ROYAL GOLD INC — Director's Dealing 2004

Nov 19, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2004-11-17

Reporting Person: GOUSSELAND PIERRE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-17	Common stock	M	5000	$4.594	Acquired	27750	Direct
2004-11-17	Common stock	M	5000	$4.875	Acquired	32750	Direct
2004-11-17	Common stock	M	5000	$2.813	Acquired	37750	Direct
2004-11-17	Common stock	S	3557	$18.7	Disposed	34193	Direct
2004-11-17	Common stock	S	43	$18.72	Disposed	34150	Direct
2004-11-17	Common stock	S	9300	$18.9	Disposed	24850	Direct
2004-11-17	Common stock	S	800	$18.91	Disposed	24050	Direct
2004-11-17	Common stock	S	100	$18.92	Disposed	23950	Direct
2004-11-17	Common stock	S	100	$18.93	Disposed	23850	Direct
2004-11-17	Common stock	S	1100	$18.94	Disposed	22750	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-17	Director stock option (right to buy - NSO)	$4.594	M	5000	Disposed	2008-11-17	Common stock (5000)	Direct
2004-11-17	Director stock option (right to buy - NSO)	$4.875	M	5000	Disposed	2009-11-16	Common stock (5000)	Direct
2004-11-17	Director stock option (right to buy - NSO)	$2.813	M	5000	Disposed	2010-11-14	Common stock (5000)	Direct

Footnotes

F1: 50% immediately/50% in one year

F2: 50% immediately/50% in one year

F3: 50% immediately/50% in one year