Letter to Shareholders

The first half of fiscal 2015 saw continued volatility in the gold price, but with no clear directional trend. The gold price traded as high as $1,296 per ounce in late January before declining to a low of $1,147 in the middle of March. For the six month period, the gold price averaged $1,208 per ounce. The last six months, in many respects, were similar to 2014 with the gold price lacking significant momentum as the relative strength of the U.S. economy, the ongoing Greek debt crisis and expectations for rising interest rates in the U.S all influenced trading in gold. Despite the general malaise in the gold price, sentiment for gold mining company shares improved slightly as investors appeared to perceive value in the industry following the dramatic decline in share prices during the previous couple of years.

At May 31, 2015, ASA Gold and Precious Metals Limited (“ASA” or the “Company”) reported a net asset value (“NAV”) of $11.80 per share. For the six month period ended May 31, 2015, the Company’s NAV experienced a total return of 2.8% versus a total return of 9.1% for the Financial Times Global Gold Mines Total Return Index (“Index”). ASA’s more diversified portfolio and underweight investment in Newmont Mining Corporation relative to the Index were responsible for the underperformance during the last six months. The total return of ASA’s share price was negative 0.5% for the period, closing at $10.67 on May 31, 2015.

The discount at which ASA’s shares traded in the market widened from an average of 5.2% during the first six months of 2014 fiscal year to an average of 9.6% during the first six months of the 2015 fiscal year. This is the first significant widening of ASA’s discount in several years and is due in part, we believe, to the low level of investor interest in gold and gold mining company shares in combination with the relatively higher investment returns being realized in the broader equity markets. The Board of Directors continues to closely monitor the discount and undertakes a thorough review of the discount regularly as part of its ongoing share repurchase program.

ASA’s portfolio generated very low levels of dividend income from its investments during the last six months. Despite improvements in cost control and capital allocation within the industry, low commodity prices have continued to strain the ability of most mining companies to distribute dividends to shareholders. These issues have contributed to a 55% decline in net dividend income received by ASA over the last five years. During the last six months, ASA distributed $0.02 per share to shareholders, the same rate as during the first six months of 2014. While the Company is not presently earning sufficient income from which to distribute dividends, it has made the most recent distribution to shareholders from previously undistributed net investment income.

Market Observations

Much of what we discussed in our 2014 shareholder reports remains true today. The mining industry has continued to suffer under the pressure of the low gold price and low levels of capital availability. The precious metals mining industry, however, has begun to adapt to the lower prices as the pace of new project development appears to have slowed and producers have lowered operating costs. We believe these cost savings are due to numerous factors including the sharp decline in oil prices, a less competitive labor market, a stronger U.S. dollar and a higher level of cost awareness on the part of the gold producers. While some of these causes are beyond the control of the miners, we have seen a concerted effort on their behalf to reduce overhead, cut corporate spending and invest prudently.

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Global gold production is slowing from the relatively high growth rates of the last several years. During the twelve months ending March 2015, it is estimated that global gold production increased by approximately 1.5% to a record high of 3,137 metric tons and increased at a rate of 1% for the quarter ending March 31, 2015 (GFMS Gold Survey Q1 2015). The growth in global gold production during the last year, despite the lower gold price, is a reflection of projects that commenced several years prior and which are only now entering production. We estimate that during 2015, global gold production will remain relatively in line with 2014 and begin to slowly decline in subsequent years unless we witness a sharp improvement in the gold price. A decline in global gold production should, over time, assist the next recovery in the gold price.

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in smaller capitalized companies with low liquidity over a larger number of issuers. Our strategy with these investments has remained consistent by targeting fully financed companies with undeveloped mining assets that we believe will be profitable at the current gold price. Many of these companies may be candidates for merger and acquisition activity due to the quality of their assets and the lack of growth within the broader industry.

