ROYAL GOLD INC — Director's Dealing 2004

Dec 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2004-12-29

Reporting Person: GROSS KAREN (VP and Corporate Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-29	Common stock	M	6864	$5.375	Acquired	67350	Direct
2004-12-29	Common stock	S	2000	$17.92	Disposed	65350	Direct
2004-12-29	Common stock	S	1000	$17.94	Disposed	64350	Direct
2004-12-29	Common stock	S	1100	$18	Disposed	63250	Direct
2004-12-29	Common stock	S	1264	$18.01	Disposed	61986	Direct
2004-12-29	Common stock	S	1200	$18.02	Disposed	60786	Direct
2004-12-29	Common stock	S	300	$18.05	Disposed	60486	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-29	Employee stock option (right to buy - NSO)	$5.375	M	6864	Acquired	2006-12-10	Common stock (6864)	Direct