Summary

• Despite this orchestrated sell-off, gold bullion secured a net gain of +6.7% for the quarter, while mining equities posted a +9.7% return.
• WTI crude, which opened the year near $72, spiked to secure a massive 76.6% total return for the quarter, while the Energy Select Sector Index (IXE) rallied 37.9%.
• GAMCO Global Gold, Natural Resources & Income Trust reported a NAV total return of 6.54% for the quarter ended March 31, 2026.
• The maturity of the option portfolio for GAMCO Global Gold, Natural Resources & Income Trust stands at an average of 2.6 months.
• By the end of the second quarter, the Fund's participation across sectors was 65% for gold and mining and 31% for energy.

Investment Discussion

The first quarter of 2026 stood as one of the most volatile periods for precious metals in modern memory. Gold initially witnessed a parabolic run, smashing through psychological barriers to crest near an unprecedented $5,589 per