UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number	811-21650

ASA Gold and Precious Metals Limited

(Exact name of registrant as specified in charter)

400 S. El Camino Real, Suite 710, San Mateo, CA		94402-1708
(Address of principal executive offices)		(Zip Code)

JPMorgan Chase Bank, N A

3 MetroTech Center, 6th Floor

Brooklyn, NY 11245

(Name and address of agent for service)

Registrant’s telephone number, including area code:	(650) 376-3135

Date of fiscal year end:	November 30

Date of reporting period:	February 28, 2015

Schedule of Investments (Unaudited)

February 28, 2015 and February 28, 2014

 

		2015												2014
Name of Company		Shares / Warrants				Value				Percent of Net Assets				Shares / Warrants				Value				Percent of Net Assets
Common Shares
Gold and Silver Investments
Gold mining, exploration, development and royalty companies
Australia
Newcrest Mining Limited, (1)			1,315,000			$	14,898,950				6.0	%			1,315,000			$	13,228,900				4.5	%
Silver Lake Resources Limited, (2)			-				-				-				3,300,000				1,708,436				0.6
							14,898,950				6.0								14,937,336				5.1
Canada
Agnico Eagle Mines Limited			479,300				15,409,494				6.2				429,300				13,789,116				4.7
Alacer Gold Corp.			918,200				1,988,589				0.8				918,200				2,481,397				0.9
Alamos Gold Inc.			450,000				2,718,772				1.1				-				-				-
Argonaut Gold Inc., (2)			430,000				714,777				0.3				430,000				2,238,612				0.8
B2Gold Corp., (2)			1,594,338				2,688,447				1.1				994,338				2,875,887				1.0
Barrick Gold Corporation			1,400,000				18,228,000				7.5				1,400,000				28,532,000				9.8
Belo Sun Mining Corp., (2)			2,600,000				415,568				0.2				2,600,000				1,022,234				0.4
Centerra Gold Inc.			375,000				1,831,096				0.7				625,000				2,801,880				1.0
Detour Gold Corporation, (2)			250,000				2,415,488				1.0				250,000				2,173,717				0.7
Eldorado Gold Corporation			650,000				3,770,000				1.5				650,000				4,329,000				1.5
Franco-Nevada Corporation			225,000				11,860,465				4.8				225,000				11,508,270				3.9
Goldcorp Inc.			967,400				21,263,452				8.7				967,400				26,052,082				8.9
Kinross Gold Corporation, (1)			1,000,000				2,840,000				1.1				1,000,000				5,220,000				1.8
New Gold Inc., (2)			600,000				2,286,000				0.9				600,000				3,666,000				1.3
Primero Mining Corp, (2)			200,000				710,000				0.3				-				-				-
Osisko Mining Corporation, (2)			-				-				-				642,400				4,093,384				1.4
Romarco Minerals Inc., (2)			1,373,500				592,736				0.2				-				-				-
Romarco Minerals Inc. – 144A, (2)(3)			3,000,000				1,294,654				0.5				-				-				-
Torex Gold Resources Inc., (2)			2,800,000				2,573,324				1.0				2,150,000				2,331,887				0.8
Torex Gold Resources Inc. - 144A, (2)(3)			1,250,000				1,148,805				0.5				1,250,000				1,355,748				0.5
West Kirkland Mining Inc., (2)(3)			-				-				-				909,091				205,416				0.1
							94,749,667				38.4								114,676,631				39.3
Channel Islands
Randgold Resources Limited - ADRs			339,600				26,892,924				10.9				397,200				31,394,688				10.8
Peru
Compañia de Minas Buenaventura S.A.A. - ADRs			799,000				9,252,420				3.7				799,000				10,067,400				3.5
South Africa
AngloGold Ashanti Limited, (1)			723,420				8,152,943				3.3				593,194				10,428,351				3.6
Gold Fields Limited			1,029,577				4,787,533				1.9				1,029,577				3,799,139				1.3
Harmony Gold Mining Company Limited, (1)			400,000				984,000				0.4				400,000				1,296,000				0.4
Sibanye Gold Limited			1,029,577				2,725,805				1.1				1,029,577				2,061,728				0.7
							16,650,281				6.7								17,585,218				6.0
United Kingdom
Amara Mining plc, (2)			5,000,000				1,235,040				0.5				-				-				-
Amara Mining plc - 144A, (2)(3)			4,135,000				1,021,378				0.4				-				-				-
							2,256,418				0.9				-				-				-
United States
Newmont Mining Corporation			620,368				16,334,289				6.6				620,368				14,429,760				4.9
Royal Gold, Inc.			210,000				15,141,000				6.1				210,000				14,429,100				4.9
							31,475,289				12.7								28,858,860				9.9
Total gold mining, exploration, development and royalty companies (Cost $211,060,843 - 2015, $216,203,628 - 2014)							196,175,949				79.3								217,520,133				74.6
Silver mining, exploration and development companies
Canada
Tahoe Resources Inc., (4)			708,200				9,898,840				4.0				833,200				19,564,837				6.7
Total silver mining, exploration and development companies (Cost $4,751,868 - 2015, $5,889,981 - 2014)							9,898,840				4.0								19,564,837				6.7
Total gold and silver investments (Cost $215,812,711 - 2015, $222,093,609 - 2014)						$	206,074,789				83.3	%						$	237,084,970				81.3	%

