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SIGNATURE TRACIE PERSINGER
TITLE DIRECTOR
Report of Independent Auditors
To the Shareholders and Board of Directors of
Gabelli Gold Fund, Inc.
In planning and performing our audit of the financial statements of
Gabelli Gold Fund, Inc. for the year ended December 31, 1997, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control.
The management of Gabelli Gold Fund, Inc. is responsible for
establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.
Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may
occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition
in which the design or operation of one or more of the internal
control components does not reduce
to a relatively low level the risk that errors or fraud in amounts
that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above at December 31, 1997.
This report is intended solely for the information and use of the
Board of Directors and management of Gabelli Gold Fund, Inc. and
the Securities
and Exchange Commission.
ERNST
& YOUNG LLP
New York, New York
Febru
ary
13,
1998
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