Former COO Axel Merk warns of Saba Capital's hostile takeover of ASA Gold and seeks backers for a new mining fund
ASA sits 67% above its 52-week low of $30.95.
Summary
Former COO Axel Merk updates shareholders on Saba Capital's hostile takeover of ASA Gold, revealing Saba's plan to liquidate the portfolio and repurpose it into a Saba-managed vehicle. Merk is soliciting interest in a new Merk-managed mining fund as an alternative.
Key Events · Ownership and Investor Activity · ASA
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Saba Terminates Merk Advisory Agreement
On June 30, 2026, Merk Investments' management of ASA ended after the Saba-controlled Board terminated the advisory agreement. ASA is now managed by Board members with no precious metals mining expertise.
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Saba Plans to Liquidate and Repurpose ASA
Saba expressed intent to liquidate ASA's portfolio and repurpose it into a Saba-managed vehicle to collect management fees and profit-sharing, effectively dismantling the closed-end precious metals mining fund.
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Merk Solicits Interest in New Mining Fund
Merk is soliciting shareholder interest in a future Merk-managed mining strategy via saveasa.com/register, citing his outperformance during his tenure at ASA.
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Conflict of Interest Alleged
A Saba partner heads the Board's investment committee while Saba hedges its exposure to ASA, which Merk calls a serious conflict of interest.
Analysis · ASA · Unknown
Axel Merk, the former COO and a significant shareholder, reports that Saba Capital has terminated his advisory agreement and seized control of ASA's board. Saba now intends to liquidate ASA's portfolio and repurpose it into a Saba-managed vehicle, collecting management fees and profit-sharing — a move Merk calls a hostile takeover. He is soliciting shareholder interest in a new Merk-managed mining strategy, framing it as the only way to preserve access to his outperforming mining expertise. This escalates the ongoing activist battle and signals a potential loss of ASA's unique closed-end precious metals mining fund structure.
At the time of this filing, ASA was trading at $51.79 on NYSE in the Unknown sector, with a market capitalization of approximately $961M. The 52-week trading range was $30.95 to $83.20. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.