 

Unaudited

Schedule of Investments (Unaudited) (continued)

February 28, 2015 and February 28, 2014

 

		2015												2014
Name of Company		Shares / Warrants				Value				Percent of Net Assets				Shares / Warrants				Value				Percent of Net Assets
Platinum and Palladium Investments
Platinum and palladium mining companies
South Africa
Anglo American Platinum Limited, (2)			220,100			$	7,012,398				2.8	%			220,100			$	9,403,796				3.2	%
Impala Platinum Holdings Limited, (1)			772,400				4,750,815				1.9				772,400				8,187,377				2.8
							11,763,213				4.7								17,591,173				6.0
Exchange traded funds
ETFS Palladium Trust, (2)			70,000				5,553,800				2.2				70,000				5,075,000				1.7
ETFS Platinum Trust, (2)			22,500				2,592,000				1.0				22,500				3,172,725				1.1
							8,145,800				3.2								8,247,725				2.8
Total platinum and palladium investments (Cost $8,733,391 - 2015 & 2014)							19,909,013				7.9								25,838,898				8.9
Diamond Mining, Exploration and Development Companies
Bermuda
Petra Diamonds Limited, (2)			1,000,000				2,896,169				1.2				-				-				-
Canada
Stornoway Diamond Corporation – 144A, (2)(3)			7,857,200				4,395,461				1.8				-				-				-
Stornoway Diamond Corporation, (2)			1,639,500				917,166				0.4				1,639,500				1,378,105				0.5
							5,312,627				2.2								1,378,105				0.5
Total diamond mining, exploration and development companies (Cost $8,909,336 - 2015, $3,928,898 - 2014)							8,208,796				3.4								1,378,105				0.5
Diversified Mineral Resources Companies
Canada
NovaCopper Inc., (2)			-				-				-				205,861				261,443				0.1
United Kingdom
Anglo American plc			200,000				3,735,996				1.5				200,000				5,127,319				1.8
United States
Freeport-McMoRan Inc.			365,000				7,894,950				3.2				550,000				17,941,000				6.2
Total diversified mineral resources companies (Cost $12,789,287 - 2015, $19,991,927 - 2014)							11,630,946				4.7								23,329,762				8.0
Total common shares (Cost $246,244,725 - 2015, $254,747,845 - 2014)							245,823,544				99.3								287,631,736				98.6
Warrants
Gold and Silver Investments
Gold mining, exploration, development and royalty companies
Canada
Torex Gold Resources Inc., C$1.50 Warrants, 08/12/2014, (2)(3)			-				-				-				625,000				42,367				0.0
Total gold and silver investments (Cost $0 - 2015 & 2014)							-				-								42,367				0.0
Diamond Mining, Exploration and Development Companies
Canada
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 – 144A, (2)(3)			3,928,600				313,961				0.1				-				-				-
Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016, (2)			819,750				65,512				0.0				-				-				-
Total diamond mining, exploration and development companies (Cost $511,408 - 2015, $0 - 2014)							379,473				0.1								-				-
Total warrants (Cost $511,408 - 2015, $0 - 2014)							379,473				0.1								42,367				0.0
Total investments (Cost $246,756,133 - 2015, $254,747,845 - 2014), (5)							246,203,017				99.4								287,674,103				98.6
Cash, receivables, and other assets less liabilities							1,538,621				0.6								4,049,669				1.4
Net assets						$	247,741,638				100.0	%						$	291,723,772				100.0	%

