FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Zisch William M   2. Issuer Name and Ticker or Trading Symbol ROYAL GOLD INC [RGLD] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP Operations (Last) (First) (Middle) 1660 WYNKOOP STREET, SUITE 1000 3. Date of Earliest Transaction (Month/Day/Year) 12/09/2014 (Street) DENVER, CO 80202 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/09/2014   M   5,114 A $ 53 42,377 (1) D   Common Stock 12/09/2014   D   3,827 (2) D $ 70.84 38,550 (1) D   Common Stock 12/09/2014   M   4,000 A $ 49.66 42,550 (1) D   Common Stock 12/09/2014   D   2,805 (3) D $ 70.84 39,745 (1) D   Common Stock 12/09/2014   M   3,534 A $ 68.18 43,279 (1) D   Common Stock 12/09/2014   D   3,402 (4) D $ 70.84 39,877 (1) D   Common Stock 12/09/2014   M   3,964 A $ 62.14 43,841 (1) D   Common Stock 12/09/2014   D   3,478 (5) D $ 70.84 40,363 (1) D   Common Stock 12/09/2014   M   1,466 A $ 68.18 41,829 (1) D   Common Stock 12/09/2014   M   537 A $ 62.14 42,366 (1) D   Common Stock 12/10/2014   F   1,396 D $ 70.893 (6) 40,970 (1) D   Common Stock 12/10/2014   S   2,003 D $ 70.893 (6) 38,967 (1) D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Appreciation Right

$ 53

12/09/2014

M

5,114

(7)

11/18/2019

Common Stock

5,114

$ 0

0

D

Stock Appreciation Right

$ 49.66

12/09/2014

M

4,000

(8)

11/17/2020

Common Stock

4,000

$ 0

0

D

Stock Appreciation Right

$ 68.18

12/09/2014

M

3,534

(9)

08/18/2021

Common Stock

3,534

$ 0

0

D

Stock Appreciation Right

$ 62.14

12/09/2014

M

3,964

(10)

08/27/2023

Common Stock

3,964

$ 0

3,478

D

Stock Option (right to buy-ISO)

$ 68.18

12/09/2014

M

1,466

(11)

08/18/2021

Common Stock

1,466

$ 68.18

0

D

Stock Option (right to buy-ISO)

$ 62.14

12/09/2014

M

537

(12)

08/27/2023

Common Stock

537

$ 62.14

1,072

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Zisch William M 1660 WYNKOOP STREET, SUITE 1000 DENVER, CO 80202			VP Operations

Signatures

Margaret A. Beck as Attorney-in-Fact for William M. Zisch		12/11/2014
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes 26,900 shares of restricted stock that have not yet vested.
(2)	This represents the difference between the number of SARs exercised (5,114) and the number of shares issued as a result of the exercise (1,287). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($53.00), divided by the FMV on the date of exercise ($70.84)
(3)	This represents the difference between the number of SARs exercised (4,000) and the number of shares issued as as result of the exercise (1,195). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($49.66), divided by the FMV on the date of exercise ($70.84).
(4)	This represents the difference between the number of SARs exercised (3,534) and the number of shares issued as a result of the exercise (132). The number of shares to be issued under the SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($68.18), divided by the FMV on the date of exercise ($70.84).
(5)	This represents the difference between the number of SARs exercised (3,478) and the number of shares issued as a result of the exercise (486). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($62.14), divided by the FMV on the date of exercise ($70.84).
(6)	The range of the weighted average sale price is $70.893 to $71.09.
(7)	One third vested annually on 11.18.2010, 11.18.2011 and 11.18.2012.
(8)	One third vested annually on 11.17.2011, 11.17.2012 and 11.17.2013.
(9)	One third vested annually on 8.18.2012, 8.18.2013 and 8.18.2014.
(10)	One third vests annually on 8.27.2014, 8.27.2015 and 8.27.2016.
(11)	One third vested annually on 8.18.2012, 8.18.2013 and 8.18.2014.
(12)	One third vests annually on 8.27.2014, 8.27.2015 and 8.27.2016.

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