1

Gabelli

Gold

Fund,

Inc.

Schedule

of

Investments

—

September

30,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

98.7%

Metals

and

Mining

 —

98.7%

Asia/Pacific

Rim

 —

13.7%

4,863,637‌

De

Grey

Mining

Ltd.†

................................

$

3,235,466‌

2,700,000‌

Evolution

Mining

Ltd.

...............................

3,540,463‌

592,079‌

Newcrest

Mining

Ltd.

...............................

6,407,999‌

2,539,126‌

Northern

Star

Resources

Ltd.

....................

12,717,110‌

7,500,000‌

Pantoro

Ltd.†

...........................................

791,567‌

2,495,000‌

Perseus

Mining

Ltd.,

Australia

..................

2,425,809‌

4,450,000‌

Perseus

Mining

Ltd.,

Toronto

....................

4,349,006‌

17,736,651‌

RTG

Mining

Inc.,

CDI†

..............................

555,917‌

4,721,042‌

Westgold

Resources

Ltd.†

........................

2,521,545‌

36,544,882‌

Europe

 —

8.7%

1,803,054‌

Condor

Gold

plc†

.....................................

523,432‌

791,960‌

Endeavour

Mining

plc

...............................

14,608,275‌

835,500‌

Fresnillo

plc

.............................................

7,175,694‌

8,006,564‌

Shanta

Gold

Ltd.

......................................

826,925‌

23,134,326‌

North

America

 —

75.6%

250,440‌

Aclara

Resources

Inc.†

.............................

58,016‌

270,204‌

Agnico

Eagle

Mines

Ltd.,

New

York

...........

11,410,715‌

235,859‌

Agnico

Eagle

Mines

Ltd.,

Toronto

..............

9,964,695‌

577,675‌

Alamos

Gold

Inc.,

New

York,

Cl. A

.............

4,280,572‌

775,250‌

Alamos

Gold

Inc.,

Toronto,

Cl. A

...............

5,746,958‌

710,000‌

Artemis

Gold

Inc.†

...................................

2,194,737‌

1,600,000‌

B2Gold

Corp.,

New

York

...........................

5,152,000‌

499,650‌

B2Gold

Corp.,

Toronto

..............................

1,605,998‌

978,275‌

Barrick

Gold

Corp.

....................................

15,163,262‌

1,000,000‌

Benchmark

Metals

Inc.†

...........................

282,333‌

107,700‌

Contango

ORE

Inc.†

.................................

3,220,230‌

800,000‌

Dundee

Precious

Metals

Inc.

.....................

3,555,942‌

675,000‌

Eldorado

Gold

Corp.†

...............................

4,070,250‌

189,700‌

Franco-Nevada

Corp.(a)

............................

22,659,355‌

1,000,000‌

Galway

Metals

Inc.†

.................................

202,700‌

1,325,000‌

K92

Mining

Inc.†

......................................

7,577,732‌

1,100,000‌

Karora

Resources

Inc.†

............................

2,269,519‌

1,000,000‌

Kinross

Gold

Corp.

...................................

3,760,000‌

867,000‌

Lion

One

Metals

Ltd.†

..............................

483,288‌

625,000‌

Lundin

Gold

Inc.

.......................................

4,343,577‌

95,533‌

MAG

Silver

Corp.†

....................................

1,192,252‌

70,000‌

MAG

Silver

Corp.,

New

York†

...................

873,600‌

85,000‌

MAG

Silver

Corp.,

Toronto†

......................

1,063,923‌

2,000,000‌

Marathon

Gold

Corp.†

..............................

1,534,731‌

357,666‌

Moneta

Gold

Inc.†

....................................

409,101‌

501,917‌

Newmont

Corp.

........................................

21,095,572‌

24,999‌

Osisko

Development

Corp.†

......................

112,386‌

220,000‌

Osisko

Development

Corp.,

Toronto†

........

989,032‌

621,860‌

Osisko

Gold

Royalties

Ltd.

........................

6,334,072‌

1,290,000‌

Osisko

Mining

Inc.†

..................................

2,885,655‌

200,000‌

Prime

Mining

Corp.†

................................

189,670‌

Shares

Market

Value

200,000‌

Probe

Metals

Inc.†

...................................

$

253,375‌

600,000‌

Probe

Metals

Inc.,

Toronto†

......................

508,198‌

10,000‌

Royal

Gold

Inc.

.........................................

938,200‌

200,000‌

Rupert

Resources

Ltd.†

............................

548,739‌

450,000‌

SilverCrest

Metals

Inc.†

............................

2,488,500‌

350,000‌

SSR

Mining

Inc.,

New

York

.......................

5,148,500‌

137,955‌

SSR

Mining

Inc.,

Toronto

..........................

2,028,353‌

1,630,000‌

Troilus

Gold

Corp.†

..................................

483,802‌

545,833‌

Victoria

Gold

Corp.†

.................................

3,236,234‌

2,006,000‌

Wesdome

Gold

Mines

Ltd.†

......................

13,563,572‌

1,500,000‌

Western

Copper

&

Gold

Corp.†

.................

1,900,315‌

485,000‌

Wheaton

Precious

Metals

Corp.

................

15,694,600‌

2,150,000‌

Yamana

Gold

Inc.,

New

York

.....................

9,739,500‌

150,000‌

Yamana

Gold

Inc.,

Toronto

........................

678,684‌

201,892,445‌

South

Africa

 —

0.7%

240,000‌

Gold

Fields

Ltd.,

ADR

...............................

1,941,600‌

TOTAL

COMMON

STOCKS

..................

263,513,253‌

WARRANTS

 —

0.0%

Metals

and

Mining

 —

0.0%

North

America

 —

0.0%

125,000‌

Hycroft

Mining

Holding

Corp.,

expire

10/06/25†

.............................................

16,250‌

250,000‌

Marathon

Gold

Corp.,

expire

09/19/24†

.....

92,022‌

130,000‌

Osisko

Development

Corp.,

expire

04/29/23†

.............................................

0‌

75,000‌

Osisko

Development

Corp.,

expire

03/02/27†

.............................................

25,041‌

100,000‌

Probe

Metals

Inc.,

expire

03/08/24†

..........

7‌

190,000‌

Troilus

Gold

Corp.,

expire

06/30/23†

.........

2,063‌

TOTAL

WARRANTS

..........................

135,383‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

1.3%

$

3,455,000‌

U.S.

Treasury

Bills,

3.037%

to

3.242%††,

12/15/22

to

12/29/22

............................

3,434,757‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$224,731,658)

.............................

$

267,083,393‌

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

This

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

CDI

CHESS

(Australia)

Depository

Interest