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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(Print or Type Responses)

1. Name and Address of Reporting Person * JENSEN TONY A   2. Issuer Name and Ticker or Trading Symbol ROYAL GOLD INC [RGLD] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President and CEO (Last) (First) (Middle) 1660 WYNKOOP STREET, SUITE 1000 3. Date of Earliest Transaction (Month/Day/Year) 09/14/2012 (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 09/14/2012   M   12,000 A $ 30.96 195,138 (1) D   Common Stock 09/14/2012   D   3,930 (2) D $ 94.55 191,208 (1) D   Common Stock 09/14/2012   M   13,410 A $ 53 204,618 (1) D   Common Stock 09/14/2012   D   7,517 (3) D $ 94.55 197,101 (1) D   Common Stock 09/14/2012   M   9,333 A $ 49.66 206,434 (1) D   Common Stock 09/14/2012   D   4,902 (4) D $ 94.55 201,532 (1) D   Common Stock 09/14/2012   M   6,711 A $ 68.18 208,243 (1) D   Common Stock 09/14/2012   D   4,840 (5) D $ 94.55 203,403 (1) D   Common Stock 09/14/2012   M   11,640 A $ 29.75 215,043 (1) D   Common Stock 09/14/2012   M   1,000 A $ 30.96 216,043 (1) D   Common Stock 09/14/2012   M   630 A $ 53 216,673 (1) D   Common Stock 09/14/2012   M   667 A $ 49.66 217,340 (1) D   Common Stock 09/14/2012   M   489 A $ 68.18 217,829 (1) D   Common Stock 09/14/2012   F   11,553 D $ 94.33 (6) 206,276 (1) D   Common Stock 09/14/2012   S   5,902 D $ 94.33 (6) 200,374 (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

$ 30.96

09/14/2012

M

12,000

11/05/2011

11/05/2018

Common Stock

12,000

$ 0

0

D

Stock Appreciation Right

$ 53

09/14/2012

M

13,410

(7)

11/18/2019

Common Stock

13,410

$ 0

6,704

D

Stock Appreciation Right

$ 49.66

09/14/2012

M

9,333

(8)

11/17/2020

Common Stock

9,333

$ 0

18,667

D

Stock Appreciation Right

$ 68.18

09/14/2012

M

6,711

(9)

08/18/2021

Common Stock

6,711

$ 0

13,423

D

Stock Option (Right to buy NSO)

$ 29.75

09/14/2012

M

11,640

11/07/2010

11/07/2017

Common Stock

11,640

$ 29.75

0

D

Stock Option (Right to buy ISO)

$ 30.96

09/14/2012

M

1,000

11/05/2011

11/05/2018

Common Stock

1,000

$ 30.96

0

D

Stock Option (Right to buy ISO)

$ 53

09/14/2012

M

630

(7)

11/18/2019

Common Stock

630

$ 53

628

D

Stock Option (Right to buy ISO)

$ 49.66

09/14/2012

M

667

(8)

11/17/2020

Common Stock

667

$ 49.66

1,333

D

Stock Option (Right to buy ISO)

$ 68.18

09/14/2012

M

489

(9)

08/18/2021

Common Stock

489

$ 68.18

977

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
JENSEN TONY A 1660 WYNKOOP STREET, SUITE 1000 DENVER, CO 80202	X		President and CEO

Signatures

/s/Tony A. Jensen, KG for		09/18/2012
**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 42,999 shares of restricted stock that have not yet vested.
(2)	This represents the difference between the number of SARs exercised (12,000) and the number of shares issued as a result of the exercise (8,070). 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 ($94.55) and the exercise price ($30.96).
(3)	This represents the difference between the number of SARs exercised (13,410) and the number of shares issued as a result of the exercise (5,893). 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 ($94.55) and the exercise price ($53.00).
(4)	This represents the difference between the number of SARs exercised (9,333) and the number of shares issued as a result of the exercise (4,431). 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 ($94.55) and the exercise price ($49.66).
(5)	This represents the difference between the number of SARs exercised (6,711) and the number of shares issued as a result of the exercise (1,871). 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 ($94.55) and the exercise price ($68.18).
(6)	The range of the weighted average sale price is as follows: 600 shares sold between $92.81 and $93.81, 16,755 shares sold between $93.83 and $94.81, and 100 shares sold for $95.15.
(7)	One third vests annually on November 18, 2010, November 18, 2011, and November 18, 2012.
(8)	One third vests annually on November 17, 2011, November 17, 2012, and November 17, 2013.
(9)	One third vests annually on August 18, 2012, August 18, 2013, and August 18, 2014.

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