(1)	Non-income producing security in 2015 only.
(2)	Non-income producing security.
(3)	Restricted security.
(4)	Non-income producing security in 2014 only.
(5)	Cost of investments shown approximates cost for U.S. federal income tax purposes, determined in accordance with U.S. federal income tax principles. Gross unrealized appreciation of investments and gross unrealized depreciation of investments at February 28, 2015 were $79,964,045 and $80,517,161, respectively, resulting in net unrealized depreciation on investments of ($553,116). Gross unrealized appreciation of investments and gross unrealized depreciation of investments at February 28, 2014 were $103,632,153 and $70,705,876, respectively, resulting in net unrealized appreciation on investments of $32,926,277.

 

ADR - American Depository Receipt

 

May not total due to independent rounding.

 

The notes to financial statements form an integral part of these statements.

 

Unaudited

Notes to Financial Statements (Unaudited)

 

Three months ended February 28, 2015 and 2014

 

1. Organization

 

ASA Gold and Precious Metals Limited (the “Company”) is a closed-end investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as an exempted limited liability company under the laws of Bermuda.

 

2. Summary of significant accounting policies

 

The following is a summary of the significant accounting policies:

 

A. Security valuation

The net asset value of the Company generally is determined as of the close of regular trading on the New York Stock Exchange (the “NYSE”) or the Toronto Stock Exchange (the “TSX”), whichever is later, on the date for which the valuation is being made (the “Valuation Time”). Portfolio securities listed on U.S. and foreign stock exchanges generally are valued at the last reported sale price as of the Valuation Time on the exchange on which the securities are primarily traded, or the last reported bid price if a sale price is not available. Securities traded over the counter are valued at the last reported sale price or the last reported bid price if a sale price is not available. Securities listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets.

 

Securities for which current market quotations are not readily available are valued at their fair value as determined in good faith by, or in accordance with procedures approved by, the Company’s Board of Directors. If a security is valued at a “fair value”, that value may be different from the last quoted price for the security. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the nature of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion rights on the security; and changes in overall market conditions.

 

Where the Company holds securities listed on foreign stock exchanges and American Depository Receipts (“ADRs”) representing these securities are actively traded in U.S. markets, the securities normally are fair valued based on the last reported sales price of the ADRs.

 

The difference between cost and market value is reflected separately as net unrealized appreciation (depreciation) on investments. The net realized gain or loss from the sale of securities is determined for accounting purposes on the identified cost basis.

 

B. Restricted securities

At February 28, 2015 and February 28, 2014, the Company held investments in restricted securities of 3.30% and 0.55% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of Directors as follows:

 

Restricted Securities
February 28, 2015
Shares/ Warrants	Cost	Issuer	Value Per Unit	Value	Acquisition Date
3,000,000	$1,202,400	Romarco Minerals, Inc. – 144A	$0.43	$1,294,654	02/18/2015
4,135,000	1,008,461	Amara Mining plc – 144A	0.25	1,021,378	02/10/2015
7,857,200	4,641,822	Stornoway Diamond Corp. – 144A	0.56	4,395,461	07/08/2014
3,928,600	415,686	Stornoway Diamond Corp., C$0.90 Warrants, 7/08/2016 – 144A	0.08	313,961	07/08/2014
1,250,000	1,351,000	Torex Gold Resources, Inc. – 144A	0.92	1,148,805	01/22/2014