During the six months ended May 31, 2015, ASA initiated a new position in Stillwater Mining Company (“Stillwater”), a platinum and palladium miner, which we believe has improved the quality and cost profile of its operations substantially in the last year. Stillwater is one of the few platinum and palladium producers outside of Africa and offers a unique opportunity to gain exposure to the metals without the South African social and political risk. Similarly, during the last six months, ASA decreased its exposure to the South African platinum producers, Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. These two companies are among the largest producers of platinum and palladium in the world, but the continued high levels of labor unrest and low levels of profitability have negatively affected our outlook for these companies.

ASA increased its holdings of AngloGold Ashanti Limited and Alamos Gold Inc. during the first half of 2015, principally on the basis of their low relative valuations as compared to their peers. The Company also increased its investment in Detour Gold Corporation as management appears to have resolved their start-up issues and production has been improving.

While the gold price remains sidelined by the broader themes of rising interest rates and Greece’s financial crisis, we are beginning to see some bright spots in the industry, and due to the lower valuation of the mining shares, we have become more active in order to take advantage of these dislocations in the market. ASA continues to seek investments in high quality companies led by strong management teams, with a long-term focus. We anticipate that the precious metals industry will continue to experience large, multi-year cycles as it has throughout ASA’s history, and believe that the Company’s long term strategy, use of diversification and experience with past cycles will position ASA to take advantage of opportunities as they arise.

We appreciate the continued support of the Board of Directors and our shareholders.

David Christensen

President, Chief Executive Officer and Chief Investment Officer

July 16, 2015

Copies of the Company’s financial statements, as well as its latest NAV, may be requested from ASA Gold and Precious Metals Limited, 400 S. El Camino Real, Suite 710, San Mateo, CA 94402, (650) 376-3135 or (800) 432-3378, or may be found on ASA’s website (www.asaltd.com). Shareholders are encouraged to visit the website for other important information about ASA, including press releases, historical NAV, share price and tax related information. Please direct your attention to the availability of the Dividend Reinvestment and Stock Purchase Plan and see page 20 of this report for further information.

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Forward-Looking Statements

This shareholder letter includes forward-looking statements. The Company’s actual performance or results may differ from its beliefs, expectations, estimates, goals and projections, and consequently, investors should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and generally can be identified by words such as “believe,” “anticipate,” “estimate,” “expect,” “intend,” “should,” “may,” “will,” “seek,” or similar expressions or their negative forms, or by references to strategy, plans, goals or intentions. The absence of these words or references does not mean that the statements are not forward-looking. The Company’s performance or results can fluctuate from month to month depending on a variety of factors, a number of which are beyond the Company’s control and/or are difficult to predict, including without limitation: the Company’s investment decisions, the performance of the securities in its investment portfolio, economic, political, market and financial factors, and the prices of gold, platinum and other precious minerals that may fluctuate substantially over short periods of time. The Company may or may not revise, correct or update the forward-looking statements as a result of new information, future events or otherwise.

The Company concentrates its investments in the gold and precious minerals sector. This sector may be more volatile than other industries and may be affected by movements in commodity prices triggered by international monetary and political developments. The Company is a non-diversified fund and, as such, may invest in fewer investments than that of a diversified portfolio. The Company may invest in smaller-sized companies that may be more volatile and less liquid than larger more established companies. Investments in foreign securities, especially those in the emerging markets, may involve increased risk as well as exposure to currency fluctuations. Shares of closed-end funds frequently trade at a discount to net asset value. All performance information reflects past performance and is presented on a total return basis. Past performance is no guarantee of future results. Current performance may differ from the performance shown.

This shareholder letter does not constitute an offer to sell or solicitation of an offer to buy any securities.

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Certain Investment Policies and Restrictions (Unaudited)

Report of Independent Registered Public Accounting Firm

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Schedules of Investments (Unaudited)

May 31, 2015 and May 31, 2014

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Schedules of Investments (Unaudited) (continued)

May 31, 2015 and May 31, 2014

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Schedules of Investments (Unaudited) (continued)

May 31, 2015 and May 31, 2014

ADR – American Depository Receipt

May not total due to independent rounding.

