Saba Capital files lawsuit against ASA Gold and Precious Metals
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 21 2025
0mins
Lawsuit Filed Against ASA Gold and Board Members: Saba Capital, the largest shareholder of ASA Gold and Precious Metals, has filed a lawsuit against ASA and its board members for readopting an unlawful shareholder rights plan previously deemed illegal by a court ruling.
Concerns Over Board Governance: Boaz Weinstein criticized the board's actions as prioritizing self-preservation over shareholder interests, highlighting attempts to circumvent accountability and calling for changes to ensure better governance and fiduciary responsibility.
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Analyst Views on ASA
About ASA
ASA Gold and Precious Metals Limited is a non-diversified, closed-end investment company. The Company's investment objective is long-term capital appreciation primarily through investing in companies engaged in the exploration for, development of projects or mining of precious metals and minerals. The Company invests approximately 80% of its total assets in common shares or securities convertible into common shares of companies engaged, directly or indirectly, in the exploration, mining or processing of gold, silver, platinum, diamonds or other precious minerals; held as bullion or other direct forms of gold, silver, platinum or other precious minerals; in instruments representing interests in gold, silver, platinum or other precious minerals, and/or in securities of investment companies, including exchange traded funds, or other securities. The Company’s investment adviser is Merk Investments LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Almitas Capital Increases ASA Holdings
- Increased Holdings: Almitas Capital purchased an additional 143,527 shares of ASA in Q1 2026, with an estimated transaction value of $9.69 million, reflecting a strong bullish outlook on the precious metals market.
- Rising Position Value: The quarter-end value of ASA's holdings increased by $9.80 million to $32.61 million, demonstrating the dual impact of trading activity and share price movements.
- Investment Strategy: Over 93% of ASA's net assets are invested in mining stocks, indicating Almitas Capital's preference for leveraging mining companies to gain exposure to rising precious metals rather than investing directly in gold.
- Repurchase Program: The ASA board has reauthorized a share repurchase program allowing for the buyback of up to 5% of outstanding shares through April 2027, aimed at enhancing shareholder returns while capitalizing on market discounts.
See More
Almitas Capital Increases Stake in ASA Gold
- Share Increase: Almitas Capital disclosed a purchase of 143,527 additional shares of ASA Gold and Precious Metals Limited in Q1 2026, valued at approximately $9.69 million, indicating strong confidence in the precious metals market.
- Increased Ownership: Following this acquisition, ASA's shares now represent 7.37% of Almitas Capital's assets under management, highlighting its significance in the precious metals investment portfolio and enhancing its market position.
- Outstanding Stock Performance: As of last Friday, ASA shares were priced at $59.54, reflecting a nearly 100% increase over the past year, significantly outperforming the S&P 500's 28% rise, suggesting optimistic market expectations for future growth.
- Supportive Buyback Plan: The ASA board reauthorized a share repurchase program in April, allowing for the buyback of up to 5% of outstanding shares when trading at a meaningful discount to net asset value, aimed at enhancing shareholder returns and boosting investor confidence.
See More
Insider at ASA Gold and Precious Metals Ltd (ASA.US) Plans to Sell $20.73 Million in Common Stock via Form 144
Stock Sale Announcement: Alexander Merk intends to sell 303,810 shares of ASA Gold and Precious Metals Ltd. on April 20, with a total market value of approximately $20.73 million.
Reduction in Shareholding: Merk has reduced his shareholding in ASA Gold and Precious Metals Ltd. by 13,355 shares since February 19, 2026, with a total value of around $942.86K.
See More
ASA GROWS PRIVATE BANKING SERVICES IN THE US AND LATIN AMERICA, NAMES NEW SENIOR LEADERSHIP
Expansion of Private Banking: A major financial institution is expanding its private banking operations across the USA and Latin America.
Leadership Appointments: The expansion includes the appointment of senior leadership to enhance service and operations in these regions.
See More
Twelve Points Wealth Management Reduces ASA Gold Holdings
- Share Reduction Details: Twelve Points Wealth Management sold 143,737 shares of ASA Gold and Precious Metals Limited in Q1 2026, valued at approximately $9.71 million, indicating a strategic reassessment of this asset.
- Holding Proportion Change: Following the sale, ASA now represents 4.33% of the fund's 13F reportable AUM, down from 6.4% in the previous quarter, reflecting a shift in investment strategy.
- Stock Performance: As of April 13, 2026, ASA shares were priced at $68.07, marking a 128.9% increase over the past year, significantly outperforming the S&P 500 by 100 percentage points, showcasing its strong position in the precious metals market.
- Dividend Policy Shift: ASA recently announced a $0.04 dividend per share, up $0.01 from the previous quarter, which may indicate a strategic shift from growth to cash distribution in response to shareholder pressure.
See More
Twelve Points Wealth Management Reduces ASA Holdings
- Share Reduction Transaction: Twelve Points Wealth Management LLC sold 143,737 shares of ASA in Q1, with an estimated transaction value of $9.71 million, reflecting the fund's strategic adjustments amid market volatility.
