ASA Gold & Precious Metals Limited (ASA) has seen a total return of approximately 3% in 2026, significantly lagging behind the SPDR Gold Shares (GLD) ETF, which has remained flat this year, while the State Street SDPR S&P 500 ETF Trust (SPY) has returned around 10%. The fund’s current dividend yield is a mere 0.14%, far below the average yield of 8.9% offered by similar closed-end funds (CEFs).
As of now, ASA’s portfolio comprises 64.2% physical gold and 5% silver, with the rest in gold-mining companies. Despite strong performances in previous years driven by geopolitical uncertainties, the fund’s prospects appear dim, exacerbated by the recent resignation of COO Axel Merk, who cited governance concerns.
Currently, ASA is trading at a 13.9% discount to its net asset value (NAV), a level that reflects its five-year average. Analysts suggest that this discount could widen further due to internal management issues, leading to potential long-term challenges for the fund.
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