Core Viewpoint - ASA Gold and Precious Metals Ltd. has experienced a significant increase of 69.4% in 2025, but it is not currently considered a buy due to its historical performance and market dynamics [2][7]. Fund Overview - ASA manages over $600 million in assets, focusing primarily on gold (72.5% of the portfolio), with mining stocks (24.8%) and silver (2%) making up the rest [3]. - The fund has a low dividend yield of 0.2%, which is considerably below the average yield of 8.5% for closed-end funds (CEFs) [4]. Valuation Metrics - ASA is trading at an 11% discount to its net asset value (NAV), compared to an average discount of 4% for other CEFs [4][5]. - Historically, ASA has maintained a similar discount to NAV for nearly 25 years, indicating a persistent undervaluation [5]. Performance Analysis - The fund's performance is closely tied to gold prices, as evidenced by its 69.4% increase in 2025, driven by a surge in gold prices [7]. - However, ASA has a tendency to decline significantly after periods of rapid gains, as seen in its performance following the gold price increase in early 2016 [8][9]. Investment Strategy - The fund is suitable for short-term traders looking to capitalize on market demand for gold, but it may not be ideal for long-term investors due to its historical underperformance [10]. - Current market conditions suggest that ASA is a sell, and potential investors should wait for a price correction in gold before considering an investment [11].