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        <name>CANTOR FITZGERALD &amp; CO.</name>
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        <name>Tyson Foods Inc</name>
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        <name>RBC DOMINION SECURITIES INC</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>INTL TRADING INC</name>
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        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>Eni SpA</name>
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        <name>MAG Silver Corp</name>
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        <name>CREDIT SUISSE SECURITIES (USA), LLC</name>
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        <name>SSR Mining Inc</name>
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        <name>STIFEL, NICOLAUS &amp; COMPANY, INCORPORATED</name>
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        <name>RBC DOMINION SECURITIES INC</name>
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        <name>CBOE GLOBAL MARKETS, INC.</name>
        <lei>529900RLNSGA90UPEH54</lei>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; COMPANY LLC</name>
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        <title>ENI SPA</title>
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        </identifiers>
        <balance>-40.00000000</balance>
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        <pctVal>-0.00775662355</pctVal>
        <payoffProfile>N/A</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                <issueTitle>Eni SpA</issueTitle>
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                  <isin value="IT0003132476"/>
                  <ticker value="ENI"/>
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            <delta>XXXX</delta>
            <unrealizedAppr>-1009.46000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pretium Resources Inc</name>
        <lei>N/A</lei>
        <title>Pretium Resources Inc</title>
        <cusip>74139C102</cusip>
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          <ticker value="PVG"/>
        </identifiers>
        <balance>176275.00000000</balance>
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        <valUSD>2028925.25000000</valUSD>
        <pctVal>1.644665769397</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
        <lei>549300HIIRNTNKXV3M12</lei>
        <title>AGCO CORP</title>
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          <ticker value="AGCO 11 C75"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00NLP1N35"/>
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        <balance>-75.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-28500.00000000</valUSD>
        <pctVal>-0.02310236635</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NEW YORK STOCK EXCHANGE</counterpartyName>
              <counterpartyLei>549300HIIRNTNKXV3M12</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AGCO Corp</issuerName>
                <issueTitle>AGCO Corp</issueTitle>
                <identifiers>
                  <cusip value="001084102"/>
                  <isin value="US0010841023"/>
                  <ticker value="AGCO"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>75.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2019-11-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1683.47000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS SECURITIES LLC</name>
        <lei>T6FIZBDPKLYJKFCRVK44</lei>
        <title>VALERO ENERGY CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="91913Y057"/>
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        <balance>-43.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-45588.49000000</valUSD>
        <pctVal>-0.03695445605</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS SECURITIES LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Valero Energy Corp</issuerName>
                <issueTitle>Valero Energy Corp</issueTitle>
                <identifiers>
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                  <isin value="US91913Y1001"/>
                  <ticker value="VLO"/>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>75.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2019-10-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-25423.11000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>ENDEAVOUR MINING CORP</title>
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          <ticker value="EDV 1 C28"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00PWQGR86"/>
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        <balance>-150.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32485000"/>
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        <pctVal>-0.01193107524</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BANK OF MONTREAL</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Endeavour Mining Corp</issuerName>
                <issueTitle>Endeavour Mining Corp</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="KYG3040R1589"/>
                  <ticker value="EDV"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>28.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>9680.74000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HollyFrontier Corp</name>
        <lei>549300J3U2WK73C9ZK26</lei>
        <title>HollyFrontier Corp</title>
        <cusip>436106108</cusip>
        <identifiers>
          <isin value="US4361061082"/>
          <ticker value="HFC"/>
        </identifiers>
        <balance>8500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455940.00000000</valUSD>
        <pctVal>0.369589225083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FMC Corp</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp</title>
        <cusip>302491303</cusip>
        <identifiers>
          <isin value="US3024913036"/>
          <ticker value="FMC"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1753600.00000000</valUSD>
        <pctVal>1.421484548637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-11-20</ncom:dateSigned>
      <ncom:nameOfApplicant>GAMCO Natural Resources, Gold &amp; Income Trust</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