 

Unaudited

Notes to Financial Statements (Continued)

 

Three months ended February 28, 2015 and 2014

 

Restricted Securities
February 28, 2014
Shares/ Warrants	Cost	Issuer	Value Per Unit	Value	Acquisition Date
909,091	$1,008,370	West Kirkland Mining, Inc.	$0.23	$205,416	11/22/2011
1,250,000	1,351,000	Torex Gold Resources, Inc. – 144A	1.08	1,355,748	01/22/2014
625,000	0	Torex Gold Resources, Inc., C$1.50 Warrants, 08/12/2014	0.07	42,367	01/22/2014

 

C.	Fair value measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Company would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Company’s investments. The inputs are summarized in the three broad levels listed below.

 

Level 1 – unadjusted quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used as of February 28, 2015 and February 28, 2014 in valuing the Company’s investments at fair value:

 

Investment in Securities
Measurements at February 28, 2015
Description (1)	Level 1		Level 2		Level 3		Total
Common Shares
Gold and Silver Investments
Gold mining, exploration, development and royalty companies	$161,161,881		$35,014,068		$                   -		$196,175,949
Silver mining, exploration and development companies	9,898,840		-		-		9,898,840
Platinum and Palladium Investments
Platinum and palladium mining companies	11,763,213		-		-		11,763,213
Exchange traded funds	8,145,800		-		-		8,145,800
Diamond Mining, Exploration and Development Companies	3,813,335		4,395,461		-		8,208,796
Diversified Mineral Resources Companies	7,894,950		3,735,996		-		11,630,946
Total Common Shares	202,678,019		43,145,525		-		245,823,544
Warrants
Diamond Mining, Exploration and Development Companies	65,512		313,961		-		379,473
Total Investments	$202,743,531		$43,459,486		$                   -		$246,203,017

 

Unaudited

Notes to Financial Statements (Continued)

 

Three months ended February 28, 2015 and 2014

 

Transfers into and out of levels are recognized at the end of the period. There were no transfers into and out of Levels 1, 2, and 3 at February 28, 2015.

 

(1)	See schedules of investments for country classifications.
	May not total due to independent rounding.

 

Investment in Securities
Measurements at February 28, 2014
Description (1)	Level 1		Level 2		Level 3		Total
Common Shares
Gold and Silver Investments
Gold mining, exploration, development and royalty companies	$185,144,850		$32,375,283		$                  -		$217,520,133
Silver mining, exploration and development companies	19,564,837		-		-		19,564,837
Platinum and Palladium Investments
Platinum and palladium mining companies	17,591,173		-		-		17,591,173
Exchange traded funds	8,247,725		-		-		8,247,725
Diamond Mining, Exploration and Development Companies	1,378,105		-		-		1,378,105
Diversified Mineral Resources Companies	18,202,443		5,127,319		-		23,329,762
Total Common Shares	250,129,134		37,502,602		-		287,631,736
Warrants
Gold and Silver Investments
Gold mining, exploration, development and royalty companies	-		42,367		-		42,367
Total Investments	$250,129,134		$37,544,969		$                  -		$287,674,103

 

Transfers into and out of levels are recognized at the end of the period. There were no transfers into and out of Levels 1 and 2, and 3 at February 28, 2014.

 

(1)	See schedules of investments for country classifications.
	May not total due to independent rounding.

 

Unaudited

Item 2. Controls and Procedures.

	(a)	The registrant’s Principal Executive Officer and its Principal Financial Officer, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.
	(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

		The certifications required by Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		ASA Gold and Precious Metals Limited
	By	/s/ David J. Christensen
		David J. Christensen
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: March 31, 2015

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

	By	/s/ David J. Christensen
		David J. Christensen
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: March 31, 2015

	By	/s/ David S. Lin
		David S. Lin
		Controller
		(Principal Financial Officer)

Date: March 31, 2015