July 1, 2011 - ASA Reports Financial Results for the Six Months Ended May 31, 2011
San Mateo, CA, July 01, 2011 - ASA Gold and Precious Metals Limited (NYSE:ASA), a closed-end fund specializing in gold an other precious mineral investments worldwide, today reported financial results for the six months ended May 31, 2011. Total Return was a negative 1.96% based on net asset value, and a negative 10.36% based on share price while the return for the FTSE Gold Mines Index was a negative 0.86%. During the period, ASA's per share discount fluctuated from a low of 2.01% to a high of 10.54%. The share price of closed-end funds, like ASA, is determined by activity in the open market and consequently may reflect a premium to (higher than) or discount to (lower than) its underlying NAV.
The first six months of the 2011 fiscal year have been highly volatile for gold and gold mining shares with the performance of gold mining companies lagging the performance of the gold price. We believe the long-term direction of the gold price will be determined by the supply/demand fundamental, which look positive, and believe in our strategy of managing a concentrated, long-term focused portfolio of companies with solid management, low operating costs and growing production.
|Six Months Ended May 31|
|Share outstanding - period end||19,440,000||19,440,000|
|Net asset value per share||$33.75||$28.86|
|Market price per share||$30.34||$25.81|
|Net realized gain from investments (including realized loss on investments from foreign currency transactions) per share||$0.23||$0.92|
The board reauthorized the Company's Share Repurchase plan. The Company may from time to time purchase its common shares at a discount to NAV on the open market in such amounts and ad such prices as the Company may deem advisable.
Investors are encouraged to visit ASA's website for additional information, including historical and current share prices and metals prices, news releases, financial statements, tax and supplemental information. The site may be found at www.asaltd.com or you may contact ASA directly at (800) 432-3378.
Document Download: 07.01.11-Six-Months-Ended.pdf