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SIGNATURE TRACIE PERSINGER
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 923459
<NAME> GABELLI GOLD FUND, INC.
<SERIES>
<NUMBER> 011
<NAME> GABELLI GOLD FUND, INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 11753154
<INVESTMENTS-AT-VALUE> 7631228
<RECEIVABLES> 467542
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<REALIZED-GAINS-CURRENT> (1233715)
<APPREC-INCREASE-CURRENT> (6650029)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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</TABLE>
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
February 13, 1998