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

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Portfolio Statistics (Unaudited)

May 31, 2015 and May 31, 2014

Principal Portfolio Changes in Shares During the Six Month Periods Ended (Unaudited)

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Statements of Assets and Liabilities (Unaudited)

May 31, 2015 and May 31, 2014

The closing price of the Company’s shares on the New York Stock Exchange was $10.67 and $13.04 on May 31, 2015 and 2014, respectively.

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

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Statements of Operations (Unaudited)

For the six months ended May 31, 2015 and 2014

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

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Statements of Changes in Net Assets (Unaudited)

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

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Notes to Financial Statements (Unaudited)

Six months ended May 31, 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 May 31, 2015 and May 31, 2014, the Company held investments in restricted securities of 3.43% and 2.51% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of Directors as follows:

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Notes to Financial Statements (Unaudited) (Continued)

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.

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 May 31, 2015 and May 31, 2014 in valuing the Company’s investments at fair value:

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Notes to Financial Statements (Unaudited) (Continued)

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 May 31, 2015.

Transfers into and out of levels are recognized at the end of the period. There were transfers into and out of Level 1 and Level 2, and no transfers into and out of Level 3 at May 31, 2014.

Transfers into and out of each level of the investments in securities at May 31, 2014 are as follows:

D. Cash and Cash Equivalents

The Company considers all money market fund and all highly liquid temporary cash investments purchased with an original maturity of less than three months to be cash equivalents. The majority of the Company’s cash and cash equivalents at May 31, 2015 and 2014 consisted of overnight deposit of excess funds in a commercial paper sweep instrument issued by JPMorgan Chase & Co.

E. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the rate of exchange reported one hour after the Valuation Time. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Company separately reports the effect of changes in foreign exchange rates from changes in market prices of securities held. The resulting net foreign currency gain or loss is included on the Statements of Operations. Realized foreign currency gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, fluctuation in exchange rates between the initial purchase date and subsequent sale date on securities transactions, and the difference

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Notes to Financial Statements (Unaudited) (Continued)

between the amounts of dividends, interest, and foreign withholding taxes recorded on the Company’s books and the U.S. dollar equivalent of the amounts actually received or paid.

F. Securities Transactions and Investment Income

During the six months ended May 31, 2015, sales and purchases of portfolio securities (other than temporary short-term investments) amounted to $11,965,667 and $11,514,440, respectively. During the six months ended May 31, 2014, sales and purchases of portfolio securities (other than temporary short-term investments) amounted to $11,139,630 and $8,688,113, respectively.

Dividend income is recorded on the ex-dividend date, net of withholding taxes or ADR fees, if any. Interest income is recognized on the accrual basis.

G. Dividends to Shareholders

Dividends to shareholders are recorded on the ex-dividend date. The reporting for financial statement purposes of dividends paid from net investment income or net realized gains may differ from their ultimate reporting for U.S. federal income tax purposes. The differences are caused primarily by the separate line item reporting for financial statement purposes of foreign exchange gains or losses.

H. Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. It is management’s opinion that all adjustments necessary for a fair statement of the results of the interim periods presented have been made. All adjustments are of a normal recurring nature.

I. Basis of Presentation

The financial statements are presented in U.S. dollars.

J. Income Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties on income taxes, management has analyzed the Company’s tax positions taken on federal and state income tax returns, as applicable, for all open tax years (2011 - 2014). As of May 31, 2015 and May 31, 2014, the Company has not recorded any unrecognized tax benefits. The Company’s policy, if it had unrecognized benefits, is to recognize accrued interest and penalties in operating expenses.

3. Tax status of the Company

The Company is a passive foreign investment company (PFIC) and is not subject to Bermuda tax as an exempted limited liability company organized under the laws of Bermuda. Nor is the Company generally subject to U.S. federal income tax, since it is a non-U.S. corporation whose only business activity in the United States is trading in stocks or securities for its own account; under the U.S. federal tax law that activity does not constitute a trade or business within the United States, even if its principal office is located therein. As a result, its gross income is not subject to U.S. federal income tax, though certain types of income it earns from U.S. sources (such as dividends of U.S. payors) are subject to withholding tax.

