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SIGNATURE EILEEN CALIGIURI
TITLE PARALEGAL
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923459
<NAME> GABELLI GOLD FUND
<MULTIPLIER> 1
<S> <C>
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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, 1999, 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 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, error 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 internal control would not necessarily disclose all
matters in 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 misstatements caused by error 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above at December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Gabelli Gold Fund, Inc., and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
ERNST & YOUNG LLP
February 11, 2000