- Decline in Position Value: The quarter-end value of ASA decreased by $8.84 million, indicating the direct impact of trading activity and share price movements, resulting in ASA's allocation in the fund's AUM dropping from 6.4% to 4.33%.
- Dividend Distribution Changes: ASA recently announced a $0.04 dividend distribution, an increase of $0.01 from the previous quarter, which may signal a strategic shift between growth and cash distribution in response to shareholder pressure.
- Market Performance Analysis: Although ASA's share price has risen by 128.9% over the past year, it has declined approximately 16% from its March 27 high, prompting investors to cautiously evaluate future growth potential and changes in governance structure.
See More
Almitas Capital Increases ASA Holdings
- Increased Holdings: Almitas Capital purchased an additional 143,527 shares of ASA in Q1 2026, with an estimated transaction value of $9.69 million, reflecting a strong bullish outlook on the precious metals market.
- Rising Position Value: The quarter-end value of ASA's holdings increased by $9.80 million to $32.61 million, demonstrating the dual impact of trading activity and share price movements.
- Investment Strategy: Over 93% of ASA's net assets are invested in mining stocks, indicating Almitas Capital's preference for leveraging mining companies to gain exposure to rising precious metals rather than investing directly in gold.
- Repurchase Program: The ASA board has reauthorized a share repurchase program allowing for the buyback of up to 5% of outstanding shares through April 2027, aimed at enhancing shareholder returns while capitalizing on market discounts.
See More
Almitas Capital Increases Stake in ASA Gold
- Share Increase: Almitas Capital disclosed a purchase of 143,527 additional shares of ASA Gold and Precious Metals Limited in Q1 2026, valued at approximately $9.69 million, indicating strong confidence in the precious metals market.
- Increased Ownership: Following this acquisition, ASA's shares now represent 7.37% of Almitas Capital's assets under management, highlighting its significance in the precious metals investment portfolio and enhancing its market position.
- Outstanding Stock Performance: As of last Friday, ASA shares were priced at $59.54, reflecting a nearly 100% increase over the past year, significantly outperforming the S&P 500's 28% rise, suggesting optimistic market expectations for future growth.
- Supportive Buyback Plan: The ASA board reauthorized a share repurchase program in April, allowing for the buyback of up to 5% of outstanding shares when trading at a meaningful discount to net asset value, aimed at enhancing shareholder returns and boosting investor confidence.
See More
Insider at ASA Gold and Precious Metals Ltd (ASA.US) Plans to Sell $20.73 Million in Common Stock via Form 144
Stock Sale Announcement: Alexander Merk intends to sell 303,810 shares of ASA Gold and Precious Metals Ltd. on April 20, with a total market value of approximately $20.73 million.
Reduction in Shareholding: Merk has reduced his shareholding in ASA Gold and Precious Metals Ltd. by 13,355 shares since February 19, 2026, with a total value of around $942.86K.
See More
ASA GROWS PRIVATE BANKING SERVICES IN THE US AND LATIN AMERICA, NAMES NEW SENIOR LEADERSHIP
Expansion of Private Banking: A major financial institution is expanding its private banking operations across the USA and Latin America.
Leadership Appointments: The expansion includes the appointment of senior leadership to enhance service and operations in these regions.
See More
Twelve Points Wealth Management Reduces ASA Gold Holdings
- Share Reduction Details: Twelve Points Wealth Management sold 143,737 shares of ASA Gold and Precious Metals Limited in Q1 2026, valued at approximately $9.71 million, indicating a strategic reassessment of this asset.
- Holding Proportion Change: Following the sale, ASA now represents 4.33% of the fund's 13F reportable AUM, down from 6.4% in the previous quarter, reflecting a shift in investment strategy.
- Stock Performance: As of April 13, 2026, ASA shares were priced at $68.07, marking a 128.9% increase over the past year, significantly outperforming the S&P 500 by 100 percentage points, showcasing its strong position in the precious metals market.
- Dividend Policy Shift: ASA recently announced a $0.04 dividend per share, up $0.01 from the previous quarter, which may indicate a strategic shift from growth to cash distribution in response to shareholder pressure.
See More
Twelve Points Wealth Management Reduces ASA Holdings
- Share Reduction Transaction: Twelve Points Wealth Management LLC sold 143,737 shares of ASA in Q1, with an estimated transaction value of $9.71 million, reflecting the fund's strategic adjustments amid market volatility.
- Decline in Position Value: The quarter-end value of ASA decreased by $8.84 million, indicating the direct impact of trading activity and share price movements, resulting in ASA's allocation in the fund's AUM dropping from 6.4% to 4.33%.
- Dividend Distribution Changes: ASA recently announced a $0.04 dividend distribution, an increase of $0.01 from the previous quarter, which may signal a strategic shift between growth and cash distribution in response to shareholder pressure.
- Market Performance Analysis: Although ASA's share price has risen by 128.9% over the past year, it has declined approximately 16% from its March 27 high, prompting investors to cautiously evaluate future growth potential and changes in governance structure.
See More