4. Exemptive order

The Company is a closed-end investment company and operates pursuant to an exemptive order issued by the Securities and Exchange Commission (the “SEC”) pursuant to Section 7(d) of the 1940 Act (the “Order”). The Order was originally conditioned upon, among other things, the Company complying with certain requirements relating to the custody of assets and settlement of securities transactions outside of the United States different than those required of other registered investment companies. These conditions made it more difficult for the Company to implement a flexible investment strategy and to fully

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Notes to Financial Statements (Unaudited) (Continued)

achieve its desired portfolio diversification than if it were not subject to such requirements. On June 18, 2013, the SEC issued an order that amended certain conditions contained in the Company’s then-existing exemptive order, most notably, the Company’s ability to hold assets and settle trades in Canada, Australia, the United Kingdom, the United States, South Africa and Hong Kong (text of relief granted is available at: http://www.sec.gov/Archives/edgar/data/1230869/999999999713009907/filename1.pdf).

5. Retirement plans

The Company has recorded a liability for retirement benefits due to retired directors and one current director upon retirement. The liability for these benefits at May 31, 2015 and May 31, 2014 was $584,806 and $613,580, respectively. A director whose first election to the Board of Directors was prior to January 1, 2008 qualifies to receive retirement benefits if he has served the Company (and any of its predecessors) for at least twelve years prior to retirement. Directors first elected on or after January 1, 2008 are not eligible to participate in the plan.

6. Concentration risk

The Company invests at least 80% of its total assets in securities of companies engaged, directly or indirectly, in the exploration, mining or processing of gold or other precious minerals. The Company also invests a substantial portion of its assets in companies that are domiciled and/or have operations outside of the United States, including emerging market countries, such as South Africa. The Company is, therefore, subject to gold and precious metals-related risk as well as risk related to investing in foreign securities, including political, economic, regulatory, liquidity, currency fluctuation, and foreign exchange risks. The Company currently is invested in a limited number of securities and thus, holds large positions in certain securities. Because the Company’s investments are concentrated in a limited number of securities of companies involved in the holding or mining of gold and other precious minerals and related activities, the net asset value of the Company may be subject to greater volatility than that of a more broadly diversified investment company.

7. Indemnifications

In the ordinary course of business, the Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown.

8. Compensation matters

For the six months ended May 31, 2015 and May 31, 2014, the aggregate remuneration paid to the Company’s officers was $1,073,850 and $1,119,075, respectively. In addition, $384,500 and $414,512, respectively was accrued for bonuses to the Company’s officers and employees. The accrued bonuses are reflected in the “Accrued affiliated expenses” on the Statements of Assets and Liabilities. The aggregate remuneration paid to the Company’s directors was $104,000 and $107,000, respectively.

9. Operating lease commitment

In November 2012, the Company entered into a five-year operating lease agreement in San Mateo, CA for approximately 2,500 square feet to be used as office space for its employees. The lease provides for future minimum rental payments in the aggregate amount of $347,859 as of May 31, 2015. The lease contains escalation clauses relating to the tenant’s share of insurance, operating expenses and tax expenses of the lessor.

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Notes to Financial Statements (Unaudited) (Continued)

Future minimum rental commitments under the lease are as follows:

10. Share repurchase

The Company may from time to time purchase its common shares at a discount to NAV on the open market in such amounts and at such prices as the Company may deem advisable.

The Company had 19,289,905 shares outstanding as of May 31, 2015 and May 31, 2014. There were no repurchases during the six months ended May 31, 2015 and 2014.

