Merk Alexander has taken a significant step by filing a definitive proxy statement that calls for shareholders of ASA Gold and Precious Metals Limited to vote against several key proposals at the upcoming annual meeting. This move is crucial as it may influence the future direction of the fund and its governance structure.

ASA Gold and Precious Metals Limited, incorporated in Delaware, is a closed-end fund that focuses on investments in the gold and precious metals sector. The fund has been under scrutiny as it prepares for its annual meeting scheduled for December 11, 2026. The meeting will address several proposals that could fundamentally alter the fund's investment strategy.

The filing, dated November 10, 2026, outlines that Merk Alexander, a shareholder and former investment adviser to the fund, is advocating against the following proposals:

"I recommend that shareholders vote AGAINST the Fund’s proposals, as follows: 1. The proposal to approve a proposed investment advisory agreement between the Fund and Saba Capital Management, L.P.; 2. The proposal to eliminate the Fund’s fundamental investment policy relating to investments in the gold and precious-metals sector."

The proposed changes include a new investment advisory agreement with Saba Capital Management, which is contingent upon the conversion of the fund into a business development company (BDC). Additionally, there is a proposal to eliminate the fund's fundamental investment policy that specifically targets investments in the gold and precious metals sector.

Merk Alexander holds approximately 1.67% of the shares outstanding as of October 21, 2026, and is leveraging this position to influence the vote. The proxy statement also mentions that Merk is personally funding this solicitation, emphasizing his commitment to ensuring that shareholders are informed about the implications of the proposed changes.

The impact of these proposals extends beyond just the shareholders of ASA Gold. If the proposals are approved, they may set a precedent for other funds in the industry, particularly those focused on precious metals. The potential shift in investment strategy could lead to broader implications for how similar funds operate and engage with their shareholders.

Looking ahead, the upcoming annual meeting will be critical. Shareholders will have the opportunity to vote on these proposals, which require a majority vote to pass. The outcome will not only affect ASA Gold but could also influence shareholder activism trends across the investment landscape.

Details were not available in the SEC filing regarding any future actions beyond the annual meeting, leaving the next steps contingent on the outcomes of the shareholder votes.