Help Save ASA
Merk will not abandon investors seeking precious metals mining exposure
Where Things Stand
On June 30, 2026, the Saba-controlled Board terminated Merk's successful management of ASA.
ASA is now being managed by Board members with no precious metals mining expertise. A Saba Partner heads the Board's investment committee while Saba hedges its exposure to ASA — a serious conflict of interest.
Saba wants to liquidate ASA's portfolio and repurpose ASA into a Saba-managed vehicle that would generate management and profit-sharing fees for Saba.
ASA shareholders have been shut out
Despite ASA’s outstanding returns, Saba is citing poor performance to justify liquidating the Fund’s precious metals portfolio and replacing ASA’s mandate with a Saba-managed vehicle that would generate management and profit-sharing fees for Saba.
As of today, ASA’s Board has refused to explain when it will seek shareholder approval of these changes. Key decisions affecting your investment remain unresolved.
Saba has accumulated over 32% of ASA’s shares during a period in which shareholders had no real voice in deciding the Fund’s direction. Efforts to solicit shareholder input were actively opposed.
Tactics including litigation, pressure on service providers, and the blocking of shareholder nominations were all employed.
And efforts to give shareholders a real choice were also blocked despite substantial shareholder support. The advisory review process raises serious questions about whether Merk’s performance, risk controls, and investment process were evaluated with the rigor and objectivity shareholders deserved.
These actions raise serious governance and regulatory concerns. Many shareholders have already filed complaints with the SEC. If you invested in ASA for precious metals mining exposure, the next step is to register your potential interest in a future Merk-managed mining strategy. (*)
Merk's Outstanding Performance
From April 2019 through June 2026, ASA delivered a 413.26% total return to shareholders… materially outperforming its benchmark and peer group. ASA also outperformed its benchmark and all peers on a risk-adjusted basis.
During Merk’s tenure, ASA’s discount steadily narrowed. After Saba’s Schedule 13D filing in January 2025, the discount widened again as uncertainty surrounding ASA’s future increased.
Why Would Saba Liquidate a Top-Performing Portfolio?
I believe that it is because Saba will profit from the management and profit-sharing fees. It’s that simple.
The Threat to ASA Shareholders
Saba has proposed to the Board that it handpicked to abandon ASA’s precious metals mandate, in place since 1958, in favor of converting ASA into a Saba-managed BDC-style vehicle with management fees and profit-sharing arrangements that would not be permitted under the investor protections currently afforded to ASA shareholders.
If ASA is repurposed or liquidated, shareholders would lose access to the only closed-end fund providing precious metals mining exposure—eliminating a long-standing investment option.
I favor a tender offer for ASA at this stage, but the path to liquidity matters. A tender offer conducted after restructuring could materially worsen shareholder tax treatment.
The process that led to this point raises serious questions about whether shareholders were misled through material omissions, procedural obstruction, and conflicted decision-making.
1
Merk Is No Longer Adviser
On June 30, 2026, the Saba-controlled Board terminated Merk’s successful management of ASA
2
Mining Expertise Is at Risk
ASA is now being managed by the Board’s investment committee with members with no precious metals mining experience, and led by a Saba partner
3
ASA May Be Repurposed
Saba wants to liquidate ASA’s portfolio and replace its historic mining mandate with a Saba-managed vehicle
Merk Will Not Abandon You
If you invested in ASA for precious metals mining exposure, continued access to Merk's expertise remains possible.
Mining Focus
A new strategy focused on mining exposure
Merk-Managed
Merk remains committed to using its experience and knowledge to serve investors seeking precious metals and mining-related investments
Stay Informed
Register your potential interest so Merk can provide more information as details become available
Don't Miss Out
Register your potential interest in a future Merk-managed mining strategy, so you don't miss out: saveasa.com/register (*)
Invest with Merk
If you invested in ASA for precious metals mining exposure, register your potential interest in a future Merk-managed mining strategy. (*)
More information may be provided as details become available. Registration indicates potential interest only and does not create any obligation or investment commitment.
Your privacy matters. This site follows a strict Privacy Policy governing the handling of your information.
Register your potential interest in a future Merk-managed mining strategy, so you don't miss out: saveasa.com/register
* The online registration is to indicate potential interest only. More information about a potential Merk-managed mining strategy will be provided at a later date. The past performance of ASA does not guarantee the future results of another Merk-managed strategy.
As of this writing, ASA’s Board has not announced how it will proceed. On June 30, 2026, Merk Investments concluded its management of ASA after the Saba-controlled Board terminated Merk’s advisory agreement. Certain Fund directors, including a Saba partner, have assumed responsibility for ASA’s management.
Axel Merk owns over 300,000 shares of ASA Gold and Precious Metals Limited. He serves as President and Chief Investment Officer of Merk Investments LLC, which served as the Fund’s investment adviser until June 30, 2026. He also recently resigned as Chief Operating Officer of ASA.
The information presented on this website reflects the views and opinions of Axel Merk and is provided solely for educational and informational purposes. It does not constitute investment, legal, financial, or tax advice. You should consult your own advisors for guidance specific to your circumstances.
The plans of Saba and the Board are based on publicly disclosed information only and are therefore accordingly qualified in their entirety and subject to change.
This site and its content have not been approved by ASA Gold & Precious Metals Ltd. (the “Company”). The Company concentrates its investments in the gold and precious minerals sector, which may be more volatile than other industries and influenced by changes in commodity prices driven by international economic and political developments. The Company is a non-diversified fund, which may result in higher risk through reduced portfolio diversification. It may also invest in smaller-sized and foreign companies, which may be more volatile, less liquid, and subject to additional risks, including currency fluctuations. Shares of closed-end funds like ASA frequently trade at a discount to net asset value.
This website may include forward-looking statements that reflect the current expectations, estimates, beliefs, and projections of Axel Merk. These statements are inherently subject to risks and uncertainties, many of which are beyond the control of the author. Actual outcomes may differ materially from those discussed. Forward-looking statements can often be identified by words such as “believe,” “expect,” “intend,” “may,” “will,” “should,” or similar expressions. These statements speak only as of the date made, and there is no obligation to update or revise them in light of future developments.
Nothing on this website constitutes an offer to sell, or a solicitation of an offer to buy, any securities.
Certain links may direct users to third-party websites or filings with the U.S. Securities and Exchange Commission (SEC). These materials are provided solely for convenience and informational purposes and are not incorporated by reference into any proxy materials. No responsibility is taken for the accuracy or content of third-party sources, and no obligation exists to provide updated information if it subsequently becomes incorrect in the future.
