Resources Ltd.†		2,906,496
				40,596,586
		Europe — 4.5%
	2,399,000	Centamin plc		3,623,426
	1,803,054	Condor Gold plc†		604,684
	490,500	Fresnillo plc		4,062,470
	1,497,709	Hochschild Mining plc		1,979,359
	3,000,000	Hummingbird Resources plc†		819,784
				11,089,723
		Latin America — 1.9%
	325,000	Endeavour Mining Corp., Toronto†		4,621,083
		North America — 74.9%
	347,432	Agnico Eagle Mines Ltd.		13,824,319
	425,000	Alacer Gold Corp.†		1,371,065
	1,337,675	Alamos Gold Inc., New York, Cl. A		6,688,375
	775,250	Alamos Gold Inc., Toronto, Cl. A		3,894,704
	2,374,650	B2Gold Corp.		7,188,239
	1,313,275	Barrick Gold Corp.		24,059,198
	2,350,000	Belo Sun Mining Corp.†		634,548
	55,000	Contango ORE Inc.†		440,000
	52,700	Contango ORE Inc.†(a)(b)		421,600
	610,000	Equinox Gold Corp.†		4,074,469
	400,000	Fortuna Silver Mines Inc.†		924,000
	214,700	Franco-Nevada Corp.(b)		21,451,693
	1,125,000	K92 Mining Inc.†		2,366,233
	452,239	Kirkland Lake Gold Ltd.		13,320,050
	95,533	MAG Silver Corp.†(b)		733,694
	85,000	MAG Silver Corp., Toronto†		655,937
	500,000	Maverix Metals Inc.		1,666,311
	2,950,000	Midas Gold Corp.†		964,258
	541,917	Newmont Corp.		24,538,002
	200,000	Northern Dynasty Minerals Ltd.†		77,000
	2,172,000	Northern Dynasty Minerals Ltd., Toronto†		833,426
	520,850	OceanaGold Corp.		499,643
	291,860	Osisko Gold Royalties Ltd.		2,177,595

Shares			Market Value
	160,000	Pan American Silver Corp.	$	2,292,800
	415,000	Pretium Resources Inc.†		2,353,050
	47,000	Royal Gold Inc.		4,122,370
	600,000	SEMAFO Inc.†(b)		1,163,931
	450,000	SilverCrest Metals Inc.†		2,349,000
	250,000	SSR Mining Inc.†		2,845,000
	1,262,000	Teranga Gold Corp.†		6,196,561
	135,000	Torex Gold Resources Inc.†		1,307,504
	50,000	Torex Gold Resources Inc., Toronto†(b)		486,570
	393,333	Victoria Gold Corp.†		1,760,817
	2,341,000	Wesdome Gold Mines Ltd.†		12,293,036
	525,000	Wheaton Precious Metals Corp.		14,453,250
				184,428,248
		South Africa — 2.0%
	220,000	AngloGold Ashanti Ltd., ADR		3,658,600
	200,000	Harmony Gold Mining Co. Ltd.†		442,258
	450,000	Harmony Gold Mining Co. Ltd., ADR†		981,000
				5,081,858
		TOTAL COMMON STOCKS		245,817,498
		WARRANTS — 0.2%
		Metals and Mining — 0.2%
		North America — 0.2%
	125,000	Maverix Metals Inc., expire 12/23/21†		308,070
	1,222,000	Northern Dynasty Minerals Ltd., expire 06/15/21†		132,427
				440,497
		TOTAL WARRANTS		440,497
		TOTAL INVESTMENTS — 100.0%     (Cost $187,748,540)	$	246,257,995

(a) At March 31, 2020, the Fund held an investment in restricted and illiquid security amounting to $421,600 or 0.17% of total investments, which were valued under methods approved by the Board of Directors as follows:

Acquisition Shares		Issuer	Acquisition Date		Acquisition Cost		03/31/20 Carrying Value Per Share
	52,700	Contango ORE Inc.		10/17/17	$	1,045,007	$	8.0000

(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.

ADR American Depositary Receipt

CDI CHESS (Australia) Depository Interest

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