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Gabelli Gold Fund, Inc. Annual Report — December 31, 2020

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Gabelli Gold Fund, Inc. Annual Report — December 31, 2020 Gabelli Gold Fund, Inc. Annual Report — December 31, 2020 Caesar M. P. Bryan Portfolio Manager To Our Shareholders, For the year ended December 31, 2020, the net asset value (NAV) total return per Class AAA Share of the Gabelli Gold Fund, Inc. was 26.3% compared with a total return of 35.9% for the Philadelphia Gold & Silver (XAU) Index and 24.9% for NYSE Arca Gold BUGS Index (HUI). Other classes of shares are available. See page 3 for performance information for all classes. Enclosed are the financial statements, including the schedule of investments as of December 31, 2020. Performance Discussion (Unaudited) The Fund’s investment objective is to provide investors with long term capital appreciation. The Fund’s investment strategy is to invest at least 80% of its net assets in equity securities of foreign and domestic issuers principally engaged in gold related activities and gold bullion. In selecting investments for the Fund, Gabelli Funds, LLC (the Adviser) focuses on stocks that are undervalued, but which appear to have favorable prospects for growth. Factors considered in this determination include capitalization per ounce of gold production, capitalization per ounce of recoverable reserves, quality of management, and the issuer’s ability to create shareholder wealth. Because most of the world’s gold production is outside of the United States, the Fund expects that a significant portion of its assets may be invested in securities of foreign issuers, including those located in emerging markets. Markets were blindsided by the rapid spread of the Coronavirus, which became fully apparent to investors in February. As governments around the world took action to slow its spread, it became clear that the pandemic would have a major economic impact. Gold equities declined precipitously during the first quarter in spite of a rising gold price. The gold price ended the first quarter at $1,577 per ounce. 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. The gold price and gold equities powered ahead during the second quarter as investors sought protection from any adverse consequences following the unprecedented fiscal and monetary intervention in the economy. This uncertainty pushed investors into safe havens to hedge against a worsening economic landscape. Many mining companies also saw decreased production due to COVID-19 shutdowns. However, most mines were soon back on line, although companies continued to face logistical issues largely related to rotating personnel to and from mines and sourcing consumables. Gold companies benefitted from rising gold prices as the price of gold ended the quarter at $1,781 per ounce, a rise of $204 or 12.9%. Gold equities continued to make strong gains during the third quarter on the back of a stronger gold price and increased fiscal policy and stimulus. An uptick in COVID-19 cases in the U.S. and other parts of the world helped contribute to its mid-month gains. Despite trending higher for the majority of July and August, volatility set in for gold in September with the price of gold ending the third quarter at $1,886 per ounce, a gain of 5.9%. During the fourth quarter of 2020, the Federal Reserve expanded its balance sheet by an additional $300 billion, reaching a historic high on December 23 of $7.4 trillion versus $4.2 trillion at the beginning of the year, which puts in perspective the magnitude of the monetary policy at work. At the same time, 10-year real rates continued their negative journey, hovering between -0.8% and -1.09% at year-end. These tail winds for gold failed to propel the metal much further than 0.6%, while the gold mining company index, represented by the Philadelphia Gold and Silver Index (XAU), improved only by 1%. The picture is actually even worse for gold miners; if Freeport McMoRan, with its copper exposure sending company performance up 66% in the fourth quarter, is withheld from the XAU, performance of the miners is closer to -7%, marking a new low for gold mining companies given the gold price. The largest contributor to performance in 2020 was Newmont Corp. (7.1% of net assets as of December 31, 2020), a company involved in the production and exploration of gold, copper, silver, zinc, and lead. The company saw its’ best quarterly performance during the year due to higher gold prices and successful joint ventures with Agnico Eagle Mines Limited and Kirkland Lake Gold Inc. Barrick Gold Corp. (6.6%), engaged in the exploration, mine development, production, and sale of gold and copper properties saw strong gold and copper operating performance, particularly from Nevada Gold Mines. Franco-Nevada Corp. (5.6%), a gold focused royalty and stream company has operations in the United States and internationally. The company saw strong performance from increased gold production and higher gold prices. Detractors from the portfolio were Newcrest Mining (3.6%), which together with its subsidiaries, engages in the exploration, mine development, mine operation, and sale of gold and copper concentrates. The company had poor operating performance as it moved to expand production and upgrade recoveries. Detour Gold Corp. (no longer held), a Canadian gold explorer and producer in Canada underperformed as it was acquired by Kirkland Lake Gold in an insufficient all stock bid. Pretium Resources Inc. (1.4%), an explorer of gold, silver, and copper deposits in the Americas faced challenges from COVID-19 protocols and planned shutdowns at its Brucejack Mine. Thank you for your investment in the Gabelli Gold Fund. We appreciate your confidence and trust. 2 Comparative Results Average Annual Returns through December 31, 2020 (a) (Unaudited) Since Inception 1 Year 5 Year 10 Year 15 Year (7/11/94) Class AAA (GOLDX) ...................................... 26.31% 20.35% (2.32)% 4.45% 5.65% Philadelphia Gold & Silver Index (XAU) .......................... 35.93 27.00 (3.31) 1.90 2.06(b) NYSE Arca Gold Miners Index (GDM) ........................... 24.05 22.82 (3.94) 1.89 2.60(c) NYSEArcaGoldBUGSIndex(HUI)............................ 24.92 22.98 (5.23) 1.52 3.31(d) Lipper Precious Metals Fund Classification ....................... 31.94 21.56 (4.19) 3.47 4.18 Standard & Poor’s (“S&P”) 500 Index (SPX)....................... 18.40 15.22 13.88 9.88 10.49 Class A (GLDAX) ......................................... 26.36 20.36 (2.29) 4.47 5.66 With sales charge (e)....................................... 19.09 18.95 (2.87) 4.06 5.42 Class C (GLDCX) ......................................... 25.40 19.48 (3.04) 3.67 5.11 Withcontingentdeferredsalescharge(f)......................... 24.40 19.48 (3.04) 3.67 5.11 Class I (GLDIX) .......................................... 26.67 20.66 (2.07) 4.68 5.78 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 11 for the expense ratios for the year ended December 31, 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. 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.
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