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    How Investors Are Reacting To ASA Gold and Precious Metals (ASA) Saba’s Aggressive Post‑Rally Buying

    Simply Wall St·12/19/2025 02:24:35
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    • In December 2025, Saba Capital Management, L.P. increased its ownership in ASA Gold & Precious Metals Ltd by buying additional shares, lifting its stake to more than 5.32 million shares after multiple insider purchases.
    • This wave of insider and institutional buying follows a very large year-to-date gain for the ASA fund, underscoring strong conviction among key holders despite its low 0.1% yield.
    • We’ll now examine how Saba’s continued accumulation and ASA’s very large year-to-date gain shape the fund’s investment narrative.

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    What Is ASA Gold and Precious Metals' Investment Narrative?

    To own ASA after a very large year to date gain, you really have to believe in two things: that gold and precious metals can continue to justify elevated asset values, and that ASA’s refreshed, fully independent board can steward the fund through that volatility. Saba’s latest insider purchases, on top of a total return approaching two hundred percent over twelve months, reinforce the near term catalyst of ongoing activist pressure around governance and capital allocation, but they do not change the core risk that ASA’s results are heavily tied to a single, highly cyclical asset class. The recent one off gain that boosted earnings and the fund’s tiny 0.1% yield also raise questions about how repeatable current profitability and price levels really are, even with a large institutional holder leaning in.

    However, one key risk for new shareholders is hidden in how ASA earned that very large profit. ASA Gold and Precious Metals' share price has been on the slide but might be dropping deeper into value territory. Find out whether it's a bargain at this price.

    Exploring Other Perspectives

    ASA 1-Year Stock Price Chart
    ASA 1-Year Stock Price Chart
    The Simply Wall St Community currently has 1 fair value estimate clustered around US$8.44 per share, while ASA’s recent price and activist driven momentum reflect very different expectations. That gap, combined with concentration in a volatile asset class, shows why many participants can look at the same fund and reach very different conclusions about its longer term potential.

    Explore another fair value estimate on ASA Gold and Precious Metals - why the stock might be worth less than half the current price!

    Build Your Own ASA Gold and Precious Metals Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.