11. Legal proceedings

On September 30, 2013, Firsthand Technology Value Fund, Inc. (“Plaintiff”) filed a lawsuit in California Superior Court against the Company and one of its then-independent directors Phillip Goldstein (“Co-Defendant”). Plaintiff alleged, among other things, intentional interference with contractual relations and unfair competition in violation of the California Business and Professions Code. On November 19, 2013, pursuant to its indemnification policy for directors and officers, the Company entered into an agreement to advance legal defense costs to its Co-Defendant. The Company filed a claim with its insurance carrier for coverage of related legal expenses and costs for the Company and its Co-Defendant. The insurance carrier reimbursed a portion of the amounts claimed before the end of fiscal year 2014. Plaintiff dismissed the Company from the lawsuit on April 14, 2014 (and subsequently dismissed the Co-Defendant). The Company did not enter into any settlement with the Plaintiff in exchange for its dismissal.

12. Subsequent events

In accordance with U.S. GAAP provisions, management has evaluated the possibility of subsequent events existing in the Company’s financial statements through the date the financial statements were issued. The Company believes that there are no material events that would require disclosure.

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Financial Highlights

(1) Per share amounts from operations have been calculated using the average shares method.

(2) Total investment return is calculated assuming a purchase of common shares at the current market price at close the day before and a sale at the current market price on the last day of each period reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan.

(3) Total investment return is calculated assuming a purchase of common shares at the current net asset value at close the day before and a sale at the current net asset value on the last day of each period reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan.

(4) “Adviser operating expenses” impacted the expense ratio by 0.02% and 0.04% during fiscal years 2013 and 2012, respectively. The Company’s former subsidiary, ASA Gold and Precious Metals Advisers LLC, was discontinued on September 23, 2013.

(5) Not annualized

(6) Annualized

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

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Certain Tax Information for U.S. Shareholders

Dividend Reinvestment and Direct Stock Purchase Plan    

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Dividend Reinvestment and Direct Stock Purchase Plan (continued)

Privacy Notice

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Results of proposal presented at the annual general meeting of shareholders

The following votes were cast at the Annual General Meeting of Shareholders held on March 12, 2015:

Form N-PX/Proxy Voting

The company files a list of its proxy votes with the SEC for the period of July 1 - June 30 of each year on Form N-PX. The policies and procedures used by the Company to determine how to vote proxies relating to portfolio securities and information regarding how the Company voted proxies relating to portfolio securities during the most recent twelve month period are available on the Company’s website at www.asaltd.com and on the SEC’s website at www.sec.gov. A written copy of the Company’s policies and procedures is available without charge, upon request, by calling (800) 432-3378.

Form N-Q/Portfolio Holdings

The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Company’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Company’s Forms N-Q also may be reviewed and copied at the Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The schedule of portfolio holdings on Form N-Q also is included in the Company’s financial statements for the first and third quarters of each fiscal year which are available on the Company’s website at www.asaltd.com.

Common Shares Repurchased

Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Company is authorized to purchase its common shares in the open market if the discount to net asset value exceeds a certain threshold as determined by the Board of Directors from time to time. The Company may purchase its common shares in such amounts and at such prices as the Company may deem advisable. There can be no assurance that such action will reduce the discount. There were no repurchases during the six months ended May 31, 2015 or May 31, 2014. The Company had 19,289,905 shares outstanding on May 31, 2015.

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Executive Office and Shareholder Services	Semi-Annual Report May 31, 2015
ASA Gold and Precious Metals Limited
400 S. El Camino Real, Suite 710
San Mateo, CA 94402 U.S.A.
(800) 432-3378
Registered Office
Canon’s Court
22 Victoria Street
Hamilton HM 12, Bermuda
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP, Philadelphia, PA, U.S.A.
Counsel
Appleby, Hamilton, Bermuda
K&L Gates LLP, Washington, DC, U.S.A.
Custodian
JPMorgan Chase Bank, N.A.
New York, NY, U.S.A.
Fund Accountants
Kaufman Rossin Fund Services, LLC
Miami, FL, U.S.A.
Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 30170, College Station, TX, 77842-3170 (800) 317-4445
Website: www.asaltd.com
The Semi-annual and Annual Reports of the Company and the latest valuation of net assets per share may be viewed on the Company’s website or may be requested from the Executive Office (800-432-3378). Shareholders are reminded to notify Computershare of any change of address.
	A Closed-End Fund Specializing in Gold and Other Precious Metals Investments