This Fund Crushed It in 2025: It’s a Trap in 2026

ASA Gold and Precious Metals fund, which massively outperformed in 2025 due to gold's surge, is now viewed as a value trap in 2026. Despite gold's historical safe-haven appeal, the metal is flat this year as market uncertainties were already priced in. The fund faces additional headwinds from governance concerns following COO Axel Merk's resignation, which could widen its discount to net asset value.