Updates
Ongoing developments related to ASA’s governance and shareholder rights.
June 11 - 2026 - US Supreme Court rules against private suits brought under key securities law
On June 11, 2026, The Supreme Court reversed a lower court's ruling that let hedge fund Saba Capital Master Fund sue under the Investment Company Act of 1940 to void fund bylaws restricting the voting power of activist shareholders. Justice Amy Coney Barrett, who authored the ruling, wrote that the Investment Company Act does not authorize private parties to bring suits seeking the rescission of bylaws or other contractual terms.
The ruling might impact the ability of activist investors to sue against shareholder rights plans (poison pills).
June 10, 2026 – Axel Merk resigns as COO of ASA Gold and Precious Metals Ltd.
Axel Merk notified the Board of ASA Gold and Precious Metals Ltd. of his resignation in his capacity of Chief Operating Officer, effective immediately. His resignation does not affect his role as President and Chief Investment Officer of Merk Investments LLC, manager of ASA via a separate investment advisory agreement that currently is extended through June 30, 2026.
Merk stated that he could no longer serve as a Sarbanes-Oxley certifying officer after being excluded from discussions affecting the June 30 adviser transition, which he believes creates a serious risk of breakdown in ASA’s internal controls.
On June 11, 2026, ASA's Board issued a press release announcing Mr. Merk's resignation as COO. Please see here for a correction of misleading statements in that press release.
📎 Read Mr. Merk's Press Release
📎 Read Mr. Merk's response "correcting the record" to ASA's press release on Mr. Merk's resignation
Saba is proposing to the Board that it hand-picked to repurpose ASA into a Saba-managed BDC-style investment vehicle with management fees and profit-sharing arrangements. File a complaint with the SEC to help protect ASA shareholders. As of this writing, ASA’s Board has not announced how it will proceed. The advisory agreement expires June 30. Shareholders need to act now.
Axel Merk owns over 300,000 shares of ASA Gold and Precious Metals Limited. He also serves as President and Chief Investment Officer of Merk Investments LLC, the Fund's investment adviser. He 